Yahoo Finance Bitcoin Cash, Litecoin and Ripple Daily Analysis – 24/02/18
Bitcoin Cash Looking for $1,300 and More
It was a bad week for Bitcoin Cash last week, with Bitcoin Cash falling 13.9% from Monday’s open to Friday’s end of day $1,250.
A start of a week bullish trend reversed late Tuesday, with a bearish trend continuing through to the end of the week, Bitcoin Cash hitting a week low $1,145.2 before recovering through Friday.
Friday’s uptrend faced plenty of resistance, with Bitcoin Cash’s intraday high $1,311 short lived as it moved against the day’s first major resistance level of $1,310, ultimately seeing Bitcoin Cash give up $1,300 levels on the day.
While there had been no major negative news to hit the wires, continued concerns over a major clamp down on the cryptomarket continues to linger, with no upbeat news to offset the caution in the market.
For the day ahead, some will be looking for the weekend rally to kick in this morning, with Bitcoin Cash having managed to eke out a 3.6% gain on Friday to reverse recent trends.
At the time of writing, Bitcoin Cash is up 2.8% to $1,285.5 against the Dollar.
While the first major resistance level sits at $1,325, there will be resistance at $1,300, with Bitcoin Cash needing to break through $1,300 and tests its first major resistance level to have a chance at recovering the week’s losses.
On the downside, the first support level sits at $1,160, with any fall through its support level likely to test sub-$1,000 support levels later in the day. A sideways moves through the morning may well test investor patience this weekend.
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Litecoin Moves back to $200
It was a choppy week for Litecoin, which ended the week down 3.69% from Monday’s open to a Friday end of day $206.4.
The losses for the week were certainly moderate relative to its peers, with some of the majors seeing double digit falls.
We had anticipated some support for Litecoin ahead of Monday’s roll out of LitePay and Litecoin’s 7% gain on Friday and break back through to $200 levels was certainly an important move going into the weekend.
At the time of writing, Litecoin was up 2.76% to $212.21, with an intraday high $218.65 having already come within range of its first major resistance level of $220.
With sentiment towards LitePay and a crypto market wide upward move this morning, Litecoin may face little resistance through the weekend, though we can expect some profit taking should Litecoin trail blaze it through the day.
The first major support level sits at $190, though we will also expect buyers to come in at $200 should there be a reversal in the day.
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Ripple Fails to Break Back to $1.00
While Bitcoin recovered to $10,000 levels and Litecoin moved back above $200, Ripple continued to struggle through to Friday’s close.
Ripple ended the week down 11.7% from Monday’s open through to Friday’s end of day $0.94225 and, while it wasn’t the worst performer of the week, the failure to recover to $1.00 levels by the end of the week will be a blow to Ripple investors.
At the time of writing, Ripple was up 0.76% to $0.95067, trailing the rest of the majors. With Ripple’s first major resistance level sitting at $0.99924, we will expect an upward move through the day, though this will likely be momentum driven, with gains being seen across the majors this morning.
A move through to $1.00 levels would support a run at $1.05 levels, while a failure to break through to $1.00 could see a pullback to this morning’s intraday low $0.9267 and test $0.90 psychological support levels later in the day.
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This article was originally posted on FX Empire
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