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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 28/11/19

It’s a mixed start to the day for the majors. A move back through early morning highs would bring resistance levels back into play…
Bob Mason
Depositphotos_166797044_s-2019

Bitcoin Cash – ABC – Bounces Back

Bitcoin Cash ABC rallied by 5.63% on Wednesday. Following on from a 1.79% gain on Tuesday, Bitcoin Cash ABC ended the day at $220.67.

A bearish start to the day saw Bitcoin Cash ABC slide to a late morning intraday low $204.0 before making a move.

Bitcoin Cash ABC fell through the first major support level at $209.58 and the second major support level at $206.42.

Supported by a broad-based crypto rebound, Bitcoin Cash ABC rallied to a late intraday high $225.0.

Bitcoin Cash ABC broke through the day’s major resistance levels before easing back through the third major resistance level at $222.53.

At the time of writing, Bitcoin Cash ABC was down by 0.01% to $220.64. A mixed start to the day saw Bitcoin Cash ABC rise to an early morning high $221.47 before falling to a low $220.64.

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

For the day ahead, a move back through the morning high $221.47 would support a run at the first major resistance level at $229.11.

Support from the broader market would be needed, however, for Bitcoin Cash ABC to break out from Wednesday’s high $225.00.

Barring a broad-based crypto rally on the day, resistance at $225 would likely limit any upside on the day.

Failure to move through the morning high could see Bitcoin Cash ABC slide deeper into the red.

A fall through to sub-$216.5 levels would bring the first major support level at $208.11 into play.

Barring a crypto meltdown, however, Bitcoin Cash ABC should steer clear of Wednesday’s low $204.00.

Litecoin Hits $48

Litecoin rose by 1.72% on Wednesday. Following on from a 3.14% rally on Tuesday, Litecoin ended the day at $47.80.

A bearish start to the day saw Litecoin slide to a late morning intraday low $44.58 before rebounding.

Litecoin fell through the first major support level at $45.63 before rallying to a late intraday high $48.81.

Breaking back through the first major support level, Litecoin also broke through the first major resistance level at $47.99.

A late fall back saw Litecoin fall through the first major resistance level to close out the day at $47 levels.

At the time of writing, Litecoin was up by 0.38% to $47.98. A mixed start to the day saw Litecoin rise to an early morning high $48.12 before falling to a low $47.65.

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

For the day ahead, a move back through to $48 levels would support a run at the first major resistance level at $49.55. Litecoin would need the support of the broader market, however, to break out from Wednesday’s high $48.81.

Barring a broad-based crypto rally, resistance at $49 would likely limit any upside on the day.

Failure to move back through to $48 levels could see Litecoin slide back into the red.

A fall through to sub-$47 levels would bring the first major support level at $45.32 into play before any recovery.

Barring a crypto meltdown, Litecoin should steer clear of Wednesday’s low $44.58.

Ripple’s XRP Visits $0.23 Levels

Ripple’s XRP rose by 1.49% on Wednesday. Following on from a 1.37% gain on Tuesday, Ripple’s XRP ended the day at $0.22499.

Tracking the broader market, Ripple’s XRP fell to a late morning intraday low $0.21402 before finding support.

Ripple’s XRP fell through the first major support level at $0.2165 before rallying to a late intraday high $0.23062.

Moving through the first major support level, Ripple’s XRP broke through the first major resistance level at $0.2248 and the second major resistance level at $0.2281.

A late pullback saw Ripple’s XRP fall back through the second major support level to wrap up the day at $0.22499 levels.

At the time of writing, Ripple’s XRP was up by 0.79% to $0.22677. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.22740 before falling to a low $0.22467.

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

For the day ahead, a move back through to $0.2270 levels would support a run at the first major resistance level at $0.2324.

Ripple’s XRP would need the support of the broader market, however, to break out from Wednesday’s high $0.23062.

Barring an extended rally through the day, resistance at $0.23 would likely continue to limit any upside.

Failure to move back through to $0.2270 levels could see Ripple’s XRP fall back into negative territory.

A fall through to $0.2230 levels would bring the first major support level at $0.2158 into play before any recovery.

Barring a crypto meltdown, Ripple’s XRP should steer well clear of the second major support level at $0.2066.

Please let us know what you think in the comments below

Thanks, Bob

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