Bitcoin Cash, Litecoin and Ripple Daily Analysis – 21/02/18

Bitcoin Cash Sees Red

Bitcoin Cash hit the brakes on Tuesday, more than reversing Monday’s 6.35% gain, to end the day down 8.88% at $1,383.9.

With Bitcoin Cash failing to break through yesterday’s first major resistance level of $1,566, hitting an intraday high $1,555.9, a lateral move through the later part of the day ultimately weighed on support levels, with Bitcoin Cash falling through its first and second major support levels before the day’s end.

The news wires failed to provide any support, with investors quick to hit the sell button at the sign of a negative trend forming. Recent volatility and a February low $758.61 are fresh in the minds of investors and even some positive regulatory chatter out of South Korea was not enough the hold back the end of day decline.

At the time of writing, Bitcoin Cash was down 2.61% to $ 1,354, with today’s first major support level sitting at $1,321. Having fallen through its 23.6% FIB Retracement level of $1,424 through Tuesday’s session, we will expect there to be support at current levels that should avoid a pull back to sub-$1,300.

A move back through to $1,400 levels would hold off another sell-off, while a fall back to test $1,321 may be needed to draw buyers in.

One wonders whether news of Head of South Korea Economic Policy Jung Ki-joon’s death has overshadowed news of the South Korean Government looking to play a supportive role in crypto trading.

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Litecoin Rally Loses Steam

Tuesday was a particularly mixed day for Litecoin, with Litecoin rallying more than 12% to an intraday high $251.9 in the early part of the day, before a choppy mid-session saw Litecoin reverse gains late in the day to end the day up just 2.2% at $227.

Litecoin’s failure to hold on to $250 levels on Tuesday morning was certainly an issue, dashing any expectation of an extended rally to $300 levels on the day.

While Litecoin managed to steer clear of support levels through much of the day, the late sell-off saw Litecoin hit its first major support level of $215 before bouncing back to $227 at the close.

At the time of writing, Litecoin was down 3.18% to $222.21, with the overnight sell-off seeing Litecoin take a bigger hit than most this morning, following solid gains last week.

We’ve yet to see a major sell-off materialize following Sunday’s fork, with Litecoin Cash also holding its ground, up 7% to $7.30 at the time of writing, though things could deteriorate quite rapidly.

For the day ahead, Litecoin’s first major support level sits at $215, which has been tested early on, as investors lock in gains and look for the next rally, while today’s first major resistance level of $245 unlikely to see much interest today.

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Ripple Desperately Holding on to $1.00’s Coattails

There was no fanfare for Ripple through the start of the week, with Ripple trying to hold on to $1.00 levels.

Ripple slumped 8.09% on Tuesday, to end the day at $1.0186, with a bearish trend having formed through the early part of the day that culminated in Ripple testing its first major support level of $0.974 in the last hour of the day.

Ripple investors will no doubt be becoming a little weary of the lack of a sustained rally, with Ripple one of the few cryptos in the market that has a live platform.

At the time of writing, Ripple was down 3.06% to $0.9942, with the negative sentiment through the morning session hitting all of the cryptos, with Ripple’s $0.974 support level in sight.

Any recovery through to $1.0118 could see selling pressure resume should Ripple manage to break through $1.005 levels this morning, which looks to be questionable at the time of writing.

A further fall back to sub-$0.974 levels will open the door to a further decline to test sub-$0.93 levels before any bounce back.

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