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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 20/05/19

Bob Mason

Bitcoin Cash – ABC – The Rebound

Bitcoin Cash ABC rallied by 16.1% on Sunday. Reversing a 2.16% fall from Saturday, Bitcoin Cash ABC ended the week up 17.6% at $419.47.

A particularly bullish day saw Bitcoin Cash ABC rally from a start of a day intraday low $361.3 to a late intraday high $432.0.

The day-long rally saw Bitcoin Cash ABC break through the major resistance levels and the 23.6% FIB of $371.

Key for the day was hold onto $400.0 levels at the day end for only the 2nd time this year.

At the time of writing, Bitcoin Cash ABC was up by 0.99%to $423.62. A choppy start to the day saw Bitcoin Cash ABC slide to a low $398.5 before finding support. Steering clear of the major support levels, Bitcoin Cash ABC rallied to a morning high $423.62.

For the day ahead, a hold onto $420 levels through the morning would support a run at the first major resistance level at $447.21.

Support from the broader market would be needed, however, for a breakout from $430 levels. Barring a broad-based crypto rebound, Sunday’s high $432 would likely limit any upside on the day.

Failure to hold onto $420 levels could see Bitcoin Cash ABC slide back through to sub-$410 levels. A pullback through to $404 would bring the first major support level at $376.51 into play.

In the event of an extended sell-off across the broader market, a visit to $350 levels could be on the cards before any recovery.

Litecoin Back in the $90s

Litecoin rallied by 9.69% on Sunday. Reversing a 3.59% fall from Saturday, Litecoin ended the week up 12.1% at $95.06.

A particularly bullish morning saw Litecoin rally from an intraday low $86.24 to a morning high $95.79 before easing back to $91 levels.

The early rally saw Litecoin break through the first major resistance level at $89.77. Finding support from the broader market, an afternoon rally saw Litecoin strike a late intraday high $97.28.

Litecoin broke through and held above the second major resistance level at $92.90.

At the time of writing, Litecoin was down by 2.03% to $93.13. A bearish start to the day saw Litecoin slide from a morning high $95.09 to a low $90.05 before finding support.

In spite of the early sell-off, Litecoin avoided sub-$90 levels and the first major support level at $88.44.

For the day ahead, a hold onto $93 levels would support a run at $100 levels later in the day.

Litecoin would need support from the broader market, however, to break out from the morning high $95.09. Barring a broad-based crypto rebound, Litecoin would likely fall short of Sunday’s high $97.28 on the day.

Failure to hold onto $93 levels could see Litecoin fall deeper into the red. A pullback through to sub-$90 levels would bring the first major support level at $88.44 into play.

Barring an extended sell-off through the day, Litecoin would likely steer clear of sub-$88 levels in the day.

Ripple Back in the $0.40s

Ripple’s XRP rallied by 12.44% on Sunday. Reversing a 5.15% fall from Saturday, Ripple’s XRP ended the week up 34.4% at $0.4180.

Tracking the broader market, Ripple’s XRP rallied from an intraday low $0.37010 to a late morning high $0.41407 before easing back.

Breaking through the first major resistance level at $0.3911, Ripple’s XRP came up against the second major resistance level at $0.4104 and 23.6% FIB of $0.4164.

Recovering from a pullback to $0.39 levels, Ripple’s XRP bounced back to a late intraday high $0.42929.

The breakout saw Ripple’s XRP move back through the first major resistance level and break through the second major resistance level at $0.4104 and 23.6% FIB of $0.4164.

At the time of writing, Ripple’s XRP was down 2.8% to $0.40628. Tracking the broader market, Ripple’s XRP slid from a morning high $0.41795 to a low $0.39343 before finding support.

Ripple’s XRP left the major support and resistance levels untested in spite of the early moves.

For the day ahead, a hold onto $0.4060 levels through the morning would support a rebound later in the day. A move through Sunday’s high $0.42929 would bring the first major resistance level at $0.4415 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to breakout from $0.42 levels on the day.

Failure to hold onto $0.4060 levels could see Ripple’s XRP test the first major support level at $0.3823 before any recovery.

Barring an extended crypto sell-off through the day, Ripple’s XRP would likely steer clear of sub-$0.37 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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