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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 26/11/18

By:
Bob Mason
Published: Nov 26, 2018, 05:00 UTC

It's a mixed start to the day that could get uglier should Bitcoin give up $4,000 levels, Litecoin managing to buck the trend early on.

Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 26/11/18

Bitcoin Cash – ABC Finds Relief

Bitcoin Cash ABC gained 4.07% on Sunday, partially reversing Saturday’s 14.26% slide, to end the day at $180.95, the partial recovery leaving BCH ABC down 36.77% for the week.

A particularly choppy day saw BCH ABC fall to a late morning intraday low and new swing lo $146.87 before a broad based cryptomarket recovery kicked in, with BCH ABC rising to an intraday high $186.2.

The moves through the late afternoon saw BCH ABC fall short of the day’s major resistance levels, while the morning sell-off saw BCH ABC slide through the first major support level at $153.84.

At the time of writing, BCH ABC was down 1.89% to $177.53, with BCH ABC falling from a start of a day morning high $186.10 to a morning low $170, before finding support, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high would bring $190 levels and the day’s first major resistance level at $195.81 into play, with gains across the broader market needing to be retained through the morning to support a recovery.

Failure to move back through the morning high could see BCH ABC pullback through the morning low $170, with a fall through $171 supporting a slide through to the low $160s before any recovery, the day’s first major support level at $156.48 in play should sentiment across the broader market deteriorate through the day.

BCHABC/USD 26/11/18 Daily Chart

Litecoin Back in the $30s

Litecoin gained 6.36% on Sunday, reversing most of Saturday’s 9.86% slide, to end the day at $30.43, the bounce back reducing the week’s loss to 27.32%.

Tracking the broader market, Litecoin slid to a late morning intraday low and new swing lo $26.37, the reversal seeing Litecoin call on support at the day’s first major support level at $26.52 ahead of the afternoon rebound.

Rallying through the afternoon, Litecoin moved through to an intraday high $31.92 to come up against the first major resistance level at $31.83 before easing back to $30 levels by the day’s end.

At the time of writing, Litecoin was up 1.71% to $30.95, a bullish start to the day seeing Litecoin rise from a morning low $30.37 to a morning high $31.33 before easing back, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through to $31 levels and the morning high $31.33 would bring $32 levels into play later in the day, though Litecoin would need support from the broader market to take a run at the first major resistance level at $32.78.

Failure to move back through the $31 levels could see Litecoin hit reverse later in the day, with a pullback through the morning low $30.37 bringing sub-$30 levels into play, while we would expect Litecoin to steer clear of the first major support level at $27.23 barring materially negative news hitting the wires.

LTC/USD 26/11/18 Daily Chart

Ripple Holds On

Ripple’s XRP rose by just 0.72% on Sunday, following an 8.3% slide on Saturday, to end the day at $0.38272, the day’s minor gain leaving Ripple’s XRP down 25.82% for the week.

A continuation of Saturday’s sell-off saw Ripple’s XRP fall through the day’s first major support level at $0.3564 and second major support level at $0.3325 to an intraday low $0.329 before finding support from the broader market.

The afternoon recovery saw Ripple’s XRP bounce back to an intraday high $0.39629 before easing back, the day’s major resistance levels left untested, with Ripple’s XRP also falling short of the 23.6% FIB Retracement Level of $0.4164.

At the time of writing, Ripple’s XRP was down 1.7% to $0.37623, with a choppy start to the day seeing Ripple’s XRP move through to a morning high $0.39890 before hitting reverse to fall to a morning low $0.37309, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the to $0.38 levels would signal a run at the morning high $0.39890 to bring $0.40 levels and the day’s first major resistance level at $0.4097 into play before any pullback, the direction of the broader market expected to have an influence through the day.

Failure to move back through to $0.38 levels could see Ripple’s XRP take a bigger hit later in the day, with a pullback through the morning low $0.37309 likely to bring $0.35 levels into play before any recovery, the day’s first major support level at $0.3424 unlikely to be tested barring particularly negative news hitting the wires.

XRP/USD 26/11/18 Daily Chart

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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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