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

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

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.

 

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.

Please let us know what you think in the comments below

Thanks, Bob

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US