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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 01/07/19

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Bob Mason
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Bitcoin Cash – ABC – on the Move

Bitcoin Cash ABC tumbled by 10.4% on Sunday. Reversing a 2.19% gain from Saturday, Bitcoin Cash ABC ended the week down 15.7% at $396.33. The sell-off left Bitcoin Cash ABC down by 10.5% for the month of June.

A choppy morning saw Bitcoin Cash ABC rise to an early intraday high $446.9 before hitting reverse.

Falling short of the first major resistance level at $449.99, Bitcoin Cash ABC slid to a late afternoon low $396.36 before finding support.

The reversal saw Bitcoin Cash ABC fall through the first major support level at $421.59 and second major support level at $402.91.

Of greater significance was the fall through the 23.6% FIB of $418.

A late recovery to $416 levels was short-lived. Bitcoin Cash ABC slid back through the second major support level to an intraday low $396.33.

At the time of writing, Bitcoin Cash ABC was up by 3.41% to $409.85. A bullish start to the day saw Bitcoin Cash ABC rises from a morning low $396.0 to a high $410.11 before easing back.

Bitcoin Cash ABC left the major support and resistance levels untested early on, while also falling short of the 23.6% FIB of $418.

For the day ahead, a move through the 23.6% FIB would bring the first major resistance level at $430.04 into play.

Bitcoin Cash ABC would need the support of the broader market, however, to break out from $418 levels.

Failure to move through the 23.6% FIB could see Bitcoin Cash ABC hit reverse later in the day. A fall through the morning low $396 would bring the first major support level at $379.47 into play.

Barring a crypto meltdown, Bitcoin Cash ABC should steer clear of sub-$370 support levels on the day.

Litecoin Steadies

Litecoin fell by 8.4% on Sunday. Partially reversing an 11.58% rally from Saturday, Litecoin ended the week down 10.7% at $122.06. The reversal left Litecoin with just a 6.7% gain for the month of June.

A mixed start to the day saw Litecoin recover from a morning low $126.0 to strike a late morning intraday high $136.81.

Falling short of the first major resistance level at $141.47, Litecoin tumbled to a late intraday low $119.03.

Finding support at the first major support level at $119.97, Litecoin recovered to $122 levels at the day end.

At the time of writing, Litecoin was up by 1.61% to $124.02. Tracking the broader market, Litecoin rose from a morning low $120.52 to a high $125.56 before easing back.

Litecoin left the major support and resistance levels untested early on.

For the day ahead, a move through the morning high to $126 levels would support a run at $130 levels on the day.

In the event of an extended rally through the day, Litecoin would likely test the first major resistance level at $132.81.

Failure to move back through the morning high could see Litecoin hit reverse. A fall through the morning low $120.52 could see Litecoin test support at the 23.6% FIB of $117.

Barring a crypto meltdown, the first major support level at $115.3 should limit any downside in the event of a reversal.

Ripple’s XRP Leading the Way

Ripple’s XRP fell by 7.4% on Sunday. Reversing a 0.64% gain from Saturday, Ripple’s XRP ended the week down 16.2% at $0.3943. Ripple’s XRP ended the month of June down 9.9%.

Bearish through the morning, Ripple’s XRP fell from an intraday high $0.4287 to a final hour intraday low $0.393.

Falling well short of the major resistance levels, Ripple’s XRP fell through the 23.6% FIB of $0.4164 and first major support level at $0.4083.

It was the first time since 13th June that Ripple’s XRP ended the day at sub-$0.40 levels…

At the time of writing, Ripple’s XRP was up by 4.64% to $0.41260. A particularly bullish start to the day saw Ripple’s XRP rise from a morning low $0.39013 to a high $0.4160.

While falling short of the first major resistance level at $0.4177, the 23.6% FIB of $0.4164 pinned Ripple’s XRP back early on.

For the day ahead, a break through the 23.6% FIB would support a rebound on the day. Barring an extended crypto rally, however, the first major resistance level at $0.4177 would likely leave $0.42 levels out of reach.

Failure to move through the 23.6% FIB could see Ripple’s XRP hit reverse. A fall through to $0.4050 levels would bring sub-$0.40 levels back into play.

Barring a crypto sell-off, Ripple’s XRP should steer clear of the first major support level at $0.3820.

Please let us know what you think in the comments below

Thanks, Bob

This article was originally posted on FX Empire

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