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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 17/06/19

Bob Mason

Bitcoin Cash – ABC – Touches $440

Bitcoin Cash ABC gained 2% on Sunday. Following on from a 0.36% rise from Saturday, Bitcoin Cash ABC ended the week up 13.6% to $430.0.

A bullish morning saw Bitcoin Cash ABC rally from an early intraday low $421.08 to late morning intraday high $440.0.

Steering clear of the major support levels, Bitcoin Cash ABC broke through the first major resistance level at $427.96 and second major resistance level at $433.43.

Relatively choppy through the remainder of the day, Bitcoin Cash ABC slid to $422 levels in the late morning and late evening before recovering to $430 levels.

At the time of writing, Bitcoin Cash ABC was down by 0.7% to $427.00. A mixed start to the day saw Bitcoin Cash ABC rise from a morning low $426.0 to a high $432.61 before sliding back.

Bitcoin Cash ABC left the major support and resistance levels untested early on.

For the day ahead, a move back through to $430 levels would support a run at the first major resistance level at $439.64.

Barring a broad-based crypto rally, the first major resistance level and Sunday’s high $440 would likely limit any upside.

In the event of a crypto rally, Bitcoin Cash ABC could take a run at the second major resistance level at $449.28.

Failure to move back through to $430 levels could see Bitcoin Cash ABC slide deeper into the red. A fall through to $425 levels would bring the first major support level at $420.72 into play.

In the event of a broad-based sell-off, the second major support level at $411.44 would likely prevent a visit to sub-$410 levels.

Litecoin in Recovery

Litecoin fell by 1.05% on Sunday. Partially reversing a 4.36% gain from Saturday, Litecoin ended the week up 19.3% to $137.0.

A relatively choppy day saw Litecoin rise to a mid-morning intraday high $139.14 before hitting reverse.

Falling short of the first major resistance level at $141.38, Litecoin fell to a mid-morning intraday low $133.07.

Litecoin fell through the first major support level at $133.95 before striking an afternoon high $137.63.

A choppy afternoon saw Litecoin fall back to $134 levels before finding support to cut the deficit on the day.

At the time of writing, Litecoin was down by 0.91% to $135.76. A bearish start to the day saw Litecoin fall from a morning high $137.4 to a low $134.99 before finding support.

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

For the day ahead, a move back through to $136.5 levels would signal a recovery. Litecoin would need to move through to $138 levels, however, to bring the first major resistance level at $139.74 into play.

Barring a broad-based crypto rally, Sunday’s high $139.14 and the first major resistance level would likely pin Litecoin back from a break out to the second major resistance level at $142.47.

Failure to move through to $136.5 levels could see Litecoin fall further back. A fall through the morning low $134.99 would bring the first major support level at $133.67 into play.

Barring a crypto meltdown, the second major support level at $130.33 would likely limit the downside on the day.

Ripple’s XRP Makes a Move

Ripple’s XRP rallied by 4.07% on Sunday. Following on from a 2.01% rise from Saturday, Ripple’s XRP ended the week up 11.2% to $0.42838.

Bearish through much of the day, Ripple’s XRP rallied from an early intraday low $0.40787 to a late afternoon intraday high $0.44400.

Steering clear of the major support levels, Ripple’s XRP broke through the 23.6% FIB of $0.4164 and major resistance levels.

A pullback to $0.41 levels was short-lived, with Ripple’s XRP managing to end the day at $0.42 levels.

At the time of writing, Ripple’s XRP was up by 0.44% to $0.43028. In the early hours, Ripple’s XRP rose from a morning low $0.42807 to a high $0.43343 before easing back.

Ripple’s XRP left the major support and resistance levels untested early on.

For the day ahead, a hold above $0.4270 levels would support upward momentum in the day ahead.

Ripple’s XRP would need support from the broader market, however, to take a run at the first major resistance level at $0.4456.

Barring a broad-based crypto rally, Ripple’s XRP would likely come up short of $0.44 levels on the day.

Failure to hold above $0.4270 levels could see Ripple’s XRP slide back to sub-$0.42 levels before any recovery.

Barring a broad-based crypto sell-off, the first major support level at $0.4095 would limit any downside on the day.

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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