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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 30/05/19

By:
Bob Mason
Published: May 30, 2019, 04:21 UTC

The majors are on the move as the bulls look to round off the month on a high. A move back through the early highs would support further upside.

Crypto00 567

Bitcoin Cash – ABC – Sees New Highs

Bitcoin Cash ABC rose by 4.7% on Wednesday. Reversing a 1.17% fall from Tuesday, Bitcoin Cash ABC ended the day at $456.84.

A relatively bearish start to the day saw Bitcoin Cash ABC fall to an early morning intraday low $420.57.

The early pullback saw Bitcoin Cash ABC slide through the first major support level at $425.32 before finding support.

Rallying through to the early afternoon, Bitcoin Cash ABC struck an intraday high and new swing hi $466.77 before easing back.

The rally saw Bitcoin Cash ABC break through the first major resistance level at $442.25 and second major resistance level at $451.47.

At the time of writing, Bitcoin Cash ABC was up by 2.79% to $469.6. A bullish start to the day saw Bitcoin Cash ABC rise from a morning low $454.18 to a new swing hi $482.

Steering clear of the major support levels, Bitcoin Cash ABC broke through the first major resistance level at $475.55 before easing back.

For the day ahead, a move back through to $470 levels would give Bitcoin Cash ABC another run at the first major resistance level.

Barring an extended broad-based crypto rally, Bitcoin Cash ABC would likely come up short of the morning high $482.

Failure to move back through to $470 levels could see Bitcoin Cash ABC hit reverse. A pullback through to sub-$460 levels could see Bitcoin Cash ABC touch $440 levels before any recovery.

Barring a crypto meltdown, Bitcoin Cash ABC would likely steer well clear of the first major support level at $429.35.

BCHABC/USD 30/05/19 Daily Chart

Litecoin Finds Support

Litecoin gained 0.32% on Wednesday. Partially reversing a 1.33% fall from Tuesday, Litecoin ended the day at $115.29.

A particularly bearish start to the day saw Litecoin slide to a mid-morning intraday low $108.52. The reversal saw Litecoin fall through the first major support level at $111.62 to come within range of the second major support level at $108.28.

Finding support from the broader market mid-morning, Litecoin rallied to an early afternoon intraday high $118.49.

The rally saw Litecoin come up against the first major resistance level at $118.25 before easing back late in the day.

At the time of writing, Litecoin was up 1.19% to $116.66. A choppy start to the day saw Litecoin rise from a morning low $113.4 to a high $118.2 before easing back.

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

For the day ahead, a move back through to $117 levels would support another run at the first major resistance level at $119.68.

Support from the broader market would be needed, however, for Litecoin to break out from any return to $118 levels.

Failure to move back through to $117 levels could see Litecoin pullback through to $114 levels before any recovery.

Barring a broad-based crypto sell-off, Litecoin would likely steer clear of the morning low $113.4. In the event of a sell-off, the first major support level at $109.71 could come into play before any recovery.

LTC/USD 30/05/19 Daily Chart

Ripple on the Move

Ripple’s XRP fell by 0.88% on Wednesday. Partially reversing a 2.97% gain from Tuesday, Ripple’s XRP ended the day at $0.44506.

Another bearish start to the day saw Ripple’s XRP slide to an early morning intraday low $0.42375 before finding support.

The reversal saw Ripple’s XRP fall through the first major support level at $0.4242.

Tracking the broader market through the late morning, Ripple’s XRP rallied to an early afternoon intraday high $0.45877.

Falling short of the first major resistance level at $0.4680, Ripple’s XRP eased back to $0.44 levels and into the red.

At the time of writing, Ripple’s XRP was up by 1.97% to $0.45383. A relatively bullish start to the day saw Ripple’s XRP rise from a morning low $0.43675 to a high $0.45711.

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

For the day ahead, a move back through the morning high would bring the first major resistance level at $0.4613 into play. Ripple’s XRP would need support from the broader market, however, to break through to $0.46 levels.

Failure to move back through the morning high could lead to a reversal later in the day. A pullback through the morning low $0.43675 would bring the first major support level at $0.4264 into play.

Barring a broad-based crypto sell-off, Ripple’s XRP would likely steer clear of sub-$0.42 levels on the day.

XRP/USD 30/05/19 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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