Bitcoin Cash, Litecoin and Ripple Daily Analysis – 23/02/18

Bitcoin Cash Struggles Early On

It’s been a bad week for Bitcoin Cash, which has fallen 16.8% from Monday’s open to Thursday’s end of day $1,208.9.

While there was no particularly negative news to instigate the bearish trend, late Tuesday was certainly a poignant moment in the week, when the cryptomarket went into reverse after a relatively upbeat start to the week.

Perhaps the weekend was an ominous sign, with investors quick to lock in Saturday’s gains that left Bitcoin Cash and the majority of the front runners in the red for the weekend.

At the time of writing, Bitcoin Cash was down 0.65% to $1,196.7, recovering from an intraday low $1,145.2, which was certainly testing its first major support level of $1,137.

For the day ahead, it’s likely to be another choppy one, with Bitcoin Cash needing to break back through $1,200 levels. Bitcoin Cash’s first resistance level is sitting at $1,309.5, though with Bitcoin Cash’s 23.8% FIB Retracement Level at $1,240.7, selling pressure may well come at lower levels.

The bearish trend does raise questions on whether a weekend rally will be on the cards, the lack of a catalyst and high stakes involved in investing in the cryptos leaving many investors on the side lines at present. This is evidenced by Bitcoin Cash’s market cap that has fallen from last Saturday’s $26bn to $20.55bn this morning, well off December’s $65.9bn high.

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Litecoin Gives up $200

Following last week’s rally, things were looking up for Litecoin and the team through the early part of the week, with Litecoin up 17.5% to a week high $251.9 struck in the early hours of Tuesday.

Lateral moves through the day and a late Tuesday sell-off spelt the end for Litecoin’s week, with Litecoin falling 13% to Thursday’s end of day $186.45, its lowest closing price in 2-weeks.

Following the Sunday fork and Litecoin Cash’s rally to a $9.99 high, it’s been lacklustre ever since and the soft appetite has been broad based, not just limited to a few of the cryptos. The cryptomarket seems to have brushed aside the imminent launch of LitePay, with Litecoin having given up all of last week’s gains in the 2^nd half of this week.

At the time of writing, Litecoin was down 0.17% to $192.67, with Litecoin’s first major resistance levels sitting at around the $200 level, with the 23.8% FIB Retracement level of $201.55 a key test for Litecoin through the morning.

A failure to break back through to $200 levels will likely leave Litecoin on the back foot going into the weekend, though with LitePay’s planned roll out on Monday, we will expect some appetite.

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Ripple needs more than a Rally to hit $1.00

Amongst the three, it’s certainly been Ripple that has struggled the most, down 19% from Monday’s open to Thursday’s end of day $0.864.

There’s always a fear that Ripple could go into free fall once it’s fallen below $1.00 levels and Thursday’s low $0.8582 suggests that investors are particularly nervous when it comes to Ripple.

Having had another bad week and seemingly going nowhere, Ripple’s likely to continue to struggle until such time that investors begin to focus on actual product and success rather than continue speculating on which of the cryptos is due for a rally.

At the time of writing, Ripple is up 2.35% to $0.9102, with the cryptomarket looking to end the week on a high note, but Ripple’s going to need more than a miracle to close out the week at $1.00 levels, with its first major resistance level sitting at $0.975 and any break through likely to result in further selling pressure at Ripple’s 23.8% FIB Retracement level of $0.9814.

It’s been a bad week and it might just be worth sitting it out in the hope of another Saturday rally.

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