Advertisement
Advertisement

Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 05/12/19

By:
Bob Mason
Published: Dec 5, 2019, 05:45 UTC

It's a choppy start to the day for the majors. Expect Bitcoin to provide direction for the trio on the day.

Shiny Ripple crypto-currency background

Bitcoin Cash – ABC

Bitcoin Cash ABC fell by 1.40% on Wednesday. Following on from a 1.46% decline on Tuesday, Bitcoin Cash ABC ended the day at $207.9.

A particularly bearish start to the day saw Bitcoin Cash ABC slide to an early morning intraday low $202.44.

Bitcoin Cash ABC fell through the day’s major support levels before striking an early afternoon intraday high $217.11.

The rally saw Bitcoin Cash ABC break through the first major resistance level at $214.59 before sliding back to sub-$210 levels.

Bitcoin Cash ABC fell back through the first major support level at $210.04 and the second major support level at $208.53.

At the time of writing, Bitcoin Cash ABC was up by 0.02% to $207.93. A mixed start to the day saw Bitcoin Cash ABC fall to an early morning low $205.57 before striking a high $210.78.

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

For the day ahead, a move back through to $210 levels would support a run at the first major resistance level at $215.86.

Bitcoin Cash ABC would need the support of the broader market, however, to break out from $210 levels.

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

Failure to move back through to $210 levels could see Bitcoin Cash ABC hit reverse. A fall back through the morning low $205.57 would bring the first major support level at $201.19 into play.

Barring a crypto meltdown, however, Bitcoin Cash ABC should steer clear of sub-$200 levels.

BCHABC/USD 05/12/19 Daily Chart

Litecoin

Litecoin fell by 0.36% on Wednesday. Following on from a 1.65% slide on Tuesday, Litecoin ended the day at $44.69.

Tracking the broader market, Litecoin slid to an early morning intraday low $43.71 before making a move.

Litecoin fell through the first major support level at $43.93 before striking an early afternoon intraday high $47.17.

Breaking through the first major resistance level at $45.98, Litecoin came up against the second major resistance level at $47.17.

A pullback late in the day saw Litecoin slide back to sub-$45 levels to close out the day in the red.

At the time of writing, Litecoin was down by 0.51% to $44.46. A choppy morning saw Litecoin slide to an early morning low $43.72 before striking a high $44.98.

Litecoin left the major support and resistance levels untested.

For the day ahead, a move through to $45.20 levels would support a run at the first major resistance level at $46.67.

Support from the broader market would be needed, however, for Litecoin to break through to $46 levels.

Barring a broad-based crypto rebound, Litecoin would likely come up short of Wednesday’s high $47.17.

Failure to move through to $45.20 levels could see Litecoin fall deeper into the red.

A fall through the morning low $43.72 would bring the first major support level at $43.21 into play.

Barring a crypto meltdown, however, Litecoin should steer clear of sub-$43 support levels on the day.

LTC/USD 05/12/19 Daily Chart

Ripple’s XRP

Ripple’s XRP slid by 2.52% on Wednesday. Following a 0.02% decline on Tuesday, Ripple’s XRP ended the day at $0.21521.

Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $0.2112 before finding support.

Ripple’s XRP fell through the major support levels before striking an early afternoon intraday high $0.22751.

The rally saw Ripple’s XRP break through the first major resistance level at $0.2233 and the second major resistance level at $0.2259.

A late pullback saw Ripple’s XRP slide back to sub-$0.22 levels. Ripple’s XRP fell back through the first and second major support levels to end the day in the deep red.

At the time of writing, Ripple’s XRP was up by 0.43% to $0.21614. A choppy morning saw Ripple’s XRP strike an early morning high $0.21987 before falling to a low $0.21278.

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

For the day ahead, a move back through to $0.2180 levels would support a run at the first major resistance level at $0.2247.

Ripple’s XRP would need the support of the broader market, however, to break out from the morning high $0.21987.

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

Failure to move back through to $0.2180 levels could see Ripple’s XRP slide back into the red.

A fall through the morning low $0.21278 would bring the first major support level at $0.2084 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer clear of sub-$0.20 level. The second major support level at $0.2017 should limit any downside on the day.

XRM/USD 05/12/19 Daily Chart

Please let us know what you think in the comments below

Thanks, Bob

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

Did you find this article useful?

Advertisement