Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 29/05/19
Bitcoin Cash – ABC – Sees Red
Bitcoin Cash ABC fell by 1.17% on Tuesday. Reversing a 1.0% gain from Monday, Bitcoin Cash ABC ended the day at $433.03.
A mixed start to the day saw Bitcoin Cash ABC rise to an early intraday high $443.76 before hitting reverse.
Falling short of the first major resistance level at $458.18, Bitcoin Cash ABC fell to an early afternoon intraday low $426.83.
Bitcoin Cash ABC managed to hold above the first major support level at $420.85 to move back through to $430 levels.
At the time of writing, Bitcoin Cash ABC was down by 0.7% to $430.00. A bearish start to the day saw Bitcoin Cash ABC fall from a morning high $436.33 to a low $430.00.
In spite of the pullback, Bitcoin Cash ABC steered clear of the first major support level at $425.32.
For the day ahead, a move back through $434.54 would bring $440 levels into play later in the day.
Bitcoin Cash ABC would need support from the broader market, however, to take a run at the first major resistance level at $442.25.
Barring a broad-based crypto rally, the first major resistance level at $442.25 and Tuesday’s high $443.76 would likely pin Bitcoin Cash ABC back from a return to $450 levels.
Failure to move through $434.54 could see Bitcoin Cash ABC take a bigger hit on the day. A fall back to sub-$430 levels would bring the first major support level at $425.32 into play before any recovery.
Barring an extended crypto sell-off through the day, Bitcoin Cash ABC will likely steer clear of sub-$420 levels.
In the event of an extended sell-off, the second major support level at $417.61 could come into play before any recovery.
Litecoin Eases Back
Litecoin fell by 1.33% on Tuesday. Partially reversing a 3.54% gain from Monday, Litecoin ended the day at $114.95.
Bearish through the morning, Litecoin fell from a start of a day intraday high $118.21 to an early afternoon intraday low $111.58.
Steering clear of the major support and resistance levels, Litecoin recovered to an afternoon high $116.29 before easing back to $114 levels.
At the time of writing, Litecoin was down by 1.44% to $113.3. Tracking the broader market, Litecoin fell from a morning high $114.94 to a low $112.0 before finding support.
In spite of the choppy start to the day, Litecoin left the major support and resistance levels untested early on.
For the day ahead, a move back through the morning high $114.94 would give Litecoin a run at $116 levels.
Support from the broader market would be needed, however, for Litecoin to take a run at the first major resistance level at $118.25.
Barring a broad-based crypto rally, Tuesday’s high $118.21 and the first major resistance level at $118.25 would likely pin Litecoin back from a return to $120 levels.
Failure to move back through the morning high could see Litecoin fall back to $111 levels before any recovery.
Barring an extended crypto reversal, the first major support level at $111.62 would likely limit the downside on the day.
Ripple Bucked the Trend
Ripple’s XRP gained 2.97% on Tuesday. Following on from a 6.46% rally on Monday, Ripple’s XRP ended the day at $0.4490.
A bearish start to the day saw Ripple’s XRP fall from a morning high $0.44142 to an intraday low $0.41842.
Holding above the first major support level at $0.41320, Ripple’s XRP rallied to a late afternoon intraday high $0.46222.
Ripple’s XRP broke through the first major resistance level at $0.4537 before easing back to $0.44 levels.
At the time of writing, Ripple’s XRP was down by 1.85% to $0.44071. A bearish start to the day saw Ripple’s XRP fall from a morning high $0.4490 to a low $0.43579 before finding support.
Ripple’s XRP left the major support and resistance levels untested early on in the day.
For the day ahead, a move back through $0.4430 levels would support a run at $0.4550 levels.
Ripple’s XRP would need support from the broader market, however, to take a run at the first major resistance level at $0.4680.
Barring a broad-based crypto rally, Tuesday’s high $0.46222 would likely pin Ripple’s XRP back.
Failure to move back through to $0.4430 levels could see Ripple’s XRP ease further into the red. A fall back through the morning low $0.43579 would bring $0.42 levels into play before any recovery.
In the event of a broad-based sell-off, the first major support level at $0.4242 would likely limit the downside.
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Thanks, Bob
This article was originally posted on FX Empire
