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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 25/05/19

Bob Mason

Bitcoin Cash – ABC – Struggles to Break Free

Bitcoin Cash ABC gained 0.43% on Friday. Following on from a 5.34% rally on Thursday. Reversing most of a 6.82% slide from Wednesday, Bitcoin Cash ABC ended the day at $408.8.

Another bearish start to the day saw Bitcoin Cash ABC fall to a late morning intraday low $395 before finding support.

Steering well clear of the first major support level at $381.84, Bitcoin Cash ABC rallied to an early afternoon intraday high $423.61.

Bitcoin Cash ABC broke through the first major resistance level at $420.27 before easing back to sub-$410 levels.

At the time of writing, Bitcoin Cash ABC was up by 0.96% to $412.73. A relatively bullish start to the day saw Bitcoin Cash ABC rise from a morning low $407.23 to a high $414.46.

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

For the day ahead, avoiding sub-$410 levels would support a run at the first major resistance level at $423.27.

Bitcoin Cash ABC would need support from the broader market, however, to break out from the morning high $414.46.

Barring a broad-based crypto rally, the first major resistance level and Friday’s high $423.61 will likely cap the upside on the day.

A fall to sub-$410 levels would bring the first major support level at $394.66 into play before any recovery.

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

In the event of a sell-off, the second major support level at $380.53 could come into play before any recovery.

Litecoin Eyeing Breaks Away from the Pack

Litecoin surged by 12.93% on Friday. Following on from a 1.48% gain on Thursday, Litecoin ended the day at $100.5.

After a relatively range-bound start to the day, Litecoin rallied from an intraday low $88.21 to a late afternoon intraday high $103.9.

Steering well clear of the first major support level at $85.84, Litecoin broke through the major resistance levels on the day.

It was Litecoin’s first hold onto $100 levels at the day end since 15th May. Litecoin was also able to hold above the third major resistance level at $98.10.

At the time of writing, Litecoin was up by 0.92% to $101.42. A mixed start to the day saw Litecoin fall to a morning low $98.8 before hitting a morning high $101.55.

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

For the day ahead, a hold onto $100 levels through the morning would support a run at the first major resistance level at $106.86.

Following Friday’s rally, Litecoin would need support from the broader market to breakout from a current year high $107.6 struck on 16th May.

Barring a broad-based crypto rally, the first major resistance level at $106.86 will likely cap any upside on the day.

Failure to hold onto $100 levels could see Litecoin cough up some of Friday’s gains. A pullback through to $94 levels would bring the first major support level at $91.17 into play.

Barring a crypto meltdown, Litecoin will likely avoid a return to sub-$90 levels on the day.

Ripple Struggles at $0.40 Continue

Ripple’s XRP gained 0.87% on Friday. Following on from a 2.34% rise on Thursday, Ripple’s XRP ended the day at $0.38377.

A bearish start to the day saw Ripple’s XRP fall to a mid-morning intraday low $0.3720 before finding support.

Steering clear of the first major support level at $0.3651, Ripple’s XRP rallied to a late afternoon intraday high $0.3956.

Ripple’s XRP broke through the first major resistance level at $0.3898 before sliding back to $0.38 levels. Ripple’s XRP fell short of $0.40 levels for a 2nd consecutive day.

At the time of writing, Ripple’s XRP was up by 1.18% to $0.38831. A positive start to the day saw Ripple’s XRP rise from a morning low $0.38138 to a high $0.38874.

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

For the day ahead, a hold above $0.3840 would support a run at $0.39 levels and the first major resistance level at $0.3956.

Barring a broad-based crypto rally, Ripple’s XRP will likely come up short of $0.40 levels for a 3rd consecutive day.

The first major resistance level at $0.3956 and Friday’s high $0.3956 would limit the upside on the day.

Failure to hold above $0.3840 could see Ripple’s XRP hit reverse on the day. A pullback through the morning low $0.38138 would bring the first major support level at $0.3720 into play.

Barring a crypto meltdown, Ripple’s XRP will likely steer clear of sub-$0.37 support levels on 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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