Bitcoin Cash, Litecoin and Ripple Daily Analysis – 19/02/18

Bitcoin in Recovery

It was a choppy for Bitcoin Cash on Sunday, hitting an intraday high $1,630 and an intraday low $1,392.3 in the morning, before trading within tight ranges through the afternoon to end the day down 4.73% to $1,467.

The Sunday sell-off came good for another week, reversing Saturday’s gains to end the weekend in the red.

There was no particularly reason for the Sunday sell-off other than investor caution going into the week, with regulatory updates likely to begin to hit the news wires in the coming days or weeks.

At the time of writing, Bitcoin Cash was up 2.72% to $1,490.2, with Sunday’s sell-off coming to an end, as the market enters a new week, supported by an uptick in Bitcoin and bounce in the Cboe Bitcoin Futures March contract in the early part of the day.

For the rest of the day, a move through $1,500 would support a run at its first major resistance level of $1,590, with any failure to break through to $1,500 likely to test sub-$1,400 support levels in the early part of the week.

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Litecoin meets Litecoin Cash

The Litecoin hard fork took place on Sunday at block 1371111, in spite of Litecoin Founder Charlie Lee suggesting that the fork was a scam, with Litecoin holders at the time of the fork, using a Litecoin wallet with private keys, receiving 10 Litecoin Cash coins for each Litecoin held.

Litecoin coughed up 5.64% on Sunday, in a choppy day of trading, to end the day at $216.93, with Saturday’s gains having been light ahead of Sunday’s Fork.

There’s been little fallout since the Fork, with Litecoin Cash already trading on YoBit, rallying 174.03% to $3.57 at the time of writing.

At the time of writing, Litecoin was up 0.66% to $215.92, with Litecoin unlikely to find too much upside through the day, following Sunday’s hard fork.

For the rest of the day, Litecoin’s first major support level sits at $207, with any move through today’s support level likely to test sub-$200 support. We have yet to see investors lock in profits from Litecoin Cash and rotate out of Litecoin following the fork and this may support the view that the recent rally in Litecoin has been as a result of sentiment towards LitePay and Coinbase’s commerce platform and rather than the fork.

It may be too early to write-off a near-term sell-off, so some caution will be needed in the coming days, with support levels unlikely to hold Litecoin at current levels in the event that investors jumped in for the free Litecoin Cash coins and nothing else.

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Ripple Looks Bearish

Ripple had the worst Sunday amongst the 3, sliding 7.69% to end the day at $1.0844 on a weekend that saw Ripple hit an intra-weekend high 1.2039 on Saturday and an intra-weekend low 1.0397 on Sunday.

The only good news for now is that fact that Ripple hasn’t dipped below $1.00 levels, with plenty of support continuing to sit at sub-$1.00.

At the time of writing, Ripple was up 1.15% to $1.0772, with a bearish trend forming that could test Ripple’s first major support level of $1.012 later today.

With resistance levels sitting at $1.151, we won’t expect resistance levels to be tested today, as Ripple continues to struggle for attention in spite of the successes the Ripple team has had in the financial sector.

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