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

It’s been a bearish start to the day. A move through key levels early on would be needed for the majors to avoid another day in the red.
Bob Mason
Bitcoin coin on white keyboard

Bitcoin Cash – ABC – Sees Red

Bitcoin Cash ABC fell by 1.62% on Saturday. Partially reversing a 7.64% rally from Friday, Bitcoin Cash ABC ended the day at $288.03.

A particularly bullish start to the day saw Bitcoin Cash ABC rally to an intraday high $308 before hitting reverse.

The early rally saw Bitcoin Cash ABC break through the 23.6% FIB of $291 and first major resistance level at $307.43 before hitting reverse.

Sliding through the morning, Bitcoin Cash ABC fell to an early afternoon intraday low $269 before finding support.

Steering clear of the first major resistance level at $265.97, Bitcoin Cash ABC broke back through the 23.6% FIB of $291 before easing back to sub-$290 levels.

At the time of writing, Bitcoin Cash ABC was up by 0.27% to $288.81. A bearish start to the morning saw Bitcoin Cash ABC fall to a morning low $284.07 before recovering. Holding above the first major support level at $268, Bitcoin Cash ABC struck a morning high $291.15 before easing back.

While falling well short of the first major resistance level at $308.02, Bitcoin Cash ABC came up against the 23.6% FIB of $291.

For the day ahead, a move back through the 23.6% FIB would support another run at $300 levels. Support from the broader market would be needed, however, for Bitcoin Cash ABC to take a run at the first major resistance level at $308.

Failure to move back through the 23.6% FIB could see Bitcoin Cash ABC fall through to $270 levels before any recovery.

Barring a broad-based crypto sell-off, however, Bitcoin Cash ABC would likely steer clear of the first major support level at $268.

Litecoin on the Back Foot

Litecoin fell by 1.13% on Saturday. Partially reversing a 7.65% fall from Friday, Litecoin ended the day at $76.92.

Tracking the broader market, Litecoin rallied to an early morning intraday high $81.50 before hitting reverse. Litecoin broke through the first major resistance level at $81.08, before sliding to an early afternoon intraday low $73.50.

Coming within range of the first major support level at $73.15, Litecoin recovered to $78 levels before easing back late in the day.

At the time of writing, Litecoin was down by 0.66% to $76.41. A bearish start to the day saw Litecoin fall from a morning high $77.33 to a low $76.01 before steadying. Litecoin left the major support and resistance levels untested early on.

For the day ahead, a move back through the morning high $77.33 would be needed to support another run at $80 levels.

Support from the broader market would be needed, however, for Litecoin to take a run at the first major resistance level at $81.11. In the event of a broad-based crypto rally, the 38.2% FIB of $83 could come into play before any pullback.

Failure to move back through the morning high $77.33 could see Litecoin slide deeper into the red.

A fall through to $75 levels would bring the first major support level at $73.11 into play. Barring a broad-based sell-off, Litecoin would likely steer clear of sub-$72 levels on the day.

Ripple Struggles on

Ripple’s XRP slid by 1.33% on Saturday. Reversing most of a 1.89% fall from Friday, Ripple’s XRP ended the day at $0.31711.

A bullish start to the day saw Ripple’s XRP rally to an early morning intraday high $0.33274 before hitting reverse.

The early rally saw Ripple’s XRP break through the first major resistance level at $0.3279 to hit $0.33 levels for the 1st time since 23rd April.

Sliding back through the morning, Ripple’s XRP slid to an early afternoon intraday low $0.31664 before finding support. Steering clear of the first major support level at $0.3135, Ripple’s XRP recovered to $0.32 levels. A late pullback left Ripple’s XRP back at sub-$0.32 levels by the end of the day.

At the time of writing, Ripple’s XRP was up by 0.08% to $0.31735. A relatively range-bound start to the day saw Ripple’s XRP recover from a morning low $0.31563 to hit a high $0.31820 before easing back.

Ripple’s XRP left the major support and resistance levels untested early on.

For the day ahead, a move through to $0.3230 levels would be needed to bring the first major resistance level at $0.3277 into play.

Ripple’s XRP would need support from the broader market, however, to move through to $0.32 levels. Barring a broad-based rally, Ripple’s XRP would likely come up short of $0.33 levels on the day.

Failure to move through to $0.3230 levels could see Ripple’s XRP struggle through the day. A fall through $0.3140 levels would bring the first major support level at $0.3116 into play.

Barring a crypto meltdown, Ripple’s XRP would likely steer clear of sub-$0.31 support levels, however.

Please let us know what you think in the comments below

Thanks, Bob

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