Yahoo Finance Bitcoin Cash, Litecoin and Ripple Daily Analysis – 20/02/18
Bitcoin Holds on to $1,500
Bitcoin Cash enjoyed an upbeat start to the week, rising 6.35% to a Monday closing $1,543.1, just off an intraday high $1,555.9 hit during the final hour of the day.
While Bitcoin has certainly found a new lease of life, Bitcoin Cash continues to look better placed to take on Litecoin and fiat money, with the recent price support coming off the back of BitPay supporting Bitcoin Cash payments. The e-commerce platform is another payment platform that puts Bitcoin Cash up against Bitcoin, where Bitcoin has had previous dominance, as Bitcoin Cash struggled to break the barriers to entry.
At the time of writing, Bitcoin Cash was up 0.86% to $1,532.72, with Monday’s bullish trend having flattened out through the early part of the morning.
For Bitcoin Cash to maintain momentum, a move through its first major resistance level of $1,566 would support further gains through the day. Any failed attempts to break through and Bitcoin Cash could ease back to test sub-$1,500 support level later today, with the first major support level sitting at $1,461.
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Litecoin On the Move
The Litecoin fork has come and gone and Litecoin investors are still there, looking for more upside ahead of LitePay’s roll out on 26th February.
Litecoin gained 4.23% on Monday to end the day at $223.53 and, while the gains may not be particularly impressive, the fact that there was continued support at current levels makes the outlook for Litecoin bullish near-term.
At the time of writing, Litecoin was up 8.29% to $240.51, with Litecoin on a tear this morning, surging from $222.44 to $243.92 in the last hour of trading.
Litecoin Cash may have jumped more than 400% on its first 24 hours of trading, but there’s a long way to go before Litecoin Cash can give the likes of Litecoin and Bitcoin a run for their money.
If the markets were expecting Litecoin to collapse in the wake of the Litecoin fork, this morning’s gains, which come off the back of Monday’s upside, suggests that there is more to the rally than some free coins…
For the day ahead, this morning’s surge broke through Litecoin’s first two major resistance levels, with the day’s 3rd resistance level of $245 a step too far for Litecoin early on.
With support levels some way off, we will expect Litecoin to hold off any material downward moves through the day, with Litecoin needing to hold above $235 to have another run at $245 later today.
Litecoin investors will certainly be rubbing their hands, with last week’s rally and this morning’s gains, not to mention Litecoin Cash’s 400 plus percent rally, it’s been a fruitful endeavour
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Ripple Bucks the Trend
Ripple had a relatively choppy start to the week, with a bullish start to the day going into reverse to leave Ripple up 4.29% to $1.1134 by the close.
It looks as the Ripple wasn’t invited to the crypto party this morning. At the time of writing, Ripple was down 0.17% to $1.0169, with Ripple among only a handful of cryptos to be in the red through the early part of the day.
The other two in the red at the time of writing were Stellar Lumen and NEM’s XEM, with Stellar Lumen and Ripple seeming to be more correlated than most in recent weeks.
For the day ahead, things continue to look bearish, with Ripple’s first support level of $1.064 having already been tested this morning, as Ripple hit an intraday low $1.063.
We will expect Ripple’s first resistance level of $1.146 to go unchallenged today, with Ripple needing to move through to $1.2 levels early on to have a chance.
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This article was originally posted on FX Empire
