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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 26/05/19

By:
Bob Mason

It's a bearish start to the day for the majors, with Bitcoin Cash ABC leading the pack down. Bitcoin at sub-$8,000 could add more selling pressure...

Bitcoin and Litecoin over dollar banknotes.

Bitcoin Cash – ABC – on the Defensive

Bitcoin Cash ABC slipped by 0.17% on Saturday. Partially reversing a 0.43% gain from Friday, Bitcoin Cash ABC ended the day at $406.52.

A relatively choppy day saw Bitcoin Cash ABC recover from a morning low $405.68 to a late morning intraday high $415 before hitting reverse.

Falling well short of the first major resistance level at $423.27, Bitcoin Cash ABC slid to a late intraday low $401.

Holding well above the first major support level at $394.66, Bitcoin Cash ABC recovered to $406 level at the day end.

At the time of writing, Bitcoin Cash ABC was by 1.6% to $400.00. A mixed start to the day saw Bitcoin Cash ABC rise to a morning high $504.73 before falling to a low $400.00.

Falling short of the first major resistance level at $414.01, Bitcoin Cash ABC tested the first major support level at $400 early on.

For the day ahead, a move back through to $407.5 levels would support a run at the first major resistance level at $414.01.

Support from the broader market would be needed, however, for Bitcoin Cash ABC to breakout from a return to $405 levels.

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

Failure to move back through to $407.5 levels could see Bitcoin Cash ABC take a bigger hit on the day. A fall through the first major support level would bring the second major support level at $393.51 into play.

Barring a continued reversal across the broader market, however, Bitcoin Cash ABC would likely steer clear of sub-$390 levels on the day.

BCHABC/USD 26/05/19 Daily Chart

Litecoin Finds sub-$100 Support

Litecoin rose by 2.34% on Saturday. Following on from a 12.93% breakout on Friday, Litecoin ended the day at $103.02.

A bullish start to the day saw Litecoin rally to an early intraday high $104.95 before pulling back to sub-$100 levels.

Falling short of the first major resistance level at $106.86, Litecoin fell to an early afternoon intraday low $98.8 before finding support

Holding well above the first major support level at $91.17, Litecoin recovered to $100 levels.

At the time of writing, Litecoin was down by 0.95% to $102.04. A choppy start to the day saw Litecoin rise to a morning high $104.2 before hitting reverse. Falling short of the first major resistance level at $105.71, Litecoin fell to a morning low $101.19.

In spite of the early reversal, Litecoin held above the first major support level at $99.56.

For the day ahead, a hold onto $102 levels would support another run at the first major resistance level at $105.71.

Support from the broader market would be needed, however, for Litecoin to break out from this morning’s high $104.2.

In the event of a broad-based crypto rebound, Litecoin could hit $107 levels before any pullback.

Failure to hold onto $102 levels could see Litecoin slide deeper into the red. A fall through sub-$100 levels would bring the first major support level at $99.56 into play.

Barring an extended broad-based crypto sell-off, Litecoin would steer clear of the second major support level at $96.11.

LTC/USD 26/05/19 Daily Chart

Ripple in another Rut

Ripple’s XRP rose by 0.6% on Saturday. Following on from a 0.87% gain on Friday, Ripple’s XRP ended the day at $0.3860.

A choppy morning saw Ripple’s XRP rise from an intraday low $0.38138 to a late morning intraday high $0.39543.

Ripple’s XRP came up against the first major resistance level at $0.3956 before hitting reverse.

The reversal saw Ripple’s XRP slide to an afternoon low $0.38177 before finding support late in the day. Ripple left the major support levels untested on the day.

At the time of writing, Ripple’s XRP was down by 0.67% to $0.38343. A bearish morning saw Ripple’s XRP fall from a morning high $0.38705 to a low $0.38177 before steadying.

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

For the day ahead, a move back through to $0.3880 levels would support a run at $0.39 levels.

Support from the broader market would be needed, however, for Ripple’s XRP to take a run at the first major resistance level at $0.3938.

Barring a broad-based crypto rebound, Ripple’s XRP will likely continue to fall short of $0.40 levels on the day.

Failure to move back through the morning high could see Ripple’s XRP fall deeper into the red. A pullback through the morning low $0.38177 would bring the first major support level at $0.3798 into play.

Barring a crypto meltdown, Ripple’s XRP would likely steer clear of the second major support level at $0.3736.

XRP/USD 26/05/19 Daily Chart

Please let us know what you think in the comments below

Thanks, Bob

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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