Bitcoin Cash, Litecoin and Ripple Daily Analysis – 16/02/18

Bitcoin Cash on the Move

Bitcoin Cash has been a straggler of late, with Bitcoin having outgunned the August fork in recent days.

Bitcoin Cash investors will be mindful of what’s going on with Litecoin and the anticipated roll out of LitePay later this month that could see demand for the Bitcoin clan fall in the coming months.

While some of the major cryptocurrencies made solid gains on Thursday, Bitcoin Cash was certainly behind the curve, gaining just 1.83% to end the day at $1,356.7, in what was a day of tight ranges for the crypto.

Holding on to $1,300 levels was key for the day however, with Bitcoin Cash not needing to test its first major support level.

This morning has been an altogether different story however, with Bitcoin Cash hitting the ground running at the start of the day, surging 9.33% to $1,483 at the time of writing.

For the Bitcoin Cash bulls, the good news is that there’s some daylight between Bitcoin Cash and Litecoin by market share, with Bitcoin Cash’s market cap rising to $25.8bn. The bad news is that Bitcoin Cash has broken through its first two major support levels, with an intraday high $1,545. Any push through $1,545 levels and beyond will likely face stern resistance, though if the start of the day is anything to go by, a move through $1,550 could see Bitcoin Cash make a move for $2,000 levels.

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Litecoin Consolidates

Litecoin had a day of two halves on Thursday, with an early $237.72 spike bringing the Litecoin rally to an end, as investors continued to speculate on the Litecoin hard fork on Sunday and whether the recent gains came off the back of investors looking to receive the free Litecoin Cash coins after Sunday’s fork.

Litecoin gained 4.8% on Thursday to end the day at $222.02, which was well below the early Thursday levels.

There has been some confusion over the weekend’s Fork, with Litecoin founder Charlie Li and the Litecoin community calling the fork a scam. Time will tell how much of the demand for Litecoin can be attributed to the fork, with investors likely to lock in profits upon receipt of the Litecoin Cash coins, if the moves have indeed been driven by speculative investors looking ahead to the fork.

Things have not started so well for Litecoin this morning however, with Litecoin down 4.46% to $211.35 at the time of writing, reversing most of Thursday’s gains with a bearish trend forming.

We will expect Litecoin to have plenty of support at current levels, with focus being on the weekend fork, LitePay’s roll out and the Coinbase commerce platform that allows vendors to accept payments in Bitcoin, Bitcoin Cash, Ethereum and Litecoin.

On the upside, for the rally to resume, a move back through to $220 levels will be needed for Litecoin to test its first major resistance level of $238, though this may be a step too far ahead of the Saturday rallies that the cryptomarket has become accustomed to.

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Ripple Struggles on

It’s not been the best of weeks for Ripple, with Thursday’s 3.3% fall to an end of day $1.1088 all but removing the chances of a rally ahead of the weekend.

At the time of writing, Ripple was down 0.86% to $1.0913, with the majority of the crypto frontrunners in the red in the early part of the day.

Success stories this week have failed to spur appetite for Ripple, with news of the Saudi Arabian Monetary Authority signing a blockchain deal with Ripple having little impact and that comes after news of Western Union also looking to give Ripple a try.

Based on how the market responds to positive and negative news, it’s still some way off performing in a more orderly manner and until it does so, a lot of investors will continue to sit on the side lines, barring the odd speculative trade.

For the day ahead, Ripple will need to move back through $1.10 levels to avoid testing its first major support level of $1.0634, which has already been tested once this morning, suggesting that a steeper fall could be on the cards should Ripple not make a move soon.

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