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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 10/06/19

Bob Mason

Bitcoin Cash – ABC – Struggles on

Bitcoin Cash ABC slid by 3.64% on Sunday. Following on from a 1.85% on Saturday, Bitcoin Cash ABC ended the week down 14.8% at $377.88.

A positive start to the day saw Bitcoin Cash ABC rise to a late morning intraday high $396.75 before hitting reverse.

While falling short of the first major resistance level at $402.35, Bitcoin Cash ABC moved through the 23.6% FIB of $393.

The reversal saw Bitcoin Cash ABC slide to a late intraday low $370.49 before finding support. Sliding back through the 23.6% FIB, Bitcoin Cash ABC also fell through the first major support level at $383.49 and second major support level at $374.82.

At the time of writing, Bitcoin Cash ABC was down by 0.49% to $376.01. A bearish start to the day saw Bitcoin Cash ABC fall to an early morning low $373.4 before finding support.

Steering clear of the major support levels, Bitcoin Cash ABC recovered to a morning high $379.31 before falling back into the red.

For the day ahead, a move through to $382 levels would support a bullish second half of the day. Bitcoin Cash ABC would need support from the broader market, however, to take a run at the first major resistance level at $392.92.

Barring broad-based crypto rally, Bitcoin Cash ABC would likely fall short of $400 levels for a 2nd consecutive day.

Failure to move through to $382 levels could see Bitcoin Cash ABC fall deeper into the red. A fall through the morning low would bring the first major support level at $366.66 into play.

Litecoin Joins the Pack

Litecoin fell by 3.1% on Sunday. Reversing a 1.22% gain from Saturday, Litecoin ended the weel up 0.13% to $114.83.

A relatively choppy morning saw Litecoin fall from an intraday high $119.3 to a morning low $115.4 before finding support.

Steering clear of the major support and resistance levels, Litecoin recovered to $118 levels before succumbing to market forces.

An early afternoon sell-off saw Litecoin slide to an intraday low $111.09 before steadying. Litecoin fell through the first major support level at $115.0 and second major support level at $111.5.

At the time of writing, Litecoin was up by 1.45% to $116.50.  Recovering from a start of a day morning low $112.66, Litecoin rose to a high $116.91 before easing back.

In spite of the early moves, Litecoin left the major support and resistance levels untested.

For the day ahead, a move through to $117 levels would support a run at the first major resistance level at $119.06.

Litecoin would need support from the broader market, however, to break out from $117 levels. Barring a broad-based crypto rally, Litecoin will likely fall short of $120 levels for a 2nd consecutive day.

Failure to move through to $117 levels could see Litecoin hit reverse. A fall through the morning low $112.66 would bring the first major support level at $110.85 into play.

Barring a crypto meltdown, Litecoin would likely steer clear of sub-$110 levels on the day.

Ripple back at $0.38 Levels

Ripple’s XRP slid by 5.64% on Sunday. Following on from a 2.87% fall from Saturday, Ripple’s XRP ended the week down 13.4% at $0.38525.

Relatively range-bound through the morning, Ripple’s XRP rose from a morning low $0.4045 to a mid-morning intraday high $0.41190.

An early afternoon broad-based crypto sell-off did the damage on the day. Ripple’s XRP slid to an early afternoon intraday low $0.36990 before finding support to move back through to $0.38 levels.

The sell-off saw Ripple’s XRP  fall through the major support levels before moving back through the third major support level at $0.3739.

At the time of writing, Ripple’s XRP was up by 0.67% to $0.38783. Tracking the broader market, Ripple’s XRP recovered from an early morning low $0.38014 to strike a high $0.3900.

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

For the day ahead, a move back through the morning high would support a run at $0.40 levels later in the day.

Ripple’s XRP would need the support of the broader market to break through the first major resistance level at $0.4081.

Barring a broad-based crypto rally, the first major resistance level could leave $0.41 levels out of reach.

Failure to move back through the morning high $0.39 could see Ripple’s XRP hit reverse. A fall through the morning low $0.38014 would bring the first major support level at $0.3661 into play.

Barring a crypto meltdown, the first major support level should leave $0.35 levels out of play through 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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