Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 12/07/19

Bitcoin Cash – ABC – in a Spin

Bitcoin Cash ABC tumbled by 10.47% on Thursday. Following on from a 6.74% fall on Wednesday., Bitcoin Cash ABC ended the day at $346.06.

An early morning rise to an intraday high $387.32 was the only bullish move of the day. Falling well short of the first major resistance level at $415.9, Bitcoin Cash ABC slid to a mid-morning intraday low $315.94.

The reversal saw Bitcoin Cash ABC fall through the first major support level at $371.3 and second major resistance level at $352.6.

Finding support through the rest of the day, Bitcoin Cash ABC managed to hit $354 levels before pulling back.

Of significance on the day was a slide through the 38.2% FIB of $359…

At the time of writing, Bitcoin Cash ABC was down by 1% to $342.60. It was a mixed start to the day. Bitcoin Cash ABC rose to an early morning high $360 before hitting reverse.

While falling short of the major resistance levels, Bitcoin Cash ABC broke back through the 38.2% FIB of $359.

The reversal saw Bitcoin Cash ABC fall to a morning low $339.17 before steadying. Bitcoin Cash steered clear of the first major support level at $312.23 early on.

For the day ahead, a move back through to $350 levels would signal a rebound later in the day.

Bitcoin Cash ABC would need the support of the broader market, however, to break back through the 38.2% FIB.

Failure to move back through to $350 levels could see Bitcoin Cash ABC take another hit. A fall back through to sub-$340 levels would bring the first major support level at $312.23 into play.

We would expect Bitcoin Cash ABC to steer clear of sub-$300 levels…

Litecoin Visits sub-$100

Litecoin fell by 4.96% on Thursday. Following on from a 9.35% tumble on Wednesday, Litecoin ended the day at $102.94.

A bearish start to the day saw Litecoin fall from an early intraday high $108.31 to a mid-morning intraday low $95.25.

Steering clear of the major resistance levels, Litecoin fell through the first major support level at $100.35. Of greater significance, however, was a fall through the 38.2% FIB of $99.

Finding support through the afternoon, Litecoin recovered to $105 levels before easing back. Holding above the 38.2% FIB at the day end was key.

At the time of writing, Litecoin was down by just 0.02% to $102.92. Moves in the early hours saw Litecoin rise to a morning high $105.0 before pulling back to a morning low $100.59.

Steering clear of the major support levels and 38.2% FIB of $99 supported a move back to $102 levels.

For the day ahead, a hold onto $102 levels through the morning would support upside later in the day. A move back through the morning high $105 would bring the first major resistance level at $109.08 into play.

Litecoin would need support from the broader market, however, to break out from Thursday’s high $108.31.

Failure to hold onto $102 levels could see Litecoin fall deeper into the red. A fall through morning low would bring the 38.2% FIB of $99 and the first major support level at $96.02 into play.

Ripple’s XRP is Struggling

Ripple’s XRP tumbled by 8.94% on Thursday. Following on from an 8.46% slide on Wednesday, Ripple’s XRP ended the day at $0.32876.

A mixed start to the day saw Ripple’s XRP rise to an early intraday high $0.36276 before hitting reverse. Ripple’s XRP slid through the first major support level at $0.3373 to an early intraday low $0.3160.

Steering clear of the second major support level at $0.3135, Ripple’s XRP recovered to $0.337 levels before easing back to sub-$0.32 levels.

Late support led to a move back to $0.32 levels by the day end.

At the time of writing, Ripple’s XRP was down by 1.93% to $0.32241. Ripple’s XRP rose to a morning high $0.33112 before hitting reverse in the early hours.

Falling well short of the major resistance levels, Ripple’s XRP fell to a morning low $0.3200.

Ripple’s XRP held above the first major support level at $0.3089 early on.

For the day ahead, Ripple’s XRP would need to move through the morning high to $0.3360 levels to signal upside for the day.

Ripple’s XRP would need the support of the broader market, however, to break back through to $0.33 levels.

Barring a broad-based crypto rally, Ripple’s XRP would likely come up short of the first major resistance level at $0.3557.

Failure to move through to $0.3360 levels would see Ripple’s XRP struggle on the day. A pullback to sub-$0.32 levels would bring the first major support level at $0.3089 into play.

Barring a 3rd consecutive crypto sell-off, Ripple’s XRP should steer clear of sub-$0.30 levels on the day.

Please let us know what you think in the comments below

Thanks, Bob

Crypto Destroyer

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