Bitcoin Cash touches $1,300 but not for long
Bitcoin Cash found some strong support on Thursday, with a bullish trend forming through the day to drive Bitcoin Cash to an intraday high $1,306.7 the gains coming in a 3-hour drive from $1,206.9.
Bitcoin Cash managed to break through its first major resistance level of $1,254, while a 2nd resistance level of $1,311 a step too far.
A move through to $1,300 levels was relatively short lived however, with Bitcoin Cash easing back to $1,281.6 by day end, a 6.91% gain for the day.
The moves through the day came in spite of the likes of Bill Gates giving the cryptocurrencies some negative chatter, with a shift in market sentiment towards U.S inflation and monetary policy seeming to have limited impact on appetite for the cryptos this week.
Bitcoin Cash was down 1.3% at the time of writing this morning, with a move through to $1,300 levels in the early part of the day leading to some profit taking ahead of the weekend.
For the day ahead, Bitcoin Cash has some way to fall before testing its first major support level of $1,210, though a sideways move through the morning could see a fall to sub-$1,260 levels that would support a more material pullback before support levels kick in. A move back through to $1,270 levels is going to be needed to avoid a reversal of Thursday’s gains ahead of the weekend.
We’ve not seen anything too bearish news to really hurt the markets, while the weekend phenomenon will need to be factored into today’s moves.
Litecoin Continues to Hold on to $200, but not much more
Litecoin gained 3.51% on Thursday to end the day at $209.2, just shy of an intraday high $214.88 hit through the middle part of the day.
Following a slide from mid-December through to early January, which culminated in a 2018 low $100.2, it’s been a pretty solid recovery in spite of a recent stall.
Litecoin was up 109% from February’s low to Thursday’s close and all of this has come in spite of a Litecoin Hard Fork and some negative regulatory chatter, with support coming from the roll out of LitePay and improving investor sentiment towards the regulatory landscape.
Caution does remain however, with the uncertainty limiting any major rallies, investors still quick to lock in profits each week.
At the time of writing, Litecoin was down 0.27% to $208.64, easing back from an intraday high $213.3.
For the day ahead, sentiment had turned bearish in the early part of the day and Litecoin will need to move back through to $210 levels to have a run at today’s first major resistance level of $216, a failure to make progress expected to see Litecoin pullback and test $200 support levels before the end of the day.
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See all Bitcoin forecastsRipple Moves Back to $0.90 Levels, While Looking Bearish
Ripple had somewhat of a spectacular day on Wednesday, hitting an intraday high $0.9635 midway through the day to break through its first major resistance level of $0.96016 and have a run at $1.00 levels that haven’t been touched since last week
The early gains ultimately reversed however, with Ripple ending the day up just 3.54% at $0.91158, unable to reverse Wednesday’s 4.69% fall.
Volatility continues to see Ripple of more sizeable moves, something that day traders are likely to be drawn in on the rallies, whilst quicker to get out before any sell-off.
At the time of writing, Ripple was down 1.04% to $0.901344, with a bearish trend having formed since the middle party of Thursday.
It’s been a choppy few days however, with Ripple unlikely to test its first major resistance level of $0.96016 or be in a position to make a move back to $1.00 levels ahead of the weekend.
A fall back to $0.88 levels would support a further decline that could test Ripple’s first major support level of $0.8636, though we will expect Ripple to avoid a major sell-off today, with the news wires yet to really shock the markets this week.