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

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…
Bob Mason
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.

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.

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.

Please let us know what you think in the comments below

Thanks, Bob

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