Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 06/05/19

Bitcoin Cash – ABC – Back in the Red

Bitcoin Cash ABC gained 0.53% on Sunday. Partially reversing a 1.62% fall from Saturday, Bitcoin Cash ABC ended the week up 17.2% to $290.35.

Relatively range-bound throughout the day, Bitcoin Cash ABC struggled to break out from the 23.6% FIB of $291. A mid-morning intraday high $298.29 saw Bitcoin Cash ABC come up short of the first major resistance level at $308.02.

Bitcoin Cash ABC fell back to a late morning intraday low $283.78 before finding support.  In spite of the pullback, Bitcoin Cash ABC steered clear of the first major support level at $268.02. Sub-$290 support delivered through the afternoon, though Bitcoin Cash ABC was unable to hold above the 23.6% FIB by the day’s end.

At the time of writing, Bitcoin Cash ABC was down by 1.57% to $285.80. A particularly bearish start to the day saw Bitcoin Cash ABC slide from a morning high $291.80 to a low $280. The sell-off saw Bitcoin Cash ABC fall through the first major support level at $283.32.

For the day ahead, a move back through to $290 levels would support a rebound later in the day. A breakthrough to $294 levels would give Bitcoin Cash ABC a run at the first major resistance level at $297.83.

Support from the broader market would be needed, however, for Bitcoin Cash ABC to take a run at $300 levels. Barring a broad-based crypto rally, Bitcoin Cash ABC will likely fall well short of the second major resistance level at $305.32.

Failure to move back through to $290 levels could see Bitcoin Cash ABC take a bigger hit on the day. A fall back through the first major support level at $283.32 could see Bitcoin Cash ABC visit $270 levels before any recovery.

Barring a crypto meltdown, however, Bitcoin Cash ABC would likely steer clear of the second major support level at $276.30.

Litecoin Stumbles

Litecoin slid by 2.87% on Sunday. Following on from a 1.13% fall from Saturday, Litecoin ended the week up 10.41% to $74.79.

Bearish through the day, Litecoin fell from a start of a day intraday high to a late afternoon intraday low $74.4.

Litecoin recovered to a high $76.66 before easing back to $74 levels. The moves through the day saw Litecoin steer clear of the major support and resistance levels.

At the time of writing, Litecoin was down by 2.37% to $73.02. Tracking the broader market, Litecoin slid from a morning high $75.18 to a low $71.77 before finding support.

Litecoin slid through the first major support level at $73.68 and second major support level at $72.58 in the early hours.

For the day ahead, a move back through to $75.5 levels would be needed to support a partial rebound from the weekend losses. A breakthrough to $75.5 levels would bring the first major resistance level at $76.61 into play.

Barring a broad-based crypto rally, however, Litecoin will likely come up short of $78 levels on the day.

Failure to move back through to $75.5 levels will leave Litecoin deep in the red for the day. A pullback through the morning low $71.77 could see Litecoin visit $70 levels before any recovery.

Barring a meltdown, however, Litecoin will likely steer clear sub-$70 on the day.

Ripple in a Rut

Ripple’s XRP slipped by 0.86% on Sunday. Following on from a slid by 1.33% on Saturday, Ripple’s XRP ended the week up 1.6% to $0.31711.

Range-bound through the day, Ripple’s XRP rose to a mid-morning intraday high $0.31964 before hitting reverse.

The reversal saw Ripple’s XRP fall to a late intraday low $0.3122 before finding support. An uneventful day saw Ripple’s XRP steer clear of the major support and resistance levels on the day.

At the time of writing, Ripple’s XRP was down by 0.78% to $0.31191. Bearish through the early hours, Ripple’s XRP fell from a morning high $0.31599 to a low $0.3110 before steadying.

The early move saw Ripple’s XRP fall through the first major support level at $0.3112.

For the day ahead, a move back through to $0.3150 levels would support an afternoon rally. A break through the first major resistance level at $0.3186 would bring $0.32 levels into play before any pullback.

Barring a broad-based crypto rally, however, Ripple’s XRP will likely come up short of the second major resistance level at $0.3228.

Failure to move through to $0.3150 levels could see Ripple’s XRP fall deeper into the red. A pullback through the morning low $0.3110 would bring the second major support level at $0.3080 into play.

Barring a crypto meltdown, however, Ripple’s XRP will likely steer well clear of the third major support level at $0.3005.

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Thanks, Bob