Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 17/05/19

The bears are fighting back. Is this profit taking or is the market in for a full reversal? Keeping an eye on the support levels will be key.
Bob Mason
Bitcoin and Litecoin over dollar banknotes.

Bitcoin Cash – ABC – On the Slide

Bitcoin Cash ABC fell by 1.18% on Thursday. Partially reversing a 3.38% fall on Wednesday, Bitcoin Cash ABC ended the day at $398.36.

A particularly bullish start to the day saw Bitcoin Cash ABC rally to an early intraday high and new swing hi $452.97.

Bitcoin Cash ABC broke through the first major resistance level at $421.30 and second major resistance level at $437.34 before hitting reverse.

The reversal saw Bitcoin Cash ABC slide to a late morning intraday low $380.23. Finding support at the first major support level at $380.57, Bitcoin Cash ABC recovered to $412 levels before easing back late in the day.

At the time of writing, Bitcoin Cash ABC was down 8.4% to $364.90. A particularly bearish morning saw Bitcoin Cash ABC slide from a morning high $412 to an early morning low $330.

Falling short of the major resistance levels, Bitcoin Cash ABC fell through the first major support level at $368.07 and second major support level at $337.78 before steadying.

For the day ahead, a move back through to $380 levels would support another run at $400 levels later in the day.

Bitcoin Cash ABC would need support from the broader market, however, to take a run at the first major resistance level at $440.81.

Failure to move back through the first major support level at $368.07 to $380 levels could lead to heavier losses on the day.

A pullback through $340 could see Bitcoin Cash ABC revisit the morning low $330 before any recovery.

Litecoin Back in the $80s

Litecoin slid by 6.36% on Thursday. Partially reversing an 11.61% rally from Wednesday, Litecoin ended the day at $95.75.

A bullish start to the day saw Litecoin rally to an early intraday high $107.6 before hitting reverse. Coming up against the first major resistance level at $107.67, Litecoin slid to a late morning intraday low $90.81.

The reversal saw Litecoin fall through the first major support level at $93.68. Calling on support at $90, Litecoin bounced back to an afternoon high $101.48.

Negative sentiment across the broader market ultimately weighed, with Litecoin sliding back to sub-$100 levels.

At the time of writing, Litecoin was down by 7.55% to $88.52. Litecoin slid from a morning high $97.55 to a morning low $84.00 before finding support.

Coming up short of the major resistance levels, Litecoin slid through the first major support level at $88.51 before a partial recovery.

For the day ahead, a move back through the morning high $97.55 would support a run at $100 levels later in the day.

Support from the broader market would be needed, however, for Litecoin to take a run at the first major resistance level at $105.3.

Barring a broad-based crypto rebound, Litecoin will likely fall short of $100 levels on the day.

Failure to move back through the morning high could see Litecoin slide deeper into the red. A fall back through to $86 levels could bring $83 levels into play before any recovery.

Barring a crypto meltdown, Litecoin will likely steer clear of the second major support level at $81.26.

Ripple Takes a Dive

Ripple’s XRP slide by 8.16% on Thursday. Partially reversing a 12.27% rally from Wednesday, Ripple’s XRP ended the day at $0.41808.

Tracking the broader market, Ripple’s XRP rallied to an early morning intraday high $0.47869 before hitting reverse.

Coming up against the first major resistance level at $0.4785, Ripple’s XRP slid to a late morning intraday low $0.39536.

The reversal saw Ripple’s XRP fall through the first major support level at $0.4183 before finding support.

A move back through to $0.44 levels was short-lived in the 2nd half of the day.

At the time of writing, Ripple’s XRP was down by 7.39% to $0.38719. A particularly bearish morning saw Ripple’s XRP slide from a morning high $0.42265 to a low $0.37310 before steadying.

Falling well short of the major resistance levels, Ripple’s XRP slid through the first major support level at $0.3827.

For the day ahead, a move back through the 23.6% FIB of $0.4161 would support a run at $0.43 levels later in the day.

Ripple’s XRP would need support from the broader market, however, to take a run at the first major resistance level at $0.4661.

Barring a broad-based rebound, Ripple’s XRP will likely come up short of $0.41 levels on the day.

Failure to move back through to 23.6% FIB of $0.4164 could see Ripple’s XRP slide further back. A fall through to $0.37 levels would bring $0.35 levels into play before any recovery. Barring a crypto meltdown, Ripple’s XRP will likely steer clear of the second major support level at $0.3474.

Please let us know what you think in the comments below

Thanks, Bob

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