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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 05/12/18

Bob Mason
Updated

Bitcoin Cash ABC slid by another 5.96%, following Monday’s 7.28% fall, to end the day at $146.66, the reversal bucking the trend seen across the broader market.

A particularly bearish start to the day saw Bitcoin Cash ABC slide to morning low $146, the sell-off seeing Bitcoin Cash ABC fall through the first major support level at $151.05 before bouncing back to $155 levels.

The recovery was short lived however, with Bitcoin Cash ABC sliding back through the rest of the day to a late in the day intraday low $145.35, holding just above the second major support level at $144.73 at the day’s end.

At the time of writing, Bitcoin Cash ABC was down 4.47% to $140.11, with another bearish start to the day seeing Bitcoin Cash ABC slide from a morning high $146.42 to a morning low $139.99 before recovering to $140 levels. The reversal saw Bitcoin Cash ABC fall through the first major support level at $142.25.

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For the day ahead, a move back through the first major support level at $142.25 would support a run at the morning high $146.42 to bring $150 levels into play before any pullback, the day’s first major resistance level at $154.17 unlikely to be tested on the day, though market sentiment will need to materially improve for a rebound.

Failure to move back through the first major support level at $142.25 could see Bitcoin Cash ABC take a bigger hit later in the day, with a pullback through the morning low $139.99 bringing the day’s second major support level at $137.84 into play before any recovery.

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Litecoin Finds Support at Sub-$30

Litecoin gained just 0.72% on Tuesday, following Monday’s 8.52% tumble, to end the day at $30.71.

Tracking the broader market, Litecoin fell to an early morning intraday low $29.5 before bouncing back to $31 levels mid-morning, the day’s low holding above the first major support level at $28.89.

Another afternoon sell-off saw Litecoin fall back to $30 levels before steadying late in the day, an early afternoon intraday high $31.86 coming up well short of the first major resistance level at $32.78.

At the time of writing, Litecoin was down 2.08% to $30.07, with Litecoin falling from a start of a day morning high $31.06 to a morning low $30.00, moves through the early morning leaving the day’s major support and resistance levels untested.

For the day ahead, a move back through $30.7 to $31 levels would support a run at the day’s first major resistance level at $31.88 to bring $32 levels into play before any pullback, though we can expect plenty of resistance on the way through to $32 levels to hold back a breakout from the first major resistance level should sentiment improve across the market later in the day.

Failure to move back through to $30.7 and hold by the early afternoon could see Litecoin fall back deeper into the red, with a fall through the day’s first major support level at $29.52 bringing the second major support level at $28.33 into play before any recovery.

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Ripple in a Spin

Ripple’s XRP gained 1.55% on Tuesday, partially reversing Monday’s 5.9% slide, to end the day at $0.35483.

An early morning cryptomarket sell-off saw Ripple’s XRP fall to an intraday low $0.34, calling on support at the first major support level at $0.3399 to bounce back to strike an early afternoon intraday high $0.36851.

The recovery saw Ripple’s XRP break through the first major resistance level at $0.3662 before easing back to $0.35 levels late in the day.

At the time of writing, Ripple’s XRP was down 1.95% to $0.34791, with Ripple’s XRP falling from a start of a day morning high $0.35580 to a morning low $0.34540 before steadying, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through to $0.35 levels and the morning high $0.3558 would be needed to support a 2nd half of a day rebound to bring $0.36 levels and the day’s first major resistance level at $0.3689 into play, while Ripple’s XRP will likely be pinned back from a run at $0.38 levels and the day’s second major resistance level at $0.3830 on the day.

Failure to move back through to the morning high $0.3558 could see Ripple’s XRP face more selling pressure later in the day, with a pullback through the morning low $0.3454 bringing the day’s first major support level at $0.3404 and $0.33 levels into play before any recovery. The day’s second major support level at $0.3259 is unlikely to be in play barring materially negative news hitting the wires.

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This article was originally posted on FX Empire

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