Advertisement
Canada markets open in 5 hours 8 minutes

  • S&P/TSX

    21,873.72
    -138.00 (-0.63%)
     

  • S&P 500

    5,071.63
    +1.08 (+0.02%)
     

  • DOW

    38,460.92
    -42.77 (-0.11%)
     

  • CAD/USD

    0.7312
    +0.0014 (+0.20%)
     

  • CRUDE OIL

    83.19
    +0.38 (+0.46%)
     

  • Bitcoin CAD

    87,727.02
    -3,379.07 (-3.71%)
     

  • CMC Crypto 200

    1,322.25
    -60.33 (-4.36%)
     

  • GOLD FUTURES

    2,339.50
    +1.10 (+0.05%)
     

  • RUSSELL 2000

    1,995.43
    -7.22 (-0.36%)
     

  • 10-Yr Bond

    4.6520
    +0.0540 (+1.17%)
     

  • NASDAQ futures

    17,486.25
    -178.25 (-1.01%)
     

  • VOLATILITY

    16.21
    +0.24 (+1.50%)
     

  • FTSE

    8,082.84
    +42.46 (+0.53%)
     

  • NIKKEI 225

    37,628.48
    -831.60 (-2.16%)
     

  • CAD/EUR

    0.6815
    -0.0004 (-0.06%)
     

Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 18/05/19

Bob Mason
Updated

Bitcoin Cash – ABC – Down Again

Bitcoin Cash ABC slid by 7.77% on Friday. Following on from a 1.18% fall from Thursday, Bitcoin Cash ABC ended the day at $366.9.

A particularly bearish start to the day saw Bitcoin Cash ABC slide from an intraday high $412 to an early intraday low $330.

Bitcoin Cash ABC fell through the first major support level at $368.07 and second major support level at $337.78. Of greater significance was a side through the 23.6% FIB of $371.

Pinned by back the 23.6% FIB through the day, Bitcoin Cash ABC managed to end the day at $360 levels.

At the time of writing, Bitcoin Cash ABC was down by 1.61% to $361. Another bearish start to the day saw Bitcoin Cash ABC fall from a morning high $374.97 to a low $359.16.

ADVERTISEMENT

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

For the day ahead, a move back through to $370 levels would support a run at $400 levels later in the day.

Sentiment across the broader market will need to materially improve, however, for Bitcoin Cash ABC to recover the early losses.

Barring a broad-based crypto rebound, Bitcoin Cash ABC will likely fall short of $380 levels on the day.

Failure to move back through to $370 levels could see Bitcoin Cash ABC take a bigger hit on the day. A pullback through to $340 levels would bring the first major support level at $327.27 into play.

Barring another mass crypto sell-off, Bitcoin Cash ABC will likely steer clear of sub-$300 support levels on the day.

Litecoin Struggles at $90

Litecoin slid by 6.08% on Friday. Following on from a 6.36% fall from Thursday, Litecoin ended the day at $89.88.

Tracking the broader market, Litecoin slid from an intraday high $97.55 to an early morning intraday low $84.00.

Falling short of the major resistance levels, Litecoin fell through the first major support level at $88.51 before finding support.

A partial recovery to $89 levels late in the day limited the losses on the day.

At the time of writing, Litecoin was down by 1.76% to $88.30. Bearish through the early hours, Litecoin fell from a morning high $90.61 to a low $87.87 before finding support.

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

For the day ahead, a move back through to $90 levels would support a run at the first major resistance level at $96.95.

Litecoin will need support from the broader market, however, to break back through to $90 levels later in the day.

In the event of a rebound, Thursday’s high $97.55 would likely limit the upside on the day.

Failure to move back through to $90 levels will see Litecoin struggle through the day. A fall back through the morning low $87.87 to $85 levels would bring the first major support level at $83.40 into play.

Barring a crypto meltdown, however, Litecoin will likely steer clear of sub-$80 support levels on the day.

Ripple Stuck at sub-$0.40

Ripple’s XRP fell by 6.34% on Friday. Following on from an 8.16% slide on Thursday, Ripple’s XRP ended the day at $0.39188.

Bearish from the start of the day, Ripple’s XRP slide from an intraday high $0.42265 to a midday intraday low $0.36226.

The reversal saw Ripple’s XRP fall through the first major support level and 23.6% FIB of $0.4164 before finding support.

While recovering to $0.39 levels, Ripple’s XRP was unable to retest $0.40 resistance levels on the day.

At the time of writing, Ripple’s XRP was down by 2.4% to $0.38247. A bearish start to the day saw Ripple’s XRP slide from a morning high $0.39697 to a low $0.37854.

In spite of the reversal, Ripple’s XRP left the major support levels untested in the early hours.

For the day ahead, a move back through to $0.3930 levels would support a run at $0.40 levels later in the day.

Barring a broad-based crypto rebound, Ripple’s XRP will likely come up short of the first major resistance level at $0.4223.

In the event of a rebound, Friday’s high $0.42265 and the first major resistance level would likely cap the upside to $0.42 levels on the day.

Failure to move back through to $0.3930 levels could see Ripple’s XRP slide deeper into the red. A fall back through the morning low $0.37854 would bring the first major support level at $0.3619 into play.

Barring another mass crypto sell-off, Ripple’s XRP will likely steer clear of sub-$0.35 support 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

More From FXEMPIRE: