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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 27/05/19

By:
Bob Mason
Published: May 27, 2019, 02:47 UTC

It's a choppy start to the day, but the bulls have the momentum after Sunday's afternoon rebound...

Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin Cash – ABC – Makes a Move

Bitcoin Cash ABC rallied by 6.73% on Sunday. Following a 0.17% fall from Saturday, Bitcoin Cash ABC ended the week up 3.51% at $430.59.

A choppy start to the day saw Bitcoin Cash ABC slide to a late morning intraday low $389.48 before rebounding.

The reversal saw Bitcoin Cash ABC fall through the first major support level at $400.01 and second major support level at $393.51.

Rallying through the afternoon, Bitcoin Cash ABC surged to a late intraday high $439 before easing back. Bitcoin Cash ABC broke through the major resistance levels before falling through the third major resistance level at $435.51.

At the time of writing, Bitcoin Cash ABC was down by 0.14% to $430.00. A mixed start to the day saw Bitcoin Cash ABC rise to a morning high $439.60 before falling to a low $428.12.

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

For the day ahead, a hold above $425 levels through the morning would support upward momentum later in the day.

A move through the morning high $439.60 would bring $445 levels into play before any pullback.

Support from the broader market would be needed, however, for Bitcoin Cash ABC to take a run at the first major resistance level at $449.90.

Failure to hold above $425 levels could see Bitcoin Cash ABC slide through to sub-$420 levels before any recovery.

Barring a broad-based crypto reversal, Bitcoin Cash ABC would likely steer clear of the first major support level at $400.38.

BCHABC/USD 27/05/19 Daily Chart

Litecoin Hits a New 2019 High

Litecoin jumped by 9.16% on Sunday. Partially reversing a 2.34% gain from Saturday, Litecoin ended the week up 18.45% to $112.56.

Tracking the broader market, Litecoin fell from a morning high $104.2 to a late morning intraday low $99.00.

The reversal saw Litecoin test the first major support level at $99.56 before finding support from the broader market.

Litecoin rallied to a late intraday high $114.5 before easing back. The afternoon rally saw Litecoin break through the first major resistance level at $105.71 and second major resistance level at $108.41.

The third major resistance level at $114.56 pinned Litecoin back on the day.

At the time of writing, Litecoin was down by 0.33% to $112.19. Moves in the early hours saw Litecoin rise to a morning high $114.25 before falling to a morning low $111.35.

A relatively range-bound start to the day saw Litecoin leave the major support and resistance levels untested.

For the day ahead, steering clear of sub-$110 levels would support a rebound later in the day. A move through the morning high $114.25 would bring the first major resistance level at $118.37 into play.

Support from the broader market would be needed, however, for Litecoin to breakout from $114 levels.

A fall through to sub-$110 levels would bring the first major support level at $102.87 into play before any recovery.

Barring a crypto meltdown, Litecoin would likely leave sub-$100 support levels untested on the day. In the event of a sell-off, $95 levels could come into play before any recovery.

LTC/USD 27/05/19 Daily Chart

Ripple Makes a Splash

Ripple’s XRP gained 6.66% on Sunday. Reversing a 0.6% rise on Saturday, Ripple’s XRP ended the week down 2.08% at $0.40924.

Struggling through the morning, Ripple’s XRP fell from a start of a day morning high $0.38705 to a mid-day intraday low $0.3760.

Ripple’s XRP fell through the first major support level at $0.3798 before finding support from the broader market.

An afternoon rally saw Ripple’s XRP break through the major resistance levels before easing back through the third major resistance level at $0.4157.

At the time of writing, Ripple’s XRP was down by 0.02% to $0.40916. A choppy start to the day saw Ripple’s XRP rise to a morning high $0.421 before falling to a low $0.40892.

Whilst leaving the major support and resistance levels untested, Ripple’s XRP broke through the 23.6% FIB of $0.4164 before easing back.

For the day ahead, a break back through the 23.6% FIB would support a run at the first major resistance level at $0.4264.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the 23.6% FIB.

Failure to break back through the 23.6% FIB could see Ripple’s XRP struggle through the day. A slide through $0.4010 levels would bring $0.39 levels into play before any recovery.

Barring a broad-based crypto sell-off, however, Ripple’s XRP will likely steer clear of the first major support level at $0.3841.

XRP/USD 27/05/19 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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