Bitcoin Cash, Litecoin and Ripple Daily Analysis – 18/02/18Cryptomarket turns red as the Saturday rally goes into reverse ahead of today’s Litecoin fork. Scam and the market will pay…
Bitcoin Cash Turns Red
Bitcoin Cash had a good start to the weekend, gaining 6.66% on Saturday to end the day at $1,629.5, outshining the likes of Litecoin that is considered to be one of Bitcoin Cash’s main competitors.
The gains cement Bitcoin Cash in 4th place in the crypto rankings, with a market cap of $26.95bn, as Litecoin continues to sit a distant 5th with $12.64bn, much depending upon the success of LitePay that’s due for release in a week’s time.
Perhaps of significance will be how Bitcoin, Bitcoin Cash, Ethereum and Litecoin fare on Coinbase’s commerce platform, with both businesses and consumers likely to favour one of the four cryptos that Coinbase has included for transactions. It would certainly be the first time that Bitcoin Cash has an opportunity to make a move on big brother Bitcoin…
At the time of writing, Bitcoin Cash is down 0.36% to 1533.8, with the Sunday blues hitting the cryptomarket early on, as Bitcoin Cash pulls back from an intraday high $1,630.
While Bitcoin Cash has fallen through its first resistance level of $1,543.7, we will expect there to be plenty of support at $1,450 should there be a pull back to sub-$1,500 levels.
Upside through the day will likely be limited, with any moves beyond today’s intraday high likely to face plenty of resistance as investors turn cautious ahead of the start of the week.
Regulatory chatter may have been on the silent side last week, but investors remain cognisant of the influences…
Litecoin Gets Ready for Litecoin Cash
Litecoin enjoyed another day of gains on Saturday, though the Saturday rally paid little attention to Litecoin, which gained just 0.99% to an end of Saturday $230.49.
The gains through the week were significant and, with the Litecoin hard fork expected to take place later today on block 1371111, the cryptomarket will soon discover whether the moves through last week were in anticipation of the fork or in response to news of LitePay’s rollout on 26th February or even Litecoin’s inclusion on Coinbase’s commerce platform.
Litecoin holders will receive 10 Litecoin Cash coins for each Litecoin held in a Litecoin wallet. It’s free money and will have contributed to the increased demand, though whether Litecoin Cash will be included on any exchanges remains to be seen. There have also been some claiming that Litecoin Cash has been a scam. Such an outcome would most certainly see Litecoin cough up most of its gains from the week and pullback to $160 levels.
At the time of writing, Litecoin is down 1.10% to $227.36, with focus on today’s fork in focus, while the recent Sunday sell-off trend will likely weigh through the early part of the day.
Litecoin’s first support level sits at $226, which has been tested in the early hours and will most likely be tested again as the day progresses.
Ripple Goes into Reverse
It wasn’t spectacular, but it was a gain nonetheless, with Ripple up 4.75% on Saturday to a closing $1.1644.
Things were looking positive in the early part of the day on Saturday, with Ripple hitting an intraday high $1.2039, but as we have seen on previous Saturday sessions, investors are quick to lock in profits ahead of the weekend reversal that is underway this morning.
At the time of writing, Ripple is down 4.14% to $1.1301 and things have turned bearish, with Ripple likely to test its first support level of $1.112. A fall through to sub-$1.10 levels will bring the second support level of $1.048 into play, while we expect Ripple to hold on to $1.00 levels going into Monday.