Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 15/05/19

Bitcoin Cash – ABC – In Consolidation Mode

Bitcoin Cash ABC gained 0.81% on Tuesday. Following on from a 7.6% rally on Monday, Bitcoin Cash ABC ended the day at $386.91.

A relatively bullish start to the day saw Bitcoin Cash ABC rally to a mid-morning intraday high and new swing hi $410.

Coming up against the first major resistance level at $410.32, Bitcoin Cash ABC slid to a late afternoon intraday low $363.22.

Steering clear of the major support levels, Bitcoin Cash ABC found support late in the day to move back into the green.

At the time of writing, Bitcoin Cash ABC was down by 0.49% to $385.00.

A relatively range-bound start to the day saw Bitcoin Cash ABC fall from a morning high $395 to a low $385.00. Bitcoin Cash ABC left the major support and resistance levels untested early on.

For the day ahead, a move back through to $387 levels would support a run at $400 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 $410.20.

In the event of another crypto rally, the first major resistance level and Tuesday’s high $410 will likely cap the upside on the day.

Failure to move through to $387 levels could see Bitcoin Cash ABC fall deeper into the red. A pullback through to $375 levels would bring the first major support level at $363.42 into play.

Barring a crypto meltdown, however, Bitcoin Cash ABC would likely steer clear of sub-$360 levels on the day.

Litecoin Holds onto $90

Litecoin rose by 4.45% on Tuesday. Following on from a 3.54% gain on Monday, Litecoin ended the day at $91.69.

Tracking the broader market, Litecoin broke through the first major resistance level at $92.8 to strike a mid-morning intraday high $94.44 before hitting reverse.

The reversal saw Litecoin fall to a late afternoon intraday low $85.61 before finding support. Steering clear of the major support levels, Litecoin recovered to end the day at $91 levels for the first time since April.

At the time of writing, Litecoin was down by 0.07% to $91.63. Moves through the early hours saw Litecoin rise from a morning low $90.86 to a high $92.89 before pulling back.

Litecoin left the day’s major support and resistance levels untested early on.

For the day ahead, a hold onto $91 levels through the morning would support a run at Tuesday’s high $94.44.

Litecoin would need support from the broader market, however, to take a run at the first major resistance level at $95.55.

Failure to hold onto $91 levels could see Litecoin take a bigger hit. A fall through $90.50 would bring sub-$90 levels into play before any recovery.

Barring a crypto sell-off, however, Litecoin will likely steer clear of the first major support level at $86.72.

Ripple Makes a Splash

Ripple’s XRP surged by 25.59% on Tuesday. Following on from a 3.77% gain on Monday, Ripple’s XRP ended the day at $0.4054.

A bullish start to the day saw Ripple’s XRP rally from an intraday low $0.32070 to a mid-morning high $0.39994.

The early rally saw Ripple’s XRP break through the major resistance levels on the day. A pullback to $0.366 levels was short-lived, with Ripple’s XRP surging to an early afternoon intraday high $0.41992.

A hold above the third major resistance supported a break through the 23.6% FIB of $0.4164 before. The last time Ripple’s XRP broke through the 23.6% FIB was back in December of last year…

In spite of the selling pressure at the 23.6% FIB, Ripple’s XRP managed to recover and hold onto $0.40 levels by the day end.

At the time of writing, Ripple’s XRP was up by 5.28% to $0.42680. A bullish start to the day saw Ripple’s XRP rally from a morning low $0.40473 to a high $0.4455.

Ripple’s XRP broke through the first major resistance level at $0.4433 before easing back. The start of a day low saw Ripple’s XRP steer clear of the major support levels.

For the day ahead, a move back through to $0.44 levels would support another run at the first major resistance level at $0.4433.

Ripple’s XRP would continue to need support from the broader market, however, to break out from $0.44 levels. A move through to $0.45 levels would bring the second major resistance level at $0.4812 into play.

Failure to move back $0.44 levels could see Ripple’s XRP give up the morning gains. A fall back to $0.42 levels could see Ripple’s XRP test sub-$0.41 levels support before any recovery.

Barring a crypto meltdown, Ripple’s XRP will steer well clear of the first major support level at $0.3441.

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Thanks, Bob