Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 05/10/19

It’s back into the red for the majors. A hold onto key levels through the morning would signal a bounce back by late morning.
Bob Mason
Bitcoin and Litecoin over dollar banknotes.

Bitcoin Cash – ABC – Finds Support

Bitcoin Cash ABC fell by 0.40% on Friday. Following on from a 0.1% decline from Thursday, Bitcoin Cash ABC ended the day at $222.00.

A bearish start to the day saw Bitcoin Cash ABC slide to an early morning intraday low $217.87 before finding support.

Bitcoin Cash ABC fell through the first major support level at $218.35 before rallying to a late afternoon intraday high $224.97.

In spite of the rebound, Bitcoin Cash ABC fell short of the first major resistance level at $226.76.

Resistance at $225 proved to be too great for a 5th consecutive day, with Bitcoin Cash ABC pulling back into the red late on.

At the time of writing, Bitcoin Cash ABC was down by 0.12% to $221.73. A late pullback from Friday continued into the early hours.

Bitcoin Cash ABC left the major support and resistance levels untested at the start of the day.

For the day ahead, holding onto $221 levels through the morning would support another run at $225 levels later in the day.

Bitcoin Cash ABC would need the support of the broader market, however, to take a run at the first major resistance level at $225.36.

Barring a broad-based crypto rally on the day, Bitcoin Cash ABC would likely come up short of $226 levels for a 5th consecutive day.

Failure to hold onto $221 levels could see Bitcoin Cash ABC fall deeper into the red. A fall through to sub-$220 levels would bring the first major support level at $218.26 into play.

Barring an extended sell-off through the day, Bitcoin Cash ABC should steer clear of the second major support level at $214.51.

Litecoin still short of $60

Litecoin gained 0.12% on Friday. Following on from a 0.02% rise on Thursday, Litecoin ended the day at $56.51.

Tracking the broader market, Litecoin fell to an early morning intraday low $55.24 before making its move.

Steering clear of the first major support level at $54.36, Litecoin rallied to a late afternoon intraday high $57.5.

In spite of the rebound, Litecoin failed to test the first major resistance level at $57.79 before easing back to $56 levels.

At the time of writing, Litecoin was down by 0.09% to $56.46. Tracking the pack at the start of the day, Litecoin fell from a morning high $56.51 to a low $56.29.

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

For the day ahead, a hold onto $56.4 levels through the morning would support another run at $57 levels.

Litecoin would need the support of the broader market, however, to take a run at the first major resistance level at $57.59.

Barring a broad-based crypto rally on the day, the first major resistance level at $57.59 would likely cap any upside.

Failure to hold onto $56.4 levels could see Litecoin slide back to sub-$56 levels.

Barring an extended sell-off through the day, the first major support level at $55.33 should limit any downside.

In the event of a sell-off, expect the second major support level at $54.16 to come into play.

Ripple’s XRP Back at $0.25

Ripple’s XRP rallied by 2.27% on Friday. Reversing most of a 2.61% slide from Thursday, Ripple’s XRP ended the day at $0.25362.

A choppy start to the day saw Ripple’s XRP hit $0.25 levels before falling to an early morning intraday low $0.24529.

Steering clear of the first major support level at $0.2419, Ripple’s XRP bounced back to a late afternoon intraday high $0.25785.

Ripple’s XRP broke through the first major resistance level at $0.2541 before easing back.

At the time of writing, Ripple’s XRP was down by 0.23% to $0.25304. Friday’s late pullback also continued into the morning. Ripple’s XRP fell from an early high 0.25344 to a low $0.25290.

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

For the day ahead, a move through to $0.2550 levels would support a run at the first major resistance level at $0.2592.

Ripple’s XRP would need the support of the broader market, however, to hold onto $0.25 levels through the morning.

In the event of a broad-based crypto rally, Ripple’s XRP could visit $0.26 levels before any pullback. We would expect the second major resistance level at $0.2648 to cap any upside.

Failure to move through to $0.2550 levels could slide deeper into the red. A fall through to sub-$0.2520 levels would bring the first major support level at $0.2467 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer clear of the second major support level at $0.2397.

Please let us know what you think in the comments below

Thanks, Bob

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