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

It’s a mixed day for the majors. Ripple’s XRP sees red early on to buck the trend across the trio. Steering clear of sub-$0.30 levels will be key.
Bob Mason
Crypto currency background with various of shiny silver and golden physical cryptocurrencies symbol coins, Bitcoin, Ethereum, Litecoin, zcash, ripple

Bitcoin Cash – ABC – On the Move

Bitcoin Cash ABC gained 0.64% on Wednesday. Partially reversing a 2.37% fall from Tuesday, Bitcoin Cash ABC ended the day at $282.0.

A bearish start to the day saw Bitcoin Cash ABC slide to an intraday low 269.2 before bouncing back. The reversal saw Bitcoin Cash ABC fall through the first major support level at $275.33 to test the second major support level at $269.75.

Recovering through the early hours, Bitcoin Cash ABC managed to move back through to $280 levels ahead of a range-bound afternoon.

A late intraday high $285.44 saw Bitcoin Cash ABC come up short of the first major resistance level at $288.56.

At the time of writing, Bitcoin Cash ABC was up by 2.05% to $287.77. A bullish start to the day saw Bitcoin Cash ABC rally from a morning low $285.19 to a high $290.5 before easing back.

The early rally saw Bitcoin Cash ABC break through the first major resistance level at $288.56 to come up against the 23.6% FIB of $291.

For the day ahead, a hold above $286 levels through the morning would support another move through the first major resistance level. Support from the broader market would be needed, however, for Bitcoin Cash ABC to break out from the 23.6% FIB.

Barring a broad-based crypto rally, Bitcoin Cash ABC will likely fall well short of the second major resistance level at $295.12.

Failure to hold above $286 levels could see Bitcoin Cash ABC cough up the morning gains. A fall through to $278 levels would bring the first major support level at $272.32 into play.

Barring a crypto meltdown, Bitcoin Cash ABC will likely steer clear of sub-$270 levels on the day.

Litecoin Struggles to Find $80

Litecoin rose by 0.64% on Wednesday. Partially reversing a 1.04% fall from Tuesday, Litecoin ended the day at $73.83.

Tracking the broader market, Litecoin slid to an early morning intraday low $71.31 before finding support.

Calling on support at the first major support level at $71.32, Litecoin bounced back to a morning high $73.96 before easing back.

Range-bound through the afternoon, Litecoin struck a late intraday high $75 before easing back. In spite of the recovery, Litecoin came up short of the first major resistance level at $76.62.

At the time of writing, Litecoin was up by 0.58% to $74.26. A relatively choppy day saw Litecoin rise from a morning low $73.41 to a high $75.59 before easing back.

The bullish start to the day saw Litecoin break through the first major resistance level at $74.78. Litecoin managed to steer clear of the first major support level at $73.09 at the start of the day.

For the day ahead, a hold onto $74 levels through the morning would support another break through the first major resistance level at $74.78.

Support from the broader-market would be needed, however, for Litecoin to take a run at the second major resistance level at $75.74.

Failure to hold onto $74 levels could see Litecoin slide through the first major support level to $72 levels.

Barring a mass crypto sell-off, however, Litecoin would likely steer clear of the second major support level at $72.36.

Ripple Sees Red

Ripple’s XRP fell by 0.49% on Wednesday. Following on from a 1.98% slide on Tuesday, Ripple’s XRP ended the day at $0.31028.

A bearish start to the day saw Ripple’s XRP slide to an intraday low $0.3075 before finding support.

The reversal saw Ripple’s XRP call on support at the first major support level at $0.3075.

Recovering through the morning, Ripple’s XRP struck a late morning intraday high $0.31425 before pulling back into the red.

At the time of writing, Ripple’s XRP was down by 0.66% to $0.30824. Moves through the morning saw Ripple’s XRP rise to a morning high $0.31239 before hitting reverse. The reversal saw Ripple’s XRP fell through the first major support level at $0.3071 to a morning low $0.30685.

For the day ahead, a move back through to $0.31 levels would bring the first major resistance level at $0.3139 into play.

Ripple’s XRP would need support from the broader market, however, to take a run at the second major resistance level at $0.3174.

Barring a crypto rally, Ripple’s XRP will likely come up short of $0.32 levels on the day.

Failure to move back through the first major support level could see Ripple’s XRP test the second major support level at $0.3039.

Barring a crypto meltdown, however, Ripple’s XRP will likely steer clear of sub-$0.30 levels.

Please let us know what you think in the comments below

Thanks, Bob

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