Bitcoin Cash, Litecoin and Ripple Daily Analysis – 14/02/18Litecoin is the early leader this morning as the cryptomarkets move back into positive territory. The news wires have been relatively quiet on the regulatory front, but it could all change, which could limit any major rallies.
Bitcoin Cash in Choppy Waters
It’s been a choppy few days for Bitcoin Cash, which has been gyrated between gains and losses in recent days.
Following Monday’s 5.26% gain, Bitcoin Cash slipped 3.43% to a closing $1,235.8 on Tuesday only to see a reversal this morning, with things looking particularly bullish in the early part of the day.
Through Tuesday, Bitcoin Cash found strong support at $1,200, with a fall to $1,200 levels on 3 separate occasions resulting in a bounce back through to Tuesday’s close.
While investors are all too aware of all of the regulatory chatter that has been driving the cryptomarket of late, a lack of any major negative news was a positive for Bitcoin Cash and the cryptos through the latter part of the day.
At the time of writing, Bitcoin Cash was up 4.67% to $1,275, with its first major resistance level sitting at $1,280. A move through to $1,290 would support a rally to the low $1,300s, with $1,400 levels perhaps a step too far, as investors continue to lock in profits amidst heightened uncertainty.
Strong support will likely continue, with Bitcoin Cash’s first support level sitting at $1,195, though much can change should the news wires begin to churn the regulatory chatter through the day.
Litecoin on the Bounce
Litecoin fared better than most on Tuesday, managing to consolidate Monday’s 8.2% gain, with a 0.06% rise to end the day at $161.49.
While other cryptocurrencies saw increased volatility through Tuesday, Litecoin was relatively range bound through the day, moving between an intraday high $162 and intraday low $153.4.
There’s been somewhat of a delayed reaction in the markets to news of the planned rollout of LitePay on 26th February, with the market turmoil stemming from the regulatory chatter having overshadowed what could be a game changer, not just for the Litecoin team, but for cryptocurrencies looking to provide consumers and businesses with an alternative to fiat money.
As the ECB has rightly pointed out on its website, Bitcoin has many shortcomings that has ultimately opened the door for the Litecoin team to deliver a product that addresses each and every issue that makes Bitcoin an unlikely alternative to fiat money.
At the time of writing, Litecoin is up 12.96% to $179.5, having broken through its major resistance levels through the first part of the morning.
While we can expect some profit taking to get in the way of Litecoin’s path through to $200, things are looking up for Litecoin investors, with this morning’s moves likely to see talk of $400 and beyond begin to hit the news wires again.
We will still expect Litecoin to be sensitive to regulatory chatter, but with the likelihood that most if not all regulators will classify Litecoin as a true cryptocurrency and not a security, there is some good news to take away from the recent noise.
For the day ahead, a breakthrough to $200 will support a free run at $300 levels, though there will be plenty of resistance at $200, with any stalled attempts to break into the $200s likely to see Litecoin pull back, though support will be strong at its first major support level of $156.
Today could be a poignant day for Litecoin and the Litecoin bulls, with Litecoin now having moved ahead of Cardano in the rankings by market cap, now ranked 5th and sitting behind Bitcoin Cash, its next target.
Ripple Recovers to $1.00
Ripple was amongst the majors on Tuesday that saw a choppy session eat away at Monday’s 8.2% gain, ending the day down 4.6% at $0.996.
For Ripple investors, $1.00 continues to be the key handle and Ripple has managed to hold on through most of the early part of the week.
The upbeat sentiment towards the cryptomarket this morning, saw Ripple bounce back to an intraday high $1.0483 in the last hour, before easing back to $1.018 at the time of writing, a gain of 3.29%.
For now it looks as though Litecoin has garnered the attention of the market, with Ripple’s successes in the real world having already been priced in.
The day ahead will likely be a choppy one, though we will expect Ripple to continue finding strong support at sub-$0.96 levels, with Ripple’s intraday high $1.0483 having already tested its first major resistance level of $1.0459.
A move through to $1.05 levels would support a run at $1.09, while any sideways moves could see Ripple fall back to sub-$1.00 levels later in the day.