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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 01/05/19

Bob Mason
Updated

Bitcoin Cash – ABC – And the Bounce Back

Bitcoin Cash ABC surged by 12.7% on Tuesday. Reversing a 6.78% slide from Monday, Bitcoin Cash ABC ended the day at $264.63.

A relatively range-bound start to the day saw Bitcoin Cash ABC fall from an early morning high $240.25 to low $233.27.

Bitcoin Cash ABC left the major support and resistance levels untested ahead of an afternoon rally. The rally saw Bitcoin Cash ABC break through the first major resistance level at $243.97 and second major resistance level at $256.88 to strike an intraday high $264.63.

Of greater significance on the day was a break back through the 38.2% FIB of $255…

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At the time of writing, Bitcoin Cash ABC was up by 0.89% to $266.99. A bullish start to the day saw Bitcoin Cash ABC rise from an early morning low $262.53 to a high $275.82 before easing back.

The early rally saw Bitcoin Cash ABC breakthrough the first major resistance level at $275.08.

For the day ahead, a move back through to $270 levels would support another run at $280 levels later in the day. Support from the broader market would be needed, however, for Bitcoin Cash ABC to breakout from $275 levels.

Barring a broad-based crypto rally, Bitcoin Cash ABC would likely struggle at $270 levels on the day.

Failure to move back through to $270 levels could lead to a reversal later in the day. A fall through to $262 levels could lead to a pullback to sub-$260 levels before any recovery.

Barring a crypto meltdown, however, Bitcoin Cash ABC would likely steer well clear of the first major support level at $243.72.

Litecoin Back in the $70s…

Litecoin jumped by 10.46% on Tuesday. Reversing a 1.76% fall from Monday, Litecoin ended the day at $73.51.

A bullish start to the day saw Litecoin rose from an intraday low $66.55 to an early morning high $69.00. Litecoin broke through the first major resistance level at $68.32 before easing back to $67 levels.

Support from the broader market delivered through the afternoon, however. Litecoin rallied to a late intraday high $74.00.

The rally saw Litecoin break through the day’s major resistance levels. Of significance was Litecoin’s hold above the third major resistance level at $73.59 at the day’s end.

At the time of writing, Litecoin was down 1.39% to $72.49. A bullish start to the day saw Litecoin strike a morning high $74.90 before hitting reverse.

Falling short of the first major resistance level at $76.16, Litecoin fell to a morning low $72.36 before steadying. Litecoin steered clear of the day’s major support levels.

For the day ahead, a hold onto $72 levels this morning would support a recovery later in the day.

A move back through the morning high $74.9 would bring the first major resistance level at $76.16 into play before any pullback. Support from the broader market would be needed, however, for a return to $74 levels.

Failure to hold onto $72 levels could see Litecoin take another hit later in the day. A fall through $71.40 levels would bring sub-$70 levels into play before any recovery.

Barring a crypto sell-off, Litecoin would likely steer clear of the first major support level at $68.71 on the day.

Ripple Tracked the Pack

Ripple’s XRP rose by 5.9% on Tuesday. Reversing a 0.74% fall from Monday, Ripple’s XRP ended the day at $0.32488.

Recovering from a late morning intraday low $0.30527, Ripple’s XRP rallied to a late afternoon intraday high $0.328.

Steering clear of the major support levels, Ripple’s XRP broke through the first major resistance level at $0.3135 and second major resistance level at $0.31989.

It was Ripple’s XRP first hold onto $0.32 levels since 23rd April.

At the time of writing, Ripple’s XRP was down by 1.32% to $0.32060. A bearish start to the day saw Ripple’s XRP fall from a morning high $0.327 to a low $0.31913.

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

For the day ahead, a hold onto $0.32 levels would support a recovery later in the day. A move through the morning high $0.327 would be needed, however, to bring $0.33 levels into play.

Barring a broad-based crypto rally, Ripple’s XRP would likely come up short of $0.33 levels, however.

Failure to hold onto $0.32 levels could see Ripple’s XRP take a bigger hit later in the day. A fall through $0.3170 levels could bring the first major support level at $0.3108 into play.

Barring a crypto sell-off, however, Ripple’s XRP would likely steer clear of sub-$0.31 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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