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

Published: May 30, 2019, 04:21 UTC•4min read

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.

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