Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 21/05/19

The pendulum swings back in favor of the bears in the early hours of this morning. A recovery through key levels would support an afternoon rebound.
Bob Mason
Crypto currency background with various of shiny silver and golden physical cryptocurrencies symbol coins, Bitcoin, Ethereum, Litecoin, zcash, ripple

Bitcoin Cash – ABC – Holds onto $400

Bitcoin Cash ABC slipped by 0.23% on Monday. Following a 16.1% rally on Sunday, Bitcoin Cash ABC ended the day at $415.03.

A choppy morning saw Bitcoin Cash ABC rise to an early morning intraday high $423.62 before hitting reverse.

Falling short of the major resistance levels, Bitcoin Cash ABC slid to an early afternoon intraday low $382 before finding support.

Holding above the first major support level at $376.51, Bitcoin Cash ABC recovered to $400 levels through the afternoon.

At the time of writing, Bitcoin Cash ABC was down by 1.19% to $410.07. A bearish start to the day saw Bitcoin Cash ABC fall from a morning high $421.44 to a low $410.07.

Bitcoin Cash ABC left the major support and resistance levels untested early on.

For the day ahead, a hold above $407 levels would support a move back into the green. Support from the broader market would be needed, however, for Bitcoin Cash ABC to take a run at the first major resistance level at $431.77.

Barring a broad-based crypto rebound, this morning’s high and Monday’s high $423.62 would likely cap any upside on the day.

Failure to hold above $407 levels could see Bitcoin Cash ABC slide deeper into the red. A pullback through to sub-$400 levels would bring the first major support level at $390.15 into play.

Barring a crypto meltdown, Bitcoin Cash ABC will likely steer clear of sub-$380 levels in the event of heavier losses on the day.

Litecoin Back in the $90s

Litecoin slid by 3.51% on Monday. Partially reversing a 9.69% rally from Sunday, Litecoin ended the day at $91.69.

Bearish through the first half of the day, Litecoin slid from an intraday high $95.09 to an early afternoon intraday low $87.34.

Falling short of the major resistance levels, Litecoin fell through the first major support level at $88.44.

Finding support from the broader market, Litecoin recovered to $93 levels before easing back late in the day.

At the time of writing, Litecoin was down by 1.45% to $90.36. A mixed start to the day saw Litecoin rise to a morning high $92.65 before hitting reverse.

Falling short of the major resistance levels, Litecoin fell to a morning low $89.78 before finding support. In spite of the early pullback, Litecoin steered clear of the first major support level at $87.66.

For the day ahead, a move through to $91.40 levels would support a run at the first major resistance level at $95.41.

Support from the broader market would be needed, however, for Litecoin to breakout from $92 levels in the event of a recovery.

Barring a broad-based crypto rally, Monday’s high $95.09 and the first major resistance level will likely limit the upside on the day.

Failure to move through to $91.40 levels could see Litecoin take a bigger hit on the day. A pullback through to $89 levels would bring the first major support level at $87.66 into play.

Barring a crypto meltdown, sub-$86 levels would likely be avoided on the day.

Ripple Back in the $0.30s

Ripple’s XRP slid by 4.49% on Monday. Partially reversing a 12.44% rally from Sunday, Ripple’s XRP ended the day at $0.39917.

A particularly bearish morning saw Ripple’s XRP slide from an intraday high $0.41795 to an early afternoon intraday low $0.38010.

Falling short of the major resistance levels, Ripple’s XRP fell through the 23.6% FIB of $0.4164 and first major support level at $0.3823.

Finding support from the broader market, Ripple’s XRP recovered to $0.40 levels before easing back late in the day.

At the time of writing, Ripple’s XRP down by 2.25% to $0.39017. Tracking the broader market, Ripple’s XRP fell from a morning high $0.40244 to a low $0.38891.

Ripple’s XRP steered clear of the major support and resistance levels early on.

For the day ahead, a move back through to $0.3990 would support a move through the morning high $0.40244.

Ripple’s XRP would need support from the broader market, however, to take a run at the first major resistance level at $0.4180.

Barring a broad-based crypto rally, Monday’s high $0.41795 and first major resistance level would likely cap any upside on the day.

Failure to move back through $0.3990 could see Ripple’s XRP slide deeper into the red. A fall through the morning low $0.38891 would bring the first major support level at $0.3802 into play.

Barring an extended crypto sell-off through the day, Ripple’s XRP will likely steer clear of the second major support level at $0.3612.

Please let us know what you think in the comments below

Thanks, Bob

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