Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 13/05/19

The majors are on the move and it looks as though Ripple’s XRP has woken from a big sleep…
Bob Mason
Crypto00 567

Bitcoin Cash – ABC – on the Charge

Bitcoin Cash ABC slipped by 0.54% on Sunday. Following a 24.47% surge from Saturday, Bitcoin Cash ABC ended the week up 21.7% to $355.00.

A relatively choppy day saw Bitcoin Cash ABC slide to an early morning intraday low $330.00 before finding support.

Steering well clear of the first major support level at $300, Bitcoin Cash ABC rallied to a mid-morning intraday high $379.00 before easing back.

Falling short of the first major resistance level at $400.56, Bitcoin Cash ABC slipped back to $334 levels before moving back to $350 levels.

At the time of writing, Bitcoin Cash ABC was up 1.41% to $360.00. A relatively bullish start to the day saw Bitcoin Cash ABC rise from a morning low $349.68 to a high $363.67.

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

For the day ahead, a hold above $354 levels through the morning would support a run at the first major resistance level at $379.33.

Support from the broader market would be needed, however, for a breakout from this morning’s high $363.57.

Barring a broad-based crypto rally, Bitcoin Cash ABC will likely come up short of $400 levels on the day.

Failure to hold above $354 levels could see Bitcoin Cash ABC hit reverse. A pullback through the morning low $349.68 would bring the first major support level at $330.33 into play.

Barring a crypto meltdown, Bitcoin Cash ABC will likely steer clear of the second major support level at $305.67.

Litecoin Struggles at $90

Litecoin slid by 3.98% on Sunday. Partially reversing a 15.17% rally from Saturday, Litecoin ended the week up 13.3% to $84.79.

A choppy start to the day saw Litecoin slide to an intraday 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.

The bounce back saw Litecoin strike a mid-morning intraday high $94.30 before hitting reverse. Coming up short of the first major resistance level at $97.31, Litecoin slid back to $83 levels.

Support at the 38.2% FIB of $83 delivered for a 2nd time, with Litecoin partially recovering to $84 levels by the day’s end.

At the time of writing, Litecoin was up 2.68% to $87.06. Moves through the early hours saw Litecoin rise from a morning low $84.11 to a high $87.10. Litecoin left the major support and resistance levels untested early on.

For the day ahead, a move through to $87.50 levels would support a run at the first major resistance level at $91.73.

Support from the broader market would be needed, however, for Litecoin to breakout from $90. Barring a broad-based crypto rally, Litecoin will likely come up short of Sunday’s high $94.3.

Failure to move through to $87.50 levels could see Litecoin hit reverse later in the day. A fall through to $83 levels would bring the first major support level at $80.43 into play.

Barring a crypto meltdown, however, Litecoin will likely steer clear of sub-$80 levels in the event of a pullback.

Ripple Looking to Play Catch-up

Ripple’s XRP fell by 2.29% on Sunday. Partially reversing a 5.57% gain from Saturday, Ripple’s XRP ended the week down 1.13% at $0.31105.

A bearish start to the day saw Ripple’s XRP slide from $0.32 levels to an early intraday low $0.30682 before finding support.

Steering clear of the major support levels, Ripple’s XRP rallied to a mid-morning intraday high $0.32698 before hitting reverse.

Falling short of the major resistance levels, Ripple’s XRP slid back to $0.3070 levels before partially recovering to $0.31 levels.

At the time of writing, Ripple’s XRP was 4.71% to $0.32569. A particularly bullish start to the day saw Ripple’s XRP rally from a morning low $0.30803 to a high $0.32899.

The early rally saw Ripple’s XRP break through the first major resistance level at $0.3231.

For the day ahead, a hold above the first major resistance level would support a run at $0.33 levels later in the day.

With Ripple’s XRP playing catchup, a broad-based crypto reversal would need to be avoided to support further upside.

In spite of the early breakout, we would expect the second major resistance level at $0.3351 to cap the upside on the day.

Failure to hold above the first major resistance level at $0.3213 could see Ripple’s XRP hit reverse. A pullback through to sub-$0.3150 levels would bring the first major support level at $0.3029 into play.

Barring a broad-based sell-off, however, Ripple’s XRP will likely steer clear of sub-$0.30 levels in the event of a pullback.

Please let us know what you think in the comments below

Thanks, Bob

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