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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 05/06/19

By:
Bob Mason
Published: Jun 5, 2019, 04:45 GMT+00:00

A mixed start to the day saw the majors attempt to avoid another sell-off. Moves through the late morning will be key...

Bitcoin 1

Bitcoin Cash – ABC – Finds Support

Bitcoin Cash ABC slid by 5.89% on Tuesday. Following on from a 9.08% tumble on Monday, Bitcoin Cash ABC ended the day at $379.25.

A bearish start to the day saw Bitcoin Cash ABC fall to a morning low $376 before finding support.

Falling through the first major support level at $373.16, Bitcoin Cash ABC recovered to $400 levels before hitting reverse.

The reversal saw Bitcoin Cash ABC fall back through the first major support level at $373.16 to an intraday low $364.0.

Of greater significance on the day was the slide through the 23.6% FIB of $393.0.

At the time of writing, Bitcoin Cash ABC was up by 1.74% to $385.84. A positive start to the day saw Bitcoin Cash ABC rise from a morning low $383.33 to a high $391.90 before easing back.

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

For the day ahead, a hold above $382 levels through the morning would support further upside on the day. Bitcoin Cash ABC would need to break back through the morning high to $395 levels to take a run at the first major resistance level at $400.17.

Barring a broad-based crypto rally, however, Bitcoin Cash ABC would likely come up short of $400 levels on the day.

Failure to hold above $382 levels could see Bitcoin Cash ABC resume its current week reversal. A fall back through to $372 levels would bring the first major support level at $361.17 into play.

Barring a crypto meltdown, Bitcoin Cash ABC would likely steer clear of sub-$350 levels on the day.

BCHABC/USD 05/06/19 Daily Chart

Litecoin Regains $100

Litecoin fell by 3.41% on Tuesday. Following on from a 7.68% slide on Monday, Litecoin ended the day at $102.14.

Tracking the broader market, Litecon slid to an early morning low $101.02. Finding support at the first major support level at $101.6, Litecoin recovered to an intraday high $106.34.

Falling well short of the first major resistance level at $113.12, Litecoin tested the first major support level for a 2nd time with a late morning low $100.25 before succumbing to market forces.

An afternoon broad-based crypto sell-off saw Litecoin slide to a late intraday low $97.05 before steadying.

The sell-off saw Litecoin fall through the first major support level at $101.6 and test the second major support level at $97.34.

At the time of writing, Litecoin was up by 0.18% to $102.32. Litecoin recovered from an early low $101.37 to strike a morning high $103.73 before easing back.

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

For the day ahead, a hold above $101.80 levels would support a partial recovery of the current week losses.

Litecoin would need support from the broader market, however, to take a run at the first major resistance level at $106.64.

Barring a broad-based crypto rebound, Litecoin would likely struggle at $106 levels. Tuesday’s high $106.34 and the first major resistance level would cap any upside.

Failure to hold above $101.84 could see Litecoin slide back into the red. A fall through the morning low $101.37 could bring sub-$100 levels into play.

Barring another broad-based sell-off, Litecoin should steer clear of the first major support level at $97.35.

LTC/USD 05/06/19 Daily Chart

 

Ripple Struggles at $0.40

Ripple’s XRP fell by 4.12% on Tuesday. Following on from a 6.28% slide on Monday, Ripple’s XRP ended the day at $0.39913.

Tracking the broader market, Ripple’s XRP fell to an early morning low $0.39315. Finding support at the first major support level at $0.3997, Ripple’s XRP recovered to $0.41 levels before the afternoon sell-off.

Ripple’s XRP slid through the first major support level at $0.3997 to a late intraday low $0.38377 before finding support.

At the time of writing, Ripple’s XRP was up by 0.15% to $0.39973. A relatively range-bound start to the day saw Ripple’s XRP fall from a morning high $0.40499 to a low $0.39766.

Moves through the early hours saw Ripple’s XRP steer clear of the major support and resistance levels.

For the day ahead, a move back through to $0.40 levels would support a run at $0.41 levels later in the day.

Ripple’s XRP would need support from the broader market, however, to break out from the morning high $0.40499.

Barring a broad-based crypto rebound, Ripple’s XRP would likely come up short of $0.41 levels on the day.

Failure to move back through to $0.40 levels could see Ripple’s XRP hit reverse. A pullback through the morning low $0.39766 to $0.3920 levels would bring $0.38 levels into play before any recovery.

Barring another crypto meltdown, however, Ripple’s XRP would likely steer clear of the first major support level at $0.3826.

XRP/USD 05/06/19 Daily Chart

Please let us know what you think in the comments below

Thanks, Bob

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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