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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 16/05/19

By:
Bob Mason
Published: May 16, 2019, 04:16 UTC

The bulls remain firmly in control early this morning. Will investors look to take some cream off the top today?

Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Bitcoin Cash – ABC – On the Move

Bitcoin Cash ABC rose by 3.38% on Wednesday. Following on from a 0.81% gain on Tuesday, Bitcoin Cash ABC ended the day at $405.26.

A relatively choppy morning saw Bitcoin Cash ABC fall from a start of a day morning high $395 to an early afternoon intraday low $371.92.

Steering well clear of the major support levels, Bitcoin Cash ABC rallied to a late intraday high and new swing hi $412.65.

Bitcoin Cash ABC broke through the first major resistance level at $410.20 before ending the day at $405 levels.

At the time of writing, Bitcoin Cash ABC was up by 5.79% to $428.73. A particularly bullish start to the day saw Bitcoin Cash ABC rally from a morning low $402.69 to a high $452.97.

Bitcoin Cash ABC broke through the first major resistance level at $421.3 and second major resistance level at $437.34 before easing back.

For the day ahead, a hold above the first major resistance level at $421.3 would support another run at $450 levels later in the day.

Bitcoin Cash ABC would need support from the broader market, however, to break out from $430 levels for a 2nd time.

Failure to hold above the first major resistance level could see Bitcoin Cash ABC hit reverse later in the day.

A fall through the morning low $402.69 could bring $390 levels into play before any recovery. Barring a crypto meltdown, however, Bitcoin Cash ABC will likely steer well clear of sub-$390 levels.

BCHABC/USD 16/05/19 Daily Chart

Litecoin Holds onto $100

Litecoin surged by 11.61% on Wednesday. Following on from a 4.45% rally from Tuesday, Litecoin ended the day at $102.26.

A mixed start to the day saw Litecoin rise from an early morning intraday low $90.5 to a morning high $95.85 before easing back.

Coming up against the first major resistance level at $95.55, Litecoin fell back to $90 levels ahead of an early afternoon rally.

Litecoin rallied to a late afternoon intraday high $104.49, breaking through the first major resistance level at $95.55 and second major resistance level at $99.41, before easing back.

It was Litecoin’s first visit to $100 levels since June of last year…

At the time of writing, Litecoin was up by 1.72% to $104.02. Tracking the broader market, Litecoin rose from a morning low $101.24 to a high $107.60 before easing back.

Steering clear of the major support levels, the first major resistance level at $107.67 capped the upside early on.

For the day ahead, a hold onto $100 levels through the morning would support another run at the first major resistance level at $107.67.

While the bulls will be eyeing the 62% FIB of $121, support from the broader market would be needed for a run at $110 levels.

Barring another crypto rally, Litecoin will likely come up short of the second major resistance level at $113.07.

Failure to hold onto $100 levels could see Litecoin test the first major support level at $93.68 before any recovery. Barring a crypto meltdown, Litecoin will likely steer clear of sub-$90 levels on the day.

LTC/USD 16/05/19 Daily Chart

Ripple Eyes $0.50

Ripple’s XRP rallied by 12.27% on Wednesday. Following on from Tuesday’s 25.59% surge, Ripple’s XRP ended the day at $0.45515.

A bullish start to the day saw Ripple’s XRP break through the 23.6% FIB of 0.4164 to hit a morning high $0.4455.

Ripple’s XRP came up against the first major resistance level at $0.4433 before easing back to $0.41 levels. Ripple’s XRP managed to steer clear of the major support levels throughout the day.

A late in the day rally delivered the day’s gains, however. Ripple’s XRP broke through the first major resistance level at $0.4433 to hit an intraday high $0.46495.

At the time of writing, Ripple’s XRP was up by 1.57% to $0.46231. A choppy start to the day saw Ripple’s XRP rise from a morning low $0.45 to a high $0.47869.

Ripple’s XRP came up against the first major resistance level at $0.4785 before easing back.

For the day ahead, a move back to $0.47 levels would support another run at the first major resistance level.

Support from the broader market would be needed, however, for Ripple’s XRP to attempt a breakout from $0.47 levels.

Barring another broad-based crypto rally, Ripple’s XRP will likely come up short of $0.50 levels on the day.

Failure to move back through to $0.47 levels could see Ripple’s XRP hit red later in the day. A fall through the morning low $0.45 would bring $0.43 levels into play before any recovery.

Barring a broad-based sell-off, however, Ripple’s XRP will likely steer clear of the first major support level at $0.4183.

XRP/USD 16/05.19 Daily Chart

Please let us know what you think in the comments below

Thanks, Bob

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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