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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 05/11/19

Bob Mason

Bitcoin Cash – ABC – Finds Support

Bitcoin Cash ABC fell by 0.69% on Monday. Partially reversing a 0.83% gain from Sunday, Bitcoin Cash ABC ended the day at $291.35.

A bearish start to the day saw Bitcoin Cash ABC fall to a mid-morning low $286.35 before striking a morning high $294.27.

Falling well short of the first major resistance level at $304.08, Bitcoin Cash ABC slid to an early evening intraday low $285.0.

Holding above the first major support level at $283.05 rallied to a late intraday high $295 before falling back into the red.

At the time of writing, Bitcoin Cash ABC was up by 0.29% to $292.19. A mixed start to the day saw Bitcoin Cash ABC fall to an early morning low $289.20 before striking a morning high $292.19.

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

For the day ahead, a move through to $293 levels would support a run at the first major resistance level at $295.90.

Support from the broader market would be needed, however, for Bitcoin Cash ABC to break out from Monday’s high $295.0.

Barring a broad-based crypto rally, Monday’s high and the first major resistance level would likely limit any upside.

In the event of a crypto breakout, the second major resistance level at $300.45 would likely come into play.

Failure to move through to $293 levels could see Bitcoin Cash ABC slide back into the red.

A fall back through to sub-$290 levels would bring the first major support level at $285.9 into play.

Barring a broad-based crypto sell-off, however, Bitcoin Cash ABC should steer clear of the second major support level at $280.45.

Litecoin Back into the $60s

Litecoin rallied by 5.23% on Monday. Following a 0.07% fall from Sunday, Litecoin ended the day at $61.41.

A relatively bearish start to the day saw Litecoin fall to an early morning intraday low $57.96 before finding support.

Steering clear of the first major support level at $57.49, Litecoin rallied to a late intraday high $62.85.

Litecoin broke through the major resistance levels of the day before easing back to $61 levels.

In spite of the late pullback, Litecoin wrapped up the day holding above the third major resistance level at $61.16.

At the time of writing, Litecoin was up by 2.07% to $62.68. A bullish start to the day saw Litecoin rally from an early morning low $61.25 to a high $62.99.

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

For the day ahead, Litecoin would need to hold onto $62 levels to support a run at the first major resistance level at $63.52.

Support from the broader market would be needed, however, for Litecoin to break through to $63 levels.

Barring an extended rally through the day, resistance at $63.00 would likely limit any upside on the day.

Failure to hold onto $62 levels could see Litecoin hit reverse.

A fall through to sub-$60.70 levels would bring the first major support level at $58.63 into play before any recovery.

Barring a crypto meltdown, however, Litecoin should steer clear of sub-$60 levels on the day.

Ripple’s XRP back at $0.30 Levels

Ripple’s XRP rose by 3.15% on Monday. Reversing a 1.71% decline from Sunday, Ripple’s XRP ended the day at $0.30050.

Tracking the broader market, Ripple’s XRP slipped to an early morning intraday low $0.29007 before finding support.

Steering clear of the first major support at $0.2877, Ripple’s XRP rallied to a final hour intraday high $0.30192.

Ripple’s XRP broke through the first major resistance level at $0.2960 and the second major resistance level at $0.3008.

A late pullback, however, saw Ripple’s XRP fall back through the second major resistance level ahead of the day end.

At the time of writing, Ripple’s XRP was up by 1.17% to $0.30401. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.29975 to a high $0.30663.

Ripple’s XRP broke through the first major resistance level at $0.30490 before easing back.

For the day ahead, Ripple’s XRP would need to steer clear of sub-$0.30 levels to support another breakout.

A move back through the first major resistance level would bring the second major resistance level at $0.3093 into play.

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

Failure to steer clear of sub-$0.30 levels would bring the first major support level at $0.2931 into play.

Barring a broad-based crypto sell-off, however, Ripple’s XRP should steer clear of sub-$0.29 support levels.

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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