Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 16/05/19

Bitcoin Cash – ABC – On the Move

Bitcoin Cash ABC rose by 3.38% on Wednesday. Following on from a 0.81% gain on Tuesday, Bitcoin Cash ABC ended the day at $405.26.

A relatively choppy morning saw Bitcoin Cash ABC fall from a start of a day morning high $395 to an early afternoon intraday low $371.92.

Steering well clear of the major support levels, Bitcoin Cash ABC rallied to a late intraday high and new swing hi $412.65.

Bitcoin Cash ABC broke through the first major resistance level at $410.20 before ending the day at $405 levels.

At the time of writing, Bitcoin Cash ABC was up by 5.79% to $428.73. A particularly bullish start to the day saw Bitcoin Cash ABC rally from a morning low $402.69 to a high $452.97.

Bitcoin Cash ABC broke through the first major resistance level at $421.3 and second major resistance level at $437.34 before easing back.

For the day ahead, a hold above the first major resistance level at $421.3 would support another run at $450 levels later in the day.

Bitcoin Cash ABC would need support from the broader market, however, to break out from $430 levels for a 2nd time.

Failure to hold above the first major resistance level could see Bitcoin Cash ABC hit reverse later in the day.

A fall through the morning low $402.69 could bring $390 levels into play before any recovery. Barring a crypto meltdown, however, Bitcoin Cash ABC will likely steer well clear of sub-$390 levels.

Litecoin Holds onto $100

Litecoin surged by 11.61% on Wednesday. Following on from a 4.45% rally from Tuesday, Litecoin ended the day at $102.26.

A mixed start to the day saw Litecoin rise from an early morning intraday low $90.5 to a morning high $95.85 before easing back.

Coming up against the first major resistance level at $95.55, Litecoin fell back to $90 levels ahead of an early afternoon rally.

Litecoin rallied to a late afternoon intraday high $104.49, breaking through the first major resistance level at $95.55 and second major resistance level at $99.41, before easing back.

It was Litecoin’s first visit to $100 levels since June of last year…

At the time of writing, Litecoin was up by 1.72% to $104.02. Tracking the broader market, Litecoin rose from a morning low $101.24 to a high $107.60 before easing back.

Steering clear of the major support levels, the first major resistance level at $107.67 capped the upside early on.

For the day ahead, a hold onto $100 levels through the morning would support another run at the first major resistance level at $107.67.

While the bulls will be eyeing the 62% FIB of $121, support from the broader market would be needed for a run at $110 levels.

Barring another crypto rally, Litecoin will likely come up short of the second major resistance level at $113.07.

Failure to hold onto $100 levels could see Litecoin test the first major support level at $93.68 before any recovery. Barring a crypto meltdown, Litecoin will likely steer clear of sub-$90 levels on the day.

Ripple Eyes $0.50

Ripple’s XRP rallied by 12.27% on Wednesday. Following on from Tuesday’s 25.59% surge, Ripple’s XRP ended the day at $0.45515.

A bullish start to the day saw Ripple’s XRP break through the 23.6% FIB of 0.4164 to hit a morning high $0.4455.

Ripple’s XRP came up against the first major resistance level at $0.4433 before easing back to $0.41 levels. Ripple’s XRP managed to steer clear of the major support levels throughout the day.

A late in the day rally delivered the day’s gains, however. Ripple’s XRP broke through the first major resistance level at $0.4433 to hit an intraday high $0.46495.

At the time of writing, Ripple’s XRP was up by 1.57% to $0.46231. A choppy start to the day saw Ripple’s XRP rise from a morning low $0.45 to a high $0.47869.

Ripple’s XRP came up against the first major resistance level at $0.4785 before easing back.

For the day ahead, a move back to $0.47 levels would support another run at the first major resistance level.

Support from the broader market would be needed, however, for Ripple’s XRP to attempt a breakout from $0.47 levels.

Barring another broad-based crypto rally, Ripple’s XRP will likely come up short of $0.50 levels on the day.

Failure to move back through to $0.47 levels could see Ripple’s XRP hit red later in the day. A fall through the morning low $0.45 would bring $0.43 levels into play before any recovery.

Barring a broad-based sell-off, however, Ripple’s XRP will likely steer clear of the first major support level at $0.4183.

Please let us know what you think in the comments below

Thanks, Bob

Crypto Destroyer

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