Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 07/01/19

Bitcoin Cash – ABC – Makes Ground

Bitcoin Cash ABC gained 4.21% on Sunday, reversing a 0.68% fall from Saturday, to end the week up 1.94% to $165.24.

A relatively range bound first half of a day saw Bitcoin Cash ABC fail to break through to $160 levels, while an early morning intraday low $157.00 saw Bitcoin Cash ABC hold well above the first major support level at $154.68.

Tracking the broader market, a late afternoon rally kicked in, with Bitcoin Cash ABC breaking through the 38.2% FIB of $163 and first major resistance at $163.86 to an intraday high $166.52 before easing back.

At the time of writing, Bitcoin Cash ABC was down 1.08% to $163.45, with a bearish start to the day seeing Bitcoin Cash ABC fall from a morning high $165.22 to a morning low $163.45, the day’s major support and resistance levels untested, with Bitcoin Cash ABC holding above the 38.2% FIB of $163.

For the day ahead, a hold onto $163 levels through the morning would support a recovery later in the day, a move through the morning high $165.22 bringing $168 levels and the first major resistance level at $168.84 into play, Bitcoin Cash ABC needing support from the broader market to break through to $170 levels later in the day.

Failure to hold onto $163 levels could see Bitcoin Cash ABC fall through to $160 levels to call on support at the first major support level at $159.32, with market sentiment across the broader market to dictate whether Bitcoin Cash ABC will fall through to Sunday’s $157 low.

Litecoin Continues to Lead the Way

Litecoin surged by 12.76% on Sunday, following on from a 7.68% rally on Saturday, to end the week up 23.2% to $38.88.

Recovering from an early morning dip to an intraday low $34.06, Litecoin enjoyed another bullish day, rallying through the late morning and afternoon to an intraday high $40.12.

Litecoin broke through the first major resistance level at $36.39 and second major resistance level at $38.3 to hit $40 levels for the first time since 19th November before easing back to $38 levels late in the day.

At the time of writing, Litecoin was down 0.98% to $38.50, with Litecoin pulling back from a start of a day high $39.48 to a morning low $38.15 before steadying, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high would support a break back through to $40 levels, with a resumption of the latest rally likely to draw in side lined investors to bring the day’s major resistance levels into play, the first major resistance level at $41.31 the bulls primary target.

Failure to move back through the morning high could see some money come off the table following a week of solid gains, with a pullback through to $37 levels bringing the first major support level at $35.25 into play before any recovery.

Ripple Eyes $0.40 Levels

Ripple’s XRP gained 4.38% on Sunday, reversing a 2.02% fall from Saturday, to end the week down 1.46% at $0.3768.

An early morning intraday low $0.35442 saw Ripple’s XRP hold above the first major support level at $0.3481 before support from the broader market kicked in. Ripple’s XRP made gains through the early afternoon to hit $0.36 levels before a late afternoon bounce.

The bounce saw Ripple’s XRP strike an intraday high $0.38498, breaking through the first major resistance level at $0.3762 before easing back to $0.37 levels late in the day, a broad based rally across the majors driving Ripple’s XRP through the 2nd half of the day.

At the time of writing, Ripple’s XRP was down 0.38% to $0.37537, with a start of a day $0.37922 high and morning low $0.37341 leaving the major support and resistance levels untested in what’s been a relatively range bound start to the day.

For the day ahead, a hold above $0.3730 levels through the morning would support a move back through the morning high $0.37922 to bring $0.38 levels and the first major resistance level at $0.3897 into play before any pullback, the broader crypto market needing another breakout to support a run at $0.40 levels later in the day.

Failure to hold above $0.373 levels could see Ripple’s XRP take a bigger hit later in the day, a fall through to $0.36 levels bringing the first major support level at $0.3592 into play before any recovery, sub-$0.35 support levels unlikely to be in play barring a broad based crypto sell-off.

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This article was originally posted on FX Empire

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