Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 22/05/19

Ripple’s XRP is on the move early on. Support from the broader market would support a breakout later in the day.
Bob Mason
Crypto00 567

Bitcoin Cash – ABC – Struggles Early

Bitcoin Cash ABC gained 0.26% on Tuesday. Reversing a 0.23% fall from Monday, Bitcoin Cash ABC ended the day at $418.07.

A relatively choppy day saw Bitcoin Cash ABC fall to a mid-morning intraday low $400.87 before finding support.

Holding above the first major support level at $390.15, Bitcoin Cash ABC rallied to an intraday high $445.2.

The early afternoon rally, saw Bitcoin Cash ABC briefly break through the first major resistance level at $431.77 before easing back.

At the time of writing, Bitcoin Cash ABC was down by 0.74% to $414.98. A relatively range-bound start to the day saw Bitcoin Cash ABC fall from a morning high $421.96 to a low $410.

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

For the day ahead, a move back through to $421 levels would support another run at $440 levels 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 $441.89.

Barring a broad-based crypto rally, Bitcoin Cash ABC will likely come up short of $430 levels on the day.

Failure to move back through to $420 levels could see Bitcoin Cash ABC take a bigger hit on the day. A pullback through the morning low $410 would bring the first major support level at $397.56 into play.

Barring a broad-based crypto sell-off, however, Bitcoin Cash ABC will likely steer clear of sub-$390 levels on the day.

Litecoin Holds onto $90

Litecoin slipped by 0.56% on Tuesday. Following on from a 3.51% slide on Monday, Litecoin ended the day at $91.25.

Tracking the broader market, Litecoin slipped to an early morning intraday low $89.46 before finding support. Steering clear of the first major support level at $87.66, Litecoin struck an early afternoon intraday high $93.5.

Falling well short of the first major resistance level at $95.41, Litecoin slid back to $90 levels before partially recovering through the afternoon.

At the time of writing, Litecoin was flat at $91.25. Moves through the early morning saw Litecoin rise to a morning high $92.58 before sliding to a low $90.21.

Steering clear of the major support and resistance levels, Litecoin recovered to $91 levels.

For the day ahead, a move back through to $91.40 levels would support a move through the morning high $92.58.

Support from the broader market would be needed, however, for Litecoin to take a run at the first major resistance level at $93.35.

Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high $93.5 would likely cap any upside.

Failure to move through $91.4 levels could see Litecoin slide back into the red. A fall through the morning low $90.21 would bring the first major support level at $89.31 into play.

Barring a crypto sell-off, Litecoin will likely steer clear of sub-$89 levels on the day.

Ripple is on the Move

Ripple’s XRP fell by 0.73% on Tuesday. Following on from a 4.49% slide on Monday, Ripple’s XRP ended the day at $0.39646.

A relatively choppy day saw Ripple’s XRP fall to a mid-morning intraday low $0.38852 before finding support.

Coming within range of the first major support level at $0.3802, Ripple’s XRP recovered to strike an early afternoon intraday high $0.40900.

Falling well short of the first major resistance level at $0.4180 and 23.6% FIB of $0.4164, Ripple’s XRP slid back into the red.

A late move back through to $0.40 levels was short-lived, leaving Ripple’s XRP at $0.39 levels at the day end.

At the time of writing, Ripple’s XRP up by 1.59% to $0.40276. A mixed start to the day saw Ripple’s XRP rally from a morning low $0.39619 to a high $0.41270 before easing back to sub-$0.40 levels.

The early rally saw Ripple’s XRP break through the first major resistance level at $0.4075 to come within range of the 23.6% FIB of $0.4164.

For the day ahead, a hold above $0.3980 levels would support further upside through the day.

A move through the first major resistance level at $0.4075 would bring $0.41 levels back into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break through the 23.6% FIB of $0.4164 and second major resistance level at $0.4185.

Barring a broad-based crypto rally, Ripple’s XRP will likely struggle at $0.4160 levels on the day.

Failure to hold above $0.3980 levels could see Ripple’s XRP hit reverse. A pullback through the morning low $0.39619 would bring the first major support level at $0.3870 into play.

Barring a crypto meltdown, Ripple’s XRP will likely steer clear of sub-$0.3800 levels on the day.

Please let us know what you think in the comments below

Thanks, Bob

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