Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 05/02/19

It’s another mixed start to the day, with Ripple’s XRP seeing more losses. Litecoin looks to have become the crypto pet…
Bob Mason
Cryptos
Cryptomania

Bitcoin Cash – ABC – Facing More Red

Bitcoin Cash ABC declined by just 0.02% on Monday, following a 2.44% slide on Sunday. Bitcoin Cash ABC ended the day at $117.52.

Rallying through the early hours, Bitcoin Cash ABC struck an intraday high $118.4 before hitting reverse. In spite of the early bounce, the day’s high fell well short of the first major resistance level at $119.64.

Bitcoin Cash ABC fell to a mid-day intraday low $116.4, holding above the first major support level at $114.71. Steering clear of $115 levels was key in the early hours, supporting a move back through to $117 levels.

At the time of writing, Bitcoin Cash ABC stood at $118.00, a gain of 0.41% early on. A bullish start to the day, saw Bitcoin Cash ABC rise from a morning low $116.82 to $118. The day’s major support and resistance levels were left untested early on.

For the day ahead, a hold onto $118 levels through the morning would support a breakthrough the first major resistance level at $118.48. Bitcoin Cash ABC will likely come up short of $119 levels, with Monday’s high $118.4 likely to hold back a breakout later in the day.

Failure to hold onto $118 levels could see Bitcoin Cash ABC fall through $117.5 to bring $116 levels and the first major support level at $116.48 into play. We would expect Bitcoin Cash ABC to steer clear of sub-$116 levels, barring a broad-based crypto sell-off.

Litecoin on the Move

Litecoin rose by 2.31% on Monday to partially reverse a 3.83% slide on Sunday. Litecoin ended the day at $33.64.

Support for Litecoin kicked in early. Litecoin gained through the day to strike a late intraday high $34.15. Coming up against the first major resistance level at $34.14, Litecoin eased back to $33 levels by the day’s end.

A start of a day intraday low $32.87 saw Litecoin steer well clear of the first major support level at $32.03.

At the time of writing, Litecoin was up by 0.62% to $33.85. Recovering from a dip to a morning low $33.32, Litecoin struck a morning high $33.86. The day’s major support and resistance levels were left untested early on.

For the day ahead, a hold above $33.60 levels through the morning would support a break-through to $34 levels. Upward momentum would give Litecoin a run at the first major resistance level at $34.24. Support from the broader market would be needed, however, to take a run at the second major resistance level at $34.83 and $35 levels.

Failure to hold above $33.60 could see Litecoin hit reverse later in the day. A pullback through the morning low $33.32 would bring the first major support level at $32.96 into play. We would expect Litecoin to steer clear of the second major support level at $32.27 and sub-$32 levels.

Ripple Struggles at $0.30

Ripple’s XRP fell by 1.38% on Monday, following a 3.14% slide on Sunday. Ripple’s XRP ended the day at $0.30148.

Range bound through much of the morning, Ripple’s XRP struck an intraday high $0.30939 before easing back.

The mid-morning high saw Ripple’s XRP come up short of the day’s first major resistance level at $0.3153.

Tight ranges through the day ultimately weighed, with Ripple’s XRP falling to a late intraday low $0.29816. Finding support at the first major support level at $0.2988, Ripple’s XRP managed to move back through to $0.30 levels by the day’s end.

At the time of writing, Ripple’s XRP was down by 0.29% to $0.30062. A bearish start to the day saw Ripple’s XRP fall from a morning high $0.30225 to a morning low $0.29981 before recovering. The day’s major support and resistance levels were left untested early on.

For the day ahead, a move back through the morning high $0.30225 to $0.3030 levels would signal a rally later in the day. A rebound would see Ripple’s XRP take a run at the first major resistance level at $0.3079 to bring $0.31 levels into play. Support from the broader market would be needed, however, for Ripple’s XRP to take a run at the second major resistance level at $0.3142.

Failure to move through to $0.3030 levels could see Ripple’s XRP take a bigger hit later in the day. A pullback through the morning low $0.29981 would see Ripple’s XRP slide through the first major support level at $0.2966. While we would expect Ripple’s XRP to steer clear of sub-$0.29 levels, the second major support level at $0.2918 could come into play should sentiment deteriorate through the day.

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