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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 28/09/19

By:
Bob Mason
Published: Sep 28, 2019, 04:04 UTC

It's a mixed start to the day, with Bitcoin Cash ABC bucking the trend early. Further declines across the broader market will pin Bitcoin Cash ABC back, however.

Bitcoin and Litecoin over dollar banknotes.

Bitcoin Cash – ABC – Steadies

Bitcoin Cash ABC rose by 3.06% on Friday. Partially reversing a 4.8% slide from Thursday, Bitcoin Cash ABC ended the day at $220.0.

A mixed start to the day saw Bitcoin Cash ABC fall to an early morning low $211.33 before striking a morning high $218.57.

Falling short of the first major resistance level at $225.83, Bitcoin Cash ABC slid to a mid-afternoon intraday low $209.

Steering clear of the first major support level at $203.29, Bitcoin Cash ABC bounced back to a late intraday high $222.67.

In spite of the late rally, Bitcoin Cash ABC came up short of the first major resistance level at $225.83.

At the time of writing, Bitcoin Cash ABC was up by 0.5% to $221.10. A mixed start to the day saw Bitcoin Cash ABC fall to an early morning low $218.88 before striking a high $221.10.

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

For the day ahead, a hold onto $220 levels would support a breakthrough the first major resistance level at $225.45.

Bitcoin Cash ABC would need the support of the broader market, however, to break out from Friday’s high $222.67.

Barring a broad-based crypto rally, we would expect Bitcoin Cash ABC to come up short of $230 levels on the day.

Failure to hold onto $220 levels could see Bitcoin Cash ABC resume the downward trend. A fall through to sub-$217 levels would bring the first major support level at $211.78 into play.

Barring a crypto meltdown, Bitcoin Cash ABC should steer well clear of the second major support level at $203.55.

BCHABC/USD 28/09/19 Daily Chart

Litecoin Back in the Red

Litecoin rose by 1.54% on Friday. Partially reversing a 4.03% slide from Thursday, Litecoin ended the day at $56.05.

A choppy start to the day saw Litecoin rise to an early morning high $55.75 before sliding to a mid-afternoon intraday low $52.61.

Steering well clear of the first major support level at $51.10, Litecoin rallied to a late intraday high $56.9 before easing back.

Litecoin came up short of the first major resistance level at $58.48 on the day.

At the time of writing, Litecoin was down by 0.7% to $55.66. A mixed start to the day saw Litecoin rise to an early morning high $56.49 before falling to a low $55.28.

Litecoin left the major support and resistance levels untested early on.

For the day ahead, holding above $55.20 levels would support another run at the first major resistance level at $57.75.

Litecoin would need the support of the broader market, however, to break through to $57 levels.

Barring a broad-based crypto rebound, Friday’s high $56.9 would likely pin Litecoin back on the day.

Failure to hold above $55.20 could see Litecoin fell deeper into the red. A fall through to sub-$55 levels would bring the first major support level at $53.47 into play before any recovery.

Barring a crypto meltdown, however, Litecoin should steer clear of sub-$52 support levels through the day.

LTC/USD 28/09/19 Daily Chart

Ripple’s XRP back at sub-$0.24

Ripple’s XRP fell by 0.28% on Friday. Following on from a 1.36% decline on Thursday, Ripple’s XRP ended the day at $0.24295.

Also mixed through the day, Ripple’s XRP rose to a mid-morning high $0.24522 before hitting reverse.

Falling short of the first major resistance level at $0.2533, Ripple’s XRP slid to a mid-afternoon intraday low $0.23404.

Ripple’s XRP came within range of the first major support level at $0.2315 before rallying to a late intraday high $0.24797.

Coming up against resistance at $0.25 Ripple’s XRP eased back into the red late in the day.

At the time of writing, Ripple’s XRP was down by 0.18% to $0.24252. A bullish start to the day saw Ripple’s XRP rise to an early morning high $0.24562 before falling to a low $0.24192.

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

For the day ahead, a move back through to $0.2450 levels would bring the first major resistance level at $0.2493 into play.

Ripple’s XRP would need the support of the broader market, however, to break out from the morning high $0.24562.

Barring a broad-based crypto rally, the first major resistance level and Friday’s high $0.24797 would likely limit any upside.

Failure to move back through to $0.2450 levels could see Ripple’s XRP struggle through the day.

A fall through to sub-$0.2410 levels would bring the first major support level at $0.2353 into play before any recovery.

Barring an extended sell-off through the day, Ripple’s XRP should steer clear of sub-$0.23 support levels, however.

XRP/USD 28/09/19 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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