Canada Markets closed

Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 24/05/19

Bob Mason

Bitcoin Cash – ABC – Back at $400

Bitcoin Cash ABC rallied by 5.34% on Thursday. Reversing most of a 6.82% slide from Wednesday. Bitcoin Cash ABC ended the day at $407.19.

A bearish start to the day saw Bitcoin Cash ABC slide to a late morning intraday low $369.57.

The reversal saw Bitcoin Cash ABC fall through the first major support level at $374.84 and 23.6% FIB of $371 before recovering.

The recovery saw Bitcoin Cash ABC bounce back to a late intraday high $408.

In spite of the rebound, Bitcoin Cash ABC fell short of the first major resistance level at $414.92, while breaking back through the 23.6% FIB of $371.

At the time of writing, Bitcoin Cash ABC was down by 0.72% to $404.25. A positive start to the day saw Bitcoin Cash ABC rise from a morning low $402.93 to a high $409 before easing back.

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

For the day ahead, a hold onto $400 levels would support a move back through to Thursday’s high $408.

Bitcoin Cash ABC would need support from the broader market, however, to take a run at the first major resistance level at $420.27.

Barring a broad-based crypto rally, Bitcoin Cash ABC will likely come up short of $410 levels on the day.

Failure to hold onto $400 levels could see Bitcoin Cash ABC slide through to $380 levels before any recovery.

Barring a crypto meltdown, the first major support level at $381.84 would likely limit the downside on the day. In the event of a meltdown, a revisit to $360 levels would be likely.

Litecoin Eyeing a move back to the $90s

Litecoin gained 1.48% on Thursday. Partially reversing a 3.87% slide from Wednesday, Litecoin ended the day at $88.95.

Tracking the broader market, Litecoin fell to a late morning intraday low $84.75 before finding support.

The reversal saw Litecoin test the first major support level at $84.72 before rallying to a late intraday high $89.87.

Litecoin fell well short of the first major resistance level at $91.65 before easing back to $88 levels at the day end.

At the time of writing, Litecoin was down by 0.1% to $88.86. A relatively range-bound start to the day saw Litecoin rise from a morning low $88.65 to a high $89.93 before easing back.

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

For the day ahead, a move back through to $89.70 levels would bring the first major resistance level at $90.96 into play.

Support from the broader market would be needed, however, for Litecoin to break through to $90 levels.

In the event of a broad-based crypto rally, Litecoin would likely test the second major resistance level at $92.90 before any pullback.

Failure to move through to $89.70 levels could see Litecoin slide deeper into the red before any recovery.

A fall through $87.86 would bring the first major support level at $85.84 into play. Barring a broad-based sell-off, Litecoin would likely steer clear of sub-$85 levels on the day.

Ripple Stuck at sub-$0.40

Ripple’s XRP rose by 2.34% on Thursday. Partially reversing a 6.36% slide from Wednesday, Ripple’s XRP ended the day at $0.38031.

A bearish start to the day saw Ripple’s XRP slide to a mid-morning intraday low $0.35827 before finding support.

Holding above the first major support level at $0.3531, Ripple’s XRP bounced back to a late intraday high $0.38397.

In spite of the bounce back, Ripple’s XRP fell well short of the first major resistance level at $0.4006 on the day. It was only the 2nd time Ripple’s XRP failed to break through to $0.40 levels in 10-days.

At the time of writing, Ripple’s XRP was down by 0.53% to $0.37830. Moves through the early hours saw Ripple’s XRP rise to a morning high $0.38284 before falling to a morning low $0.37677.

Ripple’s XRP left the major support and resistance levels untested.

For the day ahead, a hold above $0.3750 levels would support a recovery later in the day. A move back through the morning high $0.38240 would bring the first major resistance level at $0.3898 into play.

Ripple’s XRP would need support from the broader market, however, to take a run at $0.40 levels. Barring a broad-based crypto rebound, Ripple’s XRP will likely come up well short of the second major resistance level at $0.3992.

Failure to hold above $0.3750 levels could see Ripple’s XRP slide deep into the red. A fall through to $0.3720 levels would bring the first major support level at $0.3651 into play.

Barring a broad-based crypto sell-off, Ripple’s XRP would likely steer clear of sub-$0.35 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: