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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 31/05/19

Bob Mason

Bitcoin Cash – ABC – Hits Reverse

Bitcoin Cash ABC slid by 7.79% on Thursday. Reversing a 4.7% gain from Wednesday, Bitcoin Cash ABC ended the day at $422.47.

A bullish start to the day saw Bitcoin Cash ABC rise from a morning low $454.18 to an intraday high and new swing hi $482.

The early morning rally saw Bitcoin Cash ABC break through the first major resistance level at $475.55 before easing back.

A broad-based crypto market sell-off late in the day reversed the gains made through the day. Bitcoin Cash ABC slid to an intraday low $401.89 before finding support.

The reversal saw Bitcoin Cash ABC fall through the first major support level at $429.35. The second major support level at $401.86 prevented a return to sub-$400 levels.

At the time of writing, Bitcoin Cash ABC was flat at $422.47. A relatively range-bound start to the day saw Bitcoin Cash ABC rise to a morning high $429.75 before falling to a low $419.35.

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 $435 levels would be needed to support an afternoon rebound.

Bitcoin Cash ABC would need to break through to $440 levels to bring the first major resistance level at $469.02 into play. Support from the broader market would be needed, however, for Bitcoin Cash ABC to breakout from $440 levels.

Failure to move through to $435 levels could see Bitcoin Cash ABC take another hit. A fall through the morning low to $415 levels would test support at $400 before any recovery.

Barring another crypto meltdown, Bitcoin Cash ABC will likely steer clear of sub-$400 levels on the day.

Litecoin avoids sub-$100

Litecoin slid by 6.34% on Thursday. Reversing a 0.32% gain from Wednesday, Litecoin ended the day at $107.95.

A relatively bullish start to the day saw Litecoin rise from an early morning low $113.4 to an early afternoon intraday high $121.

The morning rally saw Litecoin break through the first major resistance level at $119.68 to come up against the 62% FIB of $121 before hitting reverse.

Pressured from a broad-based crypto sell-off, Litecoin slid to a late intraday low $101.7 before finding support.

The reversal saw Litecoin fall through the first major support level at $109.71 and second major support level at $104.13.

At the time of writing, Litecoin was down by 0.87% to $107.01. A mixed start to the day saw Litecoin rise to a morning high $109.49 before falling to a low $106.56.

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

For the day ahead, a move through to $110 levels would be needed to support a reversal of Thursday’s losses.

Support from the broader market would be needed, however for Litecoin to take a run at the first major resistance level at $118.73.

Failure to move through to $110 levels would likely leave Litecoin in the red. A fall back through to Thursday’s low $101.7 would bring the first major support level at $99.43 into play.

Ripple Avoids Sub-$0.40

Ripple’s XRP fell by 5.97% on Thursday. Following on from a 0.88% decline on Wednesday, Ripple’s XRP ended the day at $0.41871.

A bullish start to the day saw Ripple’s XRP rally from a morning low $0.43675 to an early afternoon intraday high $0.47478.

The morning rally saw Ripple’s XRP break through the first major resistance level at $0.4613 to come within range of the second major resistance level at $0.4775 before hitting reverse.

Sliding alongside the broader market, Ripple’s XRP fell to an intraday low $0.40 before finding support.

Ripple’s XRP fell through the first major support level at $0.4263 to test the second major support level at $0.4075.

At the time of writing, Ripple’s XRP was down by 1.12% to $0.4140. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.4256 to a low $0.4130 before steadying.

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

For the day ahead, a move back through the morning high to $0.43 levels would be needed to reverse Saturday’s sell-off.

Ripple’s XRP would need support from the broader market, however, to break out from $0.43 levels on the day.

Barring a broad-based crypto rally, Ripple’s XRP will likely come up short of the first major resistance level at $0.4623.

Failure to move through to $0.43 levels could see Ripple’s XRP struggle through the day. A fall back through the morning low $0.4130 to sub-$0.41 levels could see Ripple’s XRP visit sub-$0.40 levels.

Barring a crypto meltdown, Ripple’s XRP will likely steer clear of the first major support level at $0.3875.

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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