Bitcoin Cash, Litecoin and Ripple Daily Analysis – 26/02/18

Bitcoin Cash sees more Red

The weekend turned out to be similar to many others in recent weeks, with Bitcoin Cash hitting a weekend high $1,298.9 in the early hours of Saturday, before a reversal kicked in that saw Bitcoin Cash hit a weekend low $1,129.4, ending the weekend at $1,167.5.

For the week, Monday through the Sunday’s close, Bitcoin Cash was down 19.5% and when looking at the recent trends, a general lack of appetite suggests that more losses are likely to be on the horizon, which could see Bitcoin Cash fall back to sub-$1,000 levels in the not too distant future.

With most of the weekend’s tumble coming on Saturday, down just 0.81% on Sunday, the sideways move through Sunday is unlikely to be seen favourably by the markets, with Bitcoin Cash failing to recover from the week or the weekend’s 6.75% loss.

At the time of writing Bitcoin Cash was down 2.39% to $1,140.6, with the bearish trend that kicked off on Saturday morning continuing through the early part of Monday.

An early attempt to break through its first major resistance level of $1,204 was thwarted at the start of the day, with Bitcoin Cash having briefly hit $1,191 before this morning’s slide set in.

For the day ahead, with Bitcoin Cash’s first major support level sitting at $1,131, any fall through to sub-$1,100 levels could see $1,000 support levels tested, with the cryptomarket lacking any major conviction at present that continues to pin back any hopes of near-term rally.

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Litecoin Testing Better than the Rest

It was certainly a different kind of a weekend for Litecoin, which managed to gain 6.23% on Sunday, whilst the majority of the majors floundered following an early Saturday hop.

Litecoin experienced similar trends to the rest of the majors on Saturday, hitting a day high $218.64 before sliding to a day low $194.85. While the rest of the cryptos struggled to find their feet on Sunday, Litecoin found the much anticipated support ahead of the planned rollout of LitePay today.

The gains were far from spectacular, but with Litecoin hitting an intraday high $223.53 and managing to hold on to most of it by the end of the day, closing at $219, the performance for the weekend was well ahead of its peers.

At the time of writing, Litecoin was down 0.74% to $217.25, with Litecoin having bounced to an intraday high $231.5 in the first hour of the day, before the profit taking kicked in to bring Litecoin back down to earth for the morning.

Litecoin’s first major resistance level sits at $228.2, so this morning’s test should set Litecoin up for a move through to its second major resistance level of $237.5, assuming there is no disappointing news on LitePay’s roll out.

With Litecoin’s first major support level sitting at $205, we will expect support levels to go untested today, with today being a key day for Litecoin investors. If Litecoin can finally buck the crypto trend as it moves into the real world, there could be greater rewards ahead for Litecoin investors.

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Ripple on the Slide

The numbers seem to be getting from bad to worse for Ripple, ending the weekend down 4.34% at $0.902.

Barring an early Saturday attempt at making a run for $1.00 levels, there were no hints of a rally on the horizon, with the bearish trend seeing Ripple struggle to hold on to $0.90 levels by the end of the weekend, having hit a weekend low $0.862 on Saturday evening.

Ripple may have gained 0.6% on Sunday to end the weekend at $0.90206, but relatively speaking, its lost a lot of ground and plenty of support in recent weeks, in spite of the team’s ongoing successes.

At the time of writing, Ripple was down 2.79% to $0.879, with an early morning test of its first major resistance level of $0.9273 sending Ripple back down to sub-$0.90 levels.

It’s been a choppy start to the day, with Ripple having also fallen through its first major support level of $0.8745, with an intraday low $0.8673 and we will expect pressure to remain on Ripple through much of the day and, should sentiment towards the cryptomarkets not improve soon, Ripple could soon be facing the prospect of falling back to sub-$0.8 levels.

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