Bitcoin Cash Slide Subsides
A promising start to Saturday’s session ended in yet another tumble for Bitcoin Cash, which has had a dire start to the year.
The moves through Saturday were somewhat reminiscent of weekends past, with each weekend experiencing a single sharp rally that comes to an abrupt end, the only difference being the spread between the highs and lows.
Last weekend, the Bitcoin Cash rally kicked in late Saturday and came to an end in just a few hours, with Bitcoin Cash hitting a weekend high $1,630, an intraday gain of 7.77%, before tumbling to $1,392.3 just a few hours later.
This Saturday’s moves were certainly shallower, Bitcoin Cash moving to a Saturday high $1,298.9, an intraday gain of 3.75%, before falling to a low $1,129.4. Bitcoin ended the day down 6.05% with a closing $1,176.2.
As the moves shallow and the lengths of the rallies shorten, one could argue that the crypto fad is beginning to pass, as the cryptomarket and blockchain tech passes through its phases. Certainly without a major catalyst to draw in investor money, the only money left is the one looking to make a quick buck and that’s never going to be good for those looking for a resilient market.
It would explain the shallower rallies, with investors wanting to avoid getting caught out in a sell-off.
At the time of writing, Bitcoin Cash was up 0.12% to $1,180, with Bitcoin Cash likely to face plenty of resistance at $1,200. A move through to $1,200 levels would support a test of the first major resistance level of $1,263, though recent weekend trends suggest that any intraday gains will likely be coughed up before the end of the day.
Bitcoin Cash’s first major support level sits at $1,126, which could come into play later today should it fail to push through to $1,200 levels and beyond its first major resistance level.
Litecoin Testing Support Levels
Things may have been looking up for Litecoin ahead of Monday’s launch of LitePay, but it didn’t last long and Litecoin’s weekend rally fizzled out before the midway point on Saturday, in what was a broad based reversal.
Litecoin ended the day down just 0.44% on Saturday, pulling back from an intraday high $218.65 to end the day at $205.61.
Investors appear to have a lack of interest this morning, with Litecoin down 0.56% to $204.99 at the time of writing.
For the day ahead, any rally ahead of Monday’s LitePay launch will face its first major resistance level at $218 and, while Litecoin sits in the red and trailing the cryptomarket at the time of writing, we will expect plenty of support at sub-$200 levels, with Bitcoin Cash’s first major resistance level sitting at $189.6.
Ripple Sees another sub-$1.00 Day
Barring a spike on Thursday, Ripple hasn’t sat at $1.00 levels since Wednesday, with Saturday providing little comfort to Ripple investors in search of a bounce back from the week’s losses.
Ripple slid 5.05% on Saturday, with an intraday high $0.9708 well short of its first major resistance levels and $1.00, while support levels were tested on a number of occasions through the day.
There’s a general lack of appetite for Ripple and its market cap is continuing to shrink, now at $36.77bn.
At the time of writing, Ripple was up 1.11% to $0.90666, with the markets enjoying a partial reversal to Saturday’s slide in the early part of the day, though for how long the markets can move ahead remains to be seen.
Ripple’s first major support level sits at $0.9568, which may be a step too, with sentiment towards the cryptocurrencies unsupportive of a major rally ahead of Monday’s open.
Ripple’s first support level sits at $0.848, which could be tested later in the day should Ripple fall back to sub-$0.90 levels and move towards its intraday low $0.8752.
This article was originally posted on FX Empire
More From FXEMPIRE:
- Oil Price Fundamental Weekly Forecast – Libyan Pipeline Shutdown Offsetting Impact of Firmer U.S. Dollar
- Bitcoin Up, but for How Long? Sunday’s Have not been Kind of Late
- Crude Oil Price Update – Going to Need Strong Upside Momentum to Sustain Rally
- U.S Mortgages Rates: Up for a 7th Week in a Row
- Crude Oil Price Update – Strengthens Over $63.15, Weakens Under $62.15
- Bitcoin Cash, Litecoin and Ripple Daily Analysis – 25/02/18