Australia Markets closed

Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 21/05/19

Bob Mason

Bitcoin Cash – ABC – Holds onto $400

Bitcoin Cash ABC slipped by 0.23% on Monday. Following a 16.1% rally on Sunday, Bitcoin Cash ABC ended the day at $415.03.

A choppy morning saw Bitcoin Cash ABC rise to an early morning intraday high $423.62 before hitting reverse.

Falling short of the major resistance levels, Bitcoin Cash ABC slid to an early afternoon intraday low $382 before finding support.

Holding above the first major support level at $376.51, Bitcoin Cash ABC recovered to $400 levels through the afternoon.

At the time of writing, Bitcoin Cash ABC was down by 1.19% to $410.07. A bearish start to the day saw Bitcoin Cash ABC fall from a morning high $421.44 to a low $410.07.

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

For the day ahead, a hold above $407 levels would support a move back into the green. Support from the broader market would be needed, however, for Bitcoin Cash ABC to take a run at the first major resistance level at $431.77.

Barring a broad-based crypto rebound, this morning’s high and Monday’s high $423.62 would likely cap any upside on the day.

Failure to hold above $407 levels could see Bitcoin Cash ABC slide deeper into the red. A pullback through to sub-$400 levels would bring the first major support level at $390.15 into play.

Barring a crypto meltdown, Bitcoin Cash ABC will likely steer clear of sub-$380 levels in the event of heavier losses on the day.

Litecoin Back in the $90s

Litecoin slid by 3.51% on Monday. Partially reversing a 9.69% rally from Sunday, Litecoin ended the day at $91.69.

Bearish through the first half of the day, Litecoin slid from an intraday high $95.09 to an early afternoon intraday low $87.34.

Falling short of the major resistance levels, Litecoin fell through the first major support level at $88.44.

Finding support from the broader market, Litecoin recovered to $93 levels before easing back late in the day.

At the time of writing, Litecoin was down by 1.45% to $90.36. A mixed start to the day saw Litecoin rise to a morning high $92.65 before hitting reverse.

Falling short of the major resistance levels, Litecoin fell to a morning low $89.78 before finding support. In spite of the early pullback, Litecoin steered clear of the first major support level at $87.66.

For the day ahead, a move through to $91.40 levels would support a run at the first major resistance level at $95.41.

Support from the broader market would be needed, however, for Litecoin to breakout from $92 levels in the event of a recovery.

Barring a broad-based crypto rally, Monday’s high $95.09 and the first major resistance level will likely limit the upside on the day.

Failure to move through to $91.40 levels could see Litecoin take a bigger hit on the day. A pullback through to $89 levels would bring the first major support level at $87.66 into play.

Barring a crypto meltdown, sub-$86 levels would likely be avoided on the day.

Ripple Back in the $0.30s

Ripple’s XRP slid by 4.49% on Monday. Partially reversing a 12.44% rally from Sunday, Ripple’s XRP ended the day at $0.39917.

A particularly bearish morning saw Ripple’s XRP slide from an intraday high $0.41795 to an early afternoon intraday low $0.38010.

Falling short of the major resistance levels, Ripple’s XRP fell through the 23.6% FIB of $0.4164 and first major support level at $0.3823.

Finding support from the broader market, Ripple’s XRP recovered to $0.40 levels before easing back late in the day.

At the time of writing, Ripple’s XRP down by 2.25% to $0.39017. Tracking the broader market, Ripple’s XRP fell from a morning high $0.40244 to a low $0.38891.

Ripple’s XRP steered clear of the major support and resistance levels early on.

For the day ahead, a move back through to $0.3990 would support a move through the morning high $0.40244.

Ripple’s XRP would need support from the broader market, however, to take a run at the first major resistance level at $0.4180.

Barring a broad-based crypto rally, Monday’s high $0.41795 and first major resistance level would likely cap any upside on the day.

Failure to move back through $0.3990 could see Ripple’s XRP slide deeper into the red. A fall through the morning low $0.38891 would bring the first major support level at $0.3802 into play.

Barring an extended crypto sell-off through the day, Ripple’s XRP will likely steer clear of the second major support level at $0.3612.

Please let us know what you think in the comments below

Thanks, Bob

This article was originally posted on FX Empire

More From FXEMPIRE: