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

Bob Mason

Bitcoin Cash – ABC – Down Again

Bitcoin Cash ABC slipped by 2.16% on Saturday. Following on from a 7.77% slide on Friday, Bitcoin Cash ABC ended the day at $359.98.

Range-bound through the day, Bitcoin Cash ABC slipped from a start of a day intraday high $374.97 to a late morning intraday low $352.47.

Moving within relatively tight ranges through the day, Bitcoin Cash ABC steered clear of the major support and resistance levels on the day.

Tracking the broader market through the afternoon, Bitcoin Cash ABC found support to reduce the losses from earlier in the day.

At the time of writing, Bitcoin Cash ABC was up by 2.63% to $368.42. A relatively bullish start to the day saw Bitcoin Cash ABC rise from a morning low $361.3 to a high $373.93.

Steering clear of the major support levels, Bitcoin Cash ABC broke through the 23.6% FIB of $371 and first major resistance level at $371.81 early on.

For the day ahead, a hold above the 23.6% FIB would support a move through Saturday’s high $374.97 to bring $380 levels into play.

Bitcoin Cash ABC would need support from the broader market, however, to break out from $380. A break out would bring the first major resistance level at $384.64 into play.

Failure to hold above the 23.6% FIB of $371, Bitcoin Cash ABC could hit reverse through the day. A pullback through $362 levels would bring sub-$360 levels into play before any recovery.

Barring a broad-based crypto sell-off, Bitcoin Cash ABC would likely steer clear of sub-$350 and the first major support level at $349.31.

Litecoin Struggles at $90

Litecoin declined by 3.59% on Saturday. Following on from a 6.08% slide on Friday, Litecoin ended the day at $86.65.

A bearish morning saw Litecoin fall from an intraday high $90.61 to a late morning intraday low $85.20.

Litecoin left the major support and resistance levels untested through a relatively range-bound day, by recent standards.

Support through the afternoon led to a move back through to $88 levels. The negative sentiment ultimately weighed, pinning Litecoin back to $86 levels by the day end.

At the time of writing, Litecoin was up by 3.38% to $89.58. A particularly bullish start to the day saw Litecoin rally from a morning low $86.24 to a high $90.00.

The early rally saw Litecoin break through the first major resistance level at $89.77.

For the day ahead, a hold above $87 levels would support another run at $90 levels on the day.

Support from the broader market would be needed for Litecoin to take a run at the second major resistance level at $92.90.

In the event of a broad-based crypto rally, Litecoin could break out from $92 levels to bring $95 levels into play before any pullback.

Failure to hold above $87 levels could see Litecoin slide back to $85 levels before any recovery. Barring a crypto meltdown, however, Litecoin will likely steer clear of the first major support level at $84.36.

Ripple Sees More Red

Ripple’s XRP fell by 5.15% on Saturday. Following on from a 6.34% slide on Friday, Ripple’s XRP ended the day at $0.3718.

Ripple’s XRP fell from a start of a day intraday high $0.39697 to a late morning intraday low $0.36423.

Falling short of the major resistance levels, Ripple’s XRP came within range of the first major support level at $0.3619.

Support from the broader market kicked in later in the day to reduce the losses on the day.

At the time of writing, Ripple’s XRP was up by 3.37% to $0.38432. A particularly bullish start to the day saw Ripple’s XRP rally from a morning low $0.37010 to a high $0.38667.

In spite of the early breakout, Ripple’s XRP left the major resistance levels untested.

For the day ahead, a hold onto $0.38 levels through the morning would support a run at the first major resistance level at $0.3911.

A broad-based crypto rally would be needed, however, for Ripple’s XRP to return to $0.40 levels on the day.

Failure to hold onto $0.38 levels could see Ripple’s XRP pullback through to $0.36 levels before any recovery.

Barring a broad-based crypto sell-off, Ripple’s XRP would likely steer clear of the first major support level at $0.3574 on the day.

The bulls are in control at the start of the day. A Bitcoin return to $7,500 levels provided support to the broader market at the start of the day.

Please let us know what you think in the comments below

Thanks, Bob

This article was originally posted on FX Empire

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