Yahoo Finance Bitcoin Cash, Litecoin and Ripple Daily Analysis – 28/02/18
Bitcoin Cash on the Rise
Bitcoin Cash had a mixed day on Tuesday, which ultimately led to a 0.92% fall on the day to $1,231.
Following an early morning sell-off that pulled BCH to an intraday low $1,217.8, a mid-day rally provided some hope, with Bitcoin Cash hitting an intraday high $1,299, testing its first major support level of $1,298 before pulling back to sub-$1,260 levels in the latter part of the day.
It’s yet another day that Bitcoin Cash has failed to move through to $1,300 levels, with investors continuing to sell on any sharp intraday rallies.
At the time of writing, Bitcoin Cash was up 2.18% to $1,258.1 this morning, with Bitcoin Cash easing back from an intraday high $1,277.2.
While the cryptomarkets have been supported by some improved sentiment, we continue to see Bitcoin Cash facing an uphill battle near-term to break through to $1,300 levels, with the first major resistance level of $1,281 likely to pin Bitcoin Cash back through the morning.
We have seen some appetite kick in through the middle part of the day, which could see Bitcoin Cash make a move to test $1,281, though we don’t expect investors to sit on gains, with a pullback likely later in the day.
We won’t expect a first major support level of $1,200 to be tested today however, barring any unexpected negative news.
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Litecoin Lacking Direction
Litecoin had another uneventful day on Tuesday, which ultimately led to a 1.42% fall to end the day at $215.64.
In recent days, Litecoin has struggled for direction, with the market response to the roll out of LitePay now having washed through.
On Tuesday, Litecoin fell by 1.42%, which came after Monday’s 0.02% rise, with the decline coming after an early morning intraday high $222.85 that fell well short of its first major resistance level of $229.
At the time of writing, Litecoin was up 1.72% to $218.86, with a relatively bullish trend having formed this morning, though we will expect today’s gains to be tempered as investors continue to sit back to see what’s next for the cryptomarket.
Having hit an intraday high $223.7 this morning, breaking through its first major resistance level of $222, a move back through $222 would support a run at its next major resistance level of $228, while breaking through to $230 levels may be a step too far, with the cryptomarket lacking any major impetus at present.
On the downside, Litecoin’s first major support level sits at $211, which could be tested later in the day should Litecoin fail to move through today’s intraday high in the middle part of the day.
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Ripple in Reverse
Another day in the red for Ripple on Tuesday, with Ripple’s XRP falling 0.78% to an end of day $0.925.
While Ripple had enjoyed two consecutive days of gains, with Monday’s 2.4% rise easing some of the downward pressure, Ripple has been on the decline in 5 of the last 9 days, with $1.00 levels continuing to remain elusive.
In spite of Tuesday’s decline, an intraday high $0.9665 that tested the day’s first major resistance level of $0.963, was of some comfort, though as we have seen across the major cryptocurrencies, investors are quick to pull out on or around major resistance levels of late.
At the time of writing, Ripple was up 2.04% to $0.9423, with Ripple having tested today’s first major resistance level of $0.9575 early in the day with an intraday high $0.9724. It’s been a choppy start to the day however, with Ripple having fallen to an intraday low $0.8989, also testing its first major support level of $0.9014.
While Ripple will find some support from the positive momentum seen across the cryptos, with Bitcoin making a move on $11,000, Ripple will unlikely come close to $1.00 levels today, which will keep investors wary of another pullback to sub-$0.90 levels later today.
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This article was originally posted on FX Empire
