Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 05/09/19

While it’s a choppy start to the day for the majors, a move back through early highs to key levels would signal a rebound…
Bob Mason
Crypto00 567

Bitcoin Cash – ABC – Pulls back from $300

Bitcoin Cash ABC fell by 1.93% on Wednesday. Reversing a 1.97% gain from Tuesday, Bitcoin Cash ABC ended the day at $293.77.

A mixed start to the day saw Bitcoin Cash ABC rise to an early morning intraday high $302.02 before hitting reverse.

Falling short of the first major resistance level at $306.08, Bitcoin Cash ABC fell to an end of day intraday low $293.77.

The reversal saw Bitcoin Cash ABC come within range of the first major support level at $293.42.

At the time of writing, Bitcoin Cash ABC was down by just 0.1% to $293.73. A mixed start to the day saw Bitcoin Cash ABC recover from an early morning low $293 to strike a high $295.35 before easing back.

Bitcoin Cash ABC left the major support and resistance levels untested early on.

For the day ahead, a move through to $296.5 levels would support a run at the first major resistance level at $299.27.

Bitcoin Cash ABC would need the support of the broader market, however, to break out from this morning’s high $295.34.

Barring a broad-based crypto rally, we would expect Bitcoin Cash ABC to come up short of Wednesday’s high $302.02.

Failure to move through to $296.5 levels could see Bitcoin Cash ABC struggle through the day.

A fall back through the morning low $293 to $292.5 levels would bring the first major support level at $291.02 into play.

Barring an extended crypto sell-off through the day, however, Bitcoin Cash ABC should steer clear of sub-$290 support levels.

Litecoin Sees More Red

Litecoin slid by 2.95% on Wednesday. Partially reversing a 5.27% rally from Tuesday, Litecoin ended the day at $67.13.

Bearish through the morning, Litecoin fell from an early intraday high $69.36 to an early afternoon intraday low $66.55.

Steering clear of the first major resistance level at $72.28, Litecoin fell through the first major support level at $67.91.

A late afternoon recovery to $68 levels was short-lived. Litecoin fell back through the first major support level to close out the day at $67 levels.

At the time of writing, Litecoin was down by 0.07% to $67.08. A relatively range-bound start to the day saw Litecoin fall from an early morning high $67.25 to a low $66.62.

Litecoin left the major support and resistance levels untested early on in the day.

For the day ahead, a move through to $67.68 levels would support a run at the first major resistance level at $68.81.

Support from the broader market would be needed, however, for Litecoin to take a run at Wednesday’s high $69.36.

Barring a broad-based crypto rally, Litecoin would likely fall short of $70 levels for a 2nd consecutive day.

Failure to move through to $67.68 levels could see Litecoin slide deeper into the red. A fall through the morning low $66.62 would bring the first major support level at $66.00 into play.

Barring an extended sell-off through the day, Litecoin should steer clear of sub-$65 support levels.

Ripple’s XRP Gives up $0.26

Ripple’s XRP fell by 1.62% on Wednesday. Reversing a 0.69% gain from Tuesday, Ripple’s XRP ended the day at $0.25914.

Tracking the broader market through the day, Ripple’s XRP fell from an early intraday high $0.26346 to an early afternoon intraday low $0.25701.

Whilst leaving the major resistance levels untested, Ripple’s XRP fell through the first major resistance level at $0.2589.

Finding support from the broader market, Ripple’s XRP recovered to 0.2620 levels before sliding back to sub-$0.26 levels and into the red.

The late pullback saw Ripple’s XRP test the first major support level at 0.2589 for a 2nd time on the day.

At the time of writing, Ripple’s XRP was down by 0.05% to $0.25901. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.25811 before striking a high $0.25966.

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

For the day ahead, a move through to $0.26 levels would bring the first major resistance level at $0.2627 into play.

Ripple’s XRP would need the support of the broader market, however, to break out from this morning’s high $0.25966.

Barring a broad-based crypto rally, Wednesday’s high $0.26346 and first major resistance level at $0.2627 would likely limit any upside.

Failure to move through to $0.26 levels could see Ripple’s XRP test support levels before any recovery.

A fall through the morning low $0.25811 would bring the first major support level at $0.2563 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer clear of sub-$0.25 levels. The second major support level at $0.2534 should limit any downside on the day.

Please let us know what you think in the comments below

Thanks, Bob

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