Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 05/11/19

The crypto bulls take control at the start of the week. Bitcoin Cash ABC could play catchup should the broader market hold onto early gains…
Bob Mason
Bitcoin and Litecoin over dollar banknotes.

Bitcoin Cash – ABC – Finds Support

Bitcoin Cash ABC fell by 0.69% on Monday. Partially reversing a 0.83% gain from Sunday, Bitcoin Cash ABC ended the day at $291.35.

A bearish start to the day saw Bitcoin Cash ABC fall to a mid-morning low $286.35 before striking a morning high $294.27.

Falling well short of the first major resistance level at $304.08, Bitcoin Cash ABC slid to an early evening intraday low $285.0.

Holding above the first major support level at $283.05 rallied to a late intraday high $295 before falling back into the red.

At the time of writing, Bitcoin Cash ABC was up by 0.29% to $292.19. A mixed start to the day saw Bitcoin Cash ABC fall to an early morning low $289.20 before striking a morning high $292.19.

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

For the day ahead, a move through to $293 levels would support a run at the first major resistance level at $295.90.

Support from the broader market would be needed, however, for Bitcoin Cash ABC to break out from Monday’s high $295.0.

Barring a broad-based crypto rally, Monday’s high and the first major resistance level would likely limit any upside.

In the event of a crypto breakout, the second major resistance level at $300.45 would likely come into play.

Failure to move through to $293 levels could see Bitcoin Cash ABC slide back into the red.

A fall back through to sub-$290 levels would bring the first major support level at $285.9 into play.

Barring a broad-based crypto sell-off, however, Bitcoin Cash ABC should steer clear of the second major support level at $280.45.

Litecoin Back into the $60s

Litecoin rallied by 5.23% on Monday. Following a 0.07% fall from Sunday, Litecoin ended the day at $61.41.

A relatively bearish start to the day saw Litecoin fall to an early morning intraday low $57.96 before finding support.

Steering clear of the first major support level at $57.49, Litecoin rallied to a late intraday high $62.85.

Litecoin broke through the major resistance levels of the day before easing back to $61 levels.

In spite of the late pullback, Litecoin wrapped up the day holding above the third major resistance level at $61.16.

At the time of writing, Litecoin was up by 2.07% to $62.68. A bullish start to the day saw Litecoin rally from an early morning low $61.25 to a high $62.99.

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

For the day ahead, Litecoin would need to hold onto $62 levels to support a run at the first major resistance level at $63.52.

Support from the broader market would be needed, however, for Litecoin to break through to $63 levels.

Barring an extended rally through the day, resistance at $63.00 would likely limit any upside on the day.

Failure to hold onto $62 levels could see Litecoin hit reverse.

A fall through to sub-$60.70 levels would bring the first major support level at $58.63 into play before any recovery.

Barring a crypto meltdown, however, Litecoin should steer clear of sub-$60 levels on the day.

Ripple’s XRP back at $0.30 Levels

Ripple’s XRP rose by 3.15% on Monday. Reversing a 1.71% decline from Sunday, Ripple’s XRP ended the day at $0.30050.

Tracking the broader market, Ripple’s XRP slipped to an early morning intraday low $0.29007 before finding support.

Steering clear of the first major support at $0.2877, Ripple’s XRP rallied to a final hour intraday high $0.30192.

Ripple’s XRP broke through the first major resistance level at $0.2960 and the second major resistance level at $0.3008.

A late pullback, however, saw Ripple’s XRP fall back through the second major resistance level ahead of the day end.

At the time of writing, Ripple’s XRP was up by 1.17% to $0.30401. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.29975 to a high $0.30663.

Ripple’s XRP broke through the first major resistance level at $0.30490 before easing back.

For the day ahead, Ripple’s XRP would need to steer clear of sub-$0.30 levels to support another breakout.

A move back through the first major resistance level would bring the second major resistance level at $0.3093 into play.

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

Failure to steer clear of sub-$0.30 levels would bring the first major support level at $0.2931 into play.

Barring a broad-based crypto sell-off, however, Ripple’s XRP should steer clear of sub-$0.29 support levels.

Please let us know what you think in the comments below

Thanks, Bob

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