Yahoo Finance Bitcoin Cash, Litecoin and Ripple Daily Analysis – 03/03/18
Bitcoin Cash in Search of a Weekend Rally
Bitcoin Cash spent Friday relatively range bound, falling just 0.43% on the day, to end the week, Monday through to Friday’s closing $1,277.5, up 9.34%.
The gains through the week were among the highest across the major cryptocurrencies, with only big brother Bitcoin outperforming through the week.
The key milestone for Bitcoin Cash was breaking back through to $1,300 levels after hitting a week low $1,130.8 on Monday.
Negative news through the week was limited to the SEC’s ongoing probe into the initial coin offering market in the U.S, while tax agencies across world are beginning to clamp down on tax evaders. It’s currently unclear what impact this will have on the broader market, with much depending upon what disclosure requirements will be introduced down the road.
Following the week’s gains and the lack of any major negative news, it’s been a positive start to the weekend, with Bitcoin Cash up 1.9% to $1,296.1 at the time of writing.
A move through to $1,300 levels reversed in the early part of the day, with Bitcoin Cash hitting an intraday high $1,298.5, short of its first major resistance level of $1,305.
Failing to break through its first major resistance level through the early part of the day could see Bitcoin Cash go into reverse and test its first major support level of $1,250, which could lead on to a fall through to sub-$1,200 levels before the end of the weekend.
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Litecoin Ends the Week on a High
Litecoin ended the week, Monday through to Friday’s closing $212.77, down 2.78%, though things could have been much worse, if it wasn’t for a bounce in the final hours of the day that saw Litecoin move from $206 to a day high $216.75 in the final hour.
The bounce led to a 1.7% gain for the day on Friday, following on from Thursday’s 3.51% rise, but was not enough to offset the slides mid-week.
Litecoin has lacked direction since the rally in the week leading up to the Litecoin fork and the roll out of LitePay, with investors still in search of the next crypto rally.
At the time of writing, Litecoin was up 1.11% to $214.36, with the weekend rally kicking off early. An intraday high $217.5, fell short of today’s first major resistance level of $218.15, with a move through to $220 levels needed to support a run through to $230 before the end of the weekend, though we will expect resistance to be on the stronger side through the latter part of the weekend.
Any pullback through to sub-$210 levels will likely test Litecoin’s first major support level of $205.98, with any pullback to sub-$200 levels unlikely this weekend, barring negative news hitting the wires.
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Ripple Spends another Day at Sub-$1.00
Ripple has had a tough time of it of late, with Ripple last touching $1.00 levels on Friday, 23rd February and even then Ripple was unable to $1.00 levels by the close.
For Monday through to Friday’s end of day $0.89588, Ripple ended the week down 1.03%, with Friday’s 1.75% loss pulling the crypto in the red for the week.
Positive news continues to provide little support for Ripple, with direction continuing to be hinged on investor sentiment towards the broader market.
Over the last few days, news of South Korean banks looking to adopt Ripple’s remittance network and Workforce and Fleetcor Technologies trialling Ripple’s xRapid platform did little to support Ripple.
Going into the weekend, Ripple was up 0.92% to $0.90429 at the time of writing, with this morning’s intraday high $0.94427 breaking through its first major resistance level of $0.92127, while falling just shy of its 2nd major resistance level of $0.94665 before going into reverse.
Investors have been quick to jump out of rallies however, with Ripple struggling to hold on to $0.90 levels.
A pullback through to $0.90 will see Ripple test its first major support level of $0.87563, which has already been tested this morning, with Ripple’s intraday low $0.87153.
While the cryptos are in positive territory this morning, Ripple investors are likely to see a choppy day ahead.
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This article was originally posted on FX Empire
