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

The bulls are out in numbers. While Ripple’s XRP continues to struggle, the rest of the trio will be eyeing new highs for the year.
Bob Mason
Cryptomania

Bitcoin Cash – ABC – on the Charge

Bitcoin Cash ABC surged by 24.47% on Saturday. Following on from a 2.24% gain from Friday, Bitcoin Cash ABC ended the day at $357.22.

Bullish from the start of the day, Bitcoin Cash ABC rallied from an intraday low $285.49 to a late intraday high and new swing hi $386.36.

Steering well clear of the major support levels, Bitcoin Cash ABC broke through the major resistance levels. In spite of a late pullback, Bitcoin Cash ABC held above the third major resistance level at $322.52 at the day’s end.

At the time of writing, Bitcoin Cash ABC was down by 0.62% to $355.00. A bearish start to the day saw Bitcoin Cash ABC fall from a morning high $366 to a low $330 before finding support.

In spite of the early pullback, Bitcoin Cash ABC left the major support and resistance levels untested.

For the day ahead, a hold onto $350 levels through the morning would support a run at $380 levels later in the day.

Support from the broader market would be needed, however, for Bitcoin Cash ABC to take a run at the first major resistance level at $400.56.

Barring another crypto breakout, Bitcoin Cash ABC will likely be pinned back by Saturday’s high on the day.

Failure to hold onto $350 levels could see Bitcoin Cash ABC pullback through to the morning low $330. Barring a crypto meltdown, Bitcoin Cash ABC will likely steer well clear of the first major support level at $300.

Litecoin Back in the 90s

Litecoin rallied by 15.17% on Saturday. Following on from a 3.94% rise from Friday, Litecoin ended the day at $88.31.

Tracking the broader market, Litecoin rallied from an intraday low $76.68 to a late intraday high $95.99.

The day-long rally saw Litecoin break back through the 38.2% FIB of $83 and the major resistance levels.

A late pullback to sub-$90 levels saw Litecoin fall back through the third major resistance level at $89.82.

At the time of writing, Litecoin was up by 2.15% to $90.21. A choppy start to the day saw Litecoin slide to a morning low $83.00 before recovering. While steering clear of the major support levels, Litecoin found support at the 38.2% FIB of $83 before bouncing back.

For the day ahead, a hold above $87 levels through the morning would support further upside on the day.

A move through to $93 levels would bring the first major resistance level at $97.31 into play. Litecoin would need support from the broader market, however, to take a run at $100 levels.

Failure to hold above $87 levels could see Litecoin give up the morning gains. A fall through the 38.2% FIB of $83 could see Litecoin test the first major support level at $78.00 before any recovery.

Barring a broad-based crypto sell-off, however, Litecoin will likely steer clear of sub-$80 levels on the day.

Ripple Fails to Impress

Ripple’s XRP rallied by 5.57% on Saturday. Following on from a 0.81% gain on Friday, Ripple’s XRP ended the day at $0.31831.

A mixed start to the day saw Ripple’s XRP fall to a mid-morning intraday low $0.29708 before finding support.

Steering clear of the first major support level at $0.2952, Ripple’s XRP rallied to a late intraday high $0.33815.

Ripple’s XRP broke through the day’s major resistance levels before pulling back through the third major resistance level at $0.3236.

At the time of writing, Ripple’s XRP was down by 0.21% to $0.31763.  A bearish start to the day saw Ripple’s XRP slide from a morning high $0.32547 to a low $0.30682 before finding support.

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

For the day ahead, a move through to $0.3180 levels would signal a run at $0.32 levels before any pullback.

Ripple’s XRP would need support from the broader market to bring $0.33 levels into play. Barring a broad-based crypto rally, however, Ripple’s XRP will likely come up short of the first major resistance level at $0.3386.

Failure to move through to $0.3180 levels could see Ripple’s XRP struggle through the day. A fall through the morning low $0.30682 would bring sub-$0.30 levels into play before any recovery.

Barring a broad-based crypto sell-off, however, Ripple’s XRP will likely steer clear of sub-$0.29 levels. The first major support level at $0.2975 will likely limit the downside on the day.

Please let us know what you think in the comments below

Thanks, Bob

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