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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 23/05/19

It’s a mixed start to the day for the majors. Following a string of losses, a move through to key levels would support an afternoon rally.
Bob Mason
Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Bitcoin Cash – ABC – Back at sub-$400

Bitcoin Cash ABC slid by 6.82% on Wednesday. Reversing a 0.26% gain from Tuesday, Bitcoin Cash ABC ended the day at $391.36.

Bearish through the day, Bitcoin Cash ABC fell from a start of a day intraday high $421.96 to a late morning low $398.83.

Coming within range of the first major support level at $397.56, Bitcoin Cash ABC recovered to $417 levels before hitting reverse.

A late sell-off saw Bitcoin Cash ABC slide through the first major support level to an intraday low $384.55 before steadying.

At the time of writing, Bitcoin Cash ABC was down by 0.27% to $390.29. Moves through the early morning saw Bitcoin Cash ABC rise from a morning low $385 to a high $395 before falling back.

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

For the day ahead, a move back through the morning high to $399 levels would bring the first major resistance level at $414.92 into play.

Sentiment across the broader market would need to improve, however, for Bitcoin Cash ABC to break out from $400 levels. A broad-based crypto rally would support a run at $420 levels before any pullback.

Failure to move through to $399 levels would see Bitcoin Cash ABC struggle through the day. A fall back through the morning low $385 would bring the first major support level at $374.84 into play.

Barring a broad-based crypto sell-off, Bitcoin Cash ABC would likely steer clear of sub-$370 levels on the day.

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Litecoin Back in the $80s

Litecoin slid by 3.87% on Wednesday. Following on from a 0.56% fall on Tuesday, Litecoin ended the day at $87.72.

A relatively choppy day saw Litecoin slide from an early morning intraday high $92.58 to a late intraday low $85.65.

Falling short of the major resistance levels, Litecoin fell through the first major support level at $89.31 and second major support level at $87.36.

Recoveries through the afternoon to $90 levels were short-lived as the broader market weighed on the day.

At the time of writing, Litecoin was up by 0.16% to $87.86. A bullish start to the day saw Litecoin rise from a morning low $86.51 to a high $88.40 before easing back.

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

For the day ahead, a move through the morning high to $88.70 levels would support a return to $90 levels.

Litecoin would need support from the broader market, however, to break through the first major resistance level at $91.65.

In the event of a bread-based crypto rally, $95 levels would likely come into play before any pullback.

Failure to move through to $88.70 levels could see Litecoin hit reverse later in the day. A fall through the morning low $86.51 would bring $85 levels into play before any recovery.

Barring a broad-based crypto sell-off, Litecoin would likely steer clear of the first major support level at $84.72 on the day.

In the event of a sell-off, the first major support level would limit the downside on the day.

Ripple Looking for Support

Ripple’s XRP slid by 6.36% on Wednesday. Following on from a 0.73% fall on Tuesday, Ripple’s XRP ended the day at $0.37125.

Tracking the broader market, Ripple’s XRP slid from an early intraday high $0.41270 to a late intraday low $0.36621.

The reversal saw Ripple’s XRP slide through the first major support level at $0.3870 and second major support level at $0.3775.

A return to $0.40 levels in the early afternoon was short-lived, as selling pressure from the broader market weighed on the day.

At the time of writing, Ripple’s XRP was up by 0.38% to $0.37266. A mixed start to the day saw Ripple’s XRP rise from a morning low $0.36895 to a high $0.3755 before easing back.

Ripple’s XRP left the major support and resistance levels untested early on.

For the day ahead, a move through to $0.3830 levels would be needed to bring $0.40 levels back into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break through the first major resistance level at $0.4006.

Barring a broad-based crypto rally, Ripple’s XRP would likely come up short of the second major resistance level at $0.4299. Wednesday’s high $0.4127 would limit any upside on the day.

Failure to move through to $0.3830 levels could see Ripple’s XRP fall back into the red. A fall through the morning low $0.36895 would bring $0.35 levels into play before any recovery.

Barring a crypto meltdown, the first major support level at $0.3541 would limit any downside on the day.

Please let us know what you think in the comments below

Thanks, Bob

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