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

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