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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 06/12/18

Bob Mason

Bitcoin Cash – ABC Hammered

Bitcoin Cash ABC slumped by 12.3% on Wednesday, following on from a 5.97% fall on Tuesday and 7.28% slide on Monday, to end the day at $128.41.

Bearish from the start of the day, Bitcoin Cash ABC fell from an opening intraday high $146.42 to an end of the day intraday low and new swing lo $128.1, the reversal seeing Bitcoin Cash ABC slide through the first major support level at $142.25 and second major support level at $137.84 with ease.

Bitcoin Cash ABC was unable to move back through the support levels by the day’s end, pinned back at sub-$130 by the negative sentiment across the broader market.

At the time of writing, Bitcoin Cash ABC was down 2.74% to $124.9, a start of a day rise to a morning high $129.53 coming up well short of the first major resistance level at $140.52 before hitting reverse. The reversal saw Bitcoin Cash ABC fall to a morning low and new swing lo $124.9.

For the day ahead, a move back through the morning high to $130 levels would support a run at $134.31 to bring the day’s first major resistance level at $140.52 into play, though the negative bias will likely see Bitcoin Cash ABC pinned back to the low $130’s in the event of a recovery.

Failure to move back through to $134.31 could see Bitcoin Cash ABC take a bigger hit later in the day, a fall through the day’s first major support level at $122.2 bringing sub-$120 levels into play before any recovery.

The upward trend in BCH SV and downward trend in BCH ACB is reflecting investor inability to decide on a front runner, bringing price convergence into play through the coming weeks, if not days, that will likely end in a 1:1.

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Litecoin Back in the $20s

Litecoin fell by 6.54% on Wednesday, following a 0.72% gain on Tuesday, to end the day at $28.71, its first sub-$30 close out since 26th November.

A bearish start to the day saw Litecoin fall to a mid-morning low $29.6, calling on support at the first major support level at $29.52 to move back through to $30 levels by the early afternoon.

Negative sentiment across the broader market ultimately weighed, with Litecoin sliding through the first major support level at $29.52 to an intraday low $28.58, holding just above the second major support level at $28.33 by the day’s end.

At the time of writing, Litecoin was down 0.42% to $28.59, with moves through the early morning seeing Litecoin pullback from a start of a day morning high $29.41 to a morning low $28.37 before steadying, the major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high and hold above $29.5 would support a break through to $30 levels to bring the first major resistance level at $30.32 into play, while Litecoin would need support from the broader market to take a run at $31 levels and the second major resistance level at $31.93.

Failure to move back through to $30 levels could see Litecoin take another hit today, with a pullback through the morning low $28.37 bringing $27 levels and the day’s first major support level at $27.84 into play before any recovery.

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Ripple Rejoins the Pack

Ripple’s XRP fell by 4.14% on Wednesday, reversing Tuesday’s 1.55% gain with interest, to end the day at $0.33953, marking its lowest level since hitting $0.32 levels in September.

Bearish through the day, Ripple’s XRP fell from a start of a day intraday high $0.3558 to a late in the day intraday low $0.33792, Ripple’s XRP falling through the first major support level at $0.3404 in the final hours of the day.

At the time of writing, Ripple’s XRP was down 0.13% to $0.33910, with Ripple’s XRP falling from an early morning high $0.34298 to a low $0.337 before finding support, the day’s major support and resistance levels left untested.

For the day ahead, a move back through the morning high to $0.3444 would support a run at $0.35 levels to bring the first major resistance level at $0.3509 into play before any pullback, a material shift in sentiment across the broader market needed for Ripple’s XRP to take a run at $0.36 levels and the second major resistance level at $0.3623.

Failure to move through to $0.3444 could see Ripple’s XRP take a bigger hit through the day, a pullback through the morning low $0.337 likely to see Ripple’s XRP fall through the first major support level at $0.333 to $0.32 levels, bringing the second major support level at $0.3265 into play before any recovery.

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This article was originally posted on FX Empire

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