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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 05/12/19

Bob Mason

Bitcoin Cash – ABC

Bitcoin Cash ABC fell by 1.40% on Wednesday. Following on from a 1.46% decline on Tuesday, Bitcoin Cash ABC ended the day at $207.9.

A particularly bearish start to the day saw Bitcoin Cash ABC slide to an early morning intraday low $202.44.

Bitcoin Cash ABC fell through the day’s major support levels before striking an early afternoon intraday high $217.11.

The rally saw Bitcoin Cash ABC break through the first major resistance level at $214.59 before sliding back to sub-$210 levels.

Bitcoin Cash ABC fell back through the first major support level at $210.04 and the second major support level at $208.53.

At the time of writing, Bitcoin Cash ABC was up by 0.02% to $207.93. A mixed start to the day saw Bitcoin Cash ABC fall to an early morning low $205.57 before striking a high $210.78.

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

For the day ahead, a move back through to $210 levels would support a run at the first major resistance level at $215.86.

Bitcoin Cash ABC would need the support of the broader market, however, to break out from $210 levels.

Barring a broad-based crypto rally on the day, the first major resistance level would likely limit any upside.

Failure to move back through to $210 levels could see Bitcoin Cash ABC hit reverse. A fall back through the morning low $205.57 would bring the first major support level at $201.19 into play.

Barring a crypto meltdown, however, Bitcoin Cash ABC should steer clear of sub-$200 levels.

Litecoin

Litecoin fell by 0.36% on Wednesday. Following on from a 1.65% slide on Tuesday, Litecoin ended the day at $44.69.

Tracking the broader market, Litecoin slid to an early morning intraday low $43.71 before making a move.

Litecoin fell through the first major support level at $43.93 before striking an early afternoon intraday high $47.17.

Breaking through the first major resistance level at $45.98, Litecoin came up against the second major resistance level at $47.17.

A pullback late in the day saw Litecoin slide back to sub-$45 levels to close out the day in the red.

At the time of writing, Litecoin was down by 0.51% to $44.46. A choppy morning saw Litecoin slide to an early morning low $43.72 before striking a high $44.98.

Litecoin left the major support and resistance levels untested.

For the day ahead, a move through to $45.20 levels would support a run at the first major resistance level at $46.67.

Support from the broader market would be needed, however, for Litecoin to break through to $46 levels.

Barring a broad-based crypto rebound, Litecoin would likely come up short of Wednesday’s high $47.17.

Failure to move through to $45.20 levels could see Litecoin fall deeper into the red.

A fall through the morning low $43.72 would bring the first major support level at $43.21 into play.

Barring a crypto meltdown, however, Litecoin should steer clear of sub-$43 support levels on the day.

Ripple’s XRP

Ripple’s XRP slid by 2.52% on Wednesday. Following a 0.02% decline on Tuesday, Ripple’s XRP ended the day at $0.21521.

Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $0.2112 before finding support.

Ripple’s XRP fell through the major support levels before striking an early afternoon intraday high $0.22751.

The rally saw Ripple’s XRP break through the first major resistance level at $0.2233 and the second major resistance level at $0.2259.

A late pullback saw Ripple’s XRP slide back to sub-$0.22 levels. Ripple’s XRP fell back through the first and second major support levels to end the day in the deep red.

At the time of writing, Ripple’s XRP was up by 0.43% to $0.21614. A choppy morning saw Ripple’s XRP strike an early morning high $0.21987 before falling to a low $0.21278.

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

For the day ahead, a move back through to $0.2180 levels would support a run at the first major resistance level at $0.2247.

Ripple’s XRP would need the support of the broader market, however, to break out from the morning high $0.21987.

Barring a broad-based crypto rally on the day, the first major resistance level would likely limit any upside.

Failure to move back through to $0.2180 levels could see Ripple’s XRP slide back into the red.

A fall through the morning low $0.21278 would bring the first major support level at $0.2084 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer clear of sub-$0.20 level. The second major support level at $0.2017 should limit any downside 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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