Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 06/07/19
Story by: Bob Mason
Bitcoin Cash – ABC – Finds Support
Bitcoin Cash ABC rose by 0.46% on Friday. Partially reversing a 5% slide from Thursday, Bitcoin Cash ABC ended the day at $400.0.
A choppy day saw Bitcoin Cash ABC slide to a mid-morning intraday low $393.06 before finding support. Steering clear of the first major support level at $390.63, Bitcoin Cash ABC rallied to a late morning intraday high $411.50.
In spite of the upswing, Bitcoin Cash ABC fell short of the first major resistance level at $413.25 and 23.6% FIB of $418.
Easing back through the afternoon, Bitcoin Cash ABC slid back to $396 levels before a late recovery to $400 levels.
At the time of writing, Bitcoin Cash ABC was up by 1.13% to $404.5. A bullish start to the day saw Bitcoin Cash ABC rise from a morning low $400.67 to a high $404.5.
Bitcoin Cash ABC left the major support and resistance levels untested early on.
For the day ahead, a hold above $401.5 would support a run at the first major resistance level at $409.98.
Bitcoin Cash ABC would need the continued support of the broader market, however, to take a run on Thursday’s high $411.5.
Barring a broad-based crypto rally, Bitcoin Cash ABC would likely fall short of recovery through the 23.6% FIB of $418.0.
Failure to hold above $401.5 could see Bitcoin Cash ABC test the first major support level at $391.54.
Barring a crypto meltdown, Bitcoin Cash ABC should steer clear of sub-$390 support levels on the day.
Litecoin Back at $120
Litecoin fell by 0.79% on Friday. Following on from a 1.8% fall from Thursday, Litecoin ended the day at $118.54.
A choppy morning saw Litecoin fall to a low $116.88 before striking a late morning intraday high $120.85.
The early pullback saw Litecoin fall through the 23.6% FIB of $117 to come within range of the first major support level at $116.62.
In spite of rebound, Litecoin fell short of the first major resistance level at $124.96.
Pulling back through the afternoon, Litecoin fell back through the 23.6% FIB to an intraday low $116.56.
Litecoin tested the first major support level at $116.62 for a 2nd time on the day before a recovering to $119 levels. A late pullback saw Litecoin fall back into the red for the day.
At the time of writing, Litecoin was up 1.28% to $120.06. Tracking the broader market, Litecoin rose from a morning low $118.41 to a high $120.79 before easing back.
Steering clear of the major support levels, the first major resistance level at $120.74 pinned Litecoin back early on.
For the day ahead, a hold above $118 levels would support another move through the first major resistance level at $120.74.
Litecoin would need support from the broader market, however, to take a run at the second major resistance level at $122.94.
Barring a broad-based crypto rally, Thursday’s high $120.85 and the first major resistance level would likely limit any upside.
Failure to hold above $118 levels could see Litecoin fall through the 23.6% FIB of $117. The first major support level at $116.45 would likely limit any downside.
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