It was a positive day for the cryptomarkets on Wednesday, with Bitcoin Cash gaining 8.8% to end the day at $1,325.8, as Bitcoin Cash broke through $1,300 levels for the first time since last Saturday’s rally.
An intraday high $1,376.9 was not enough to spur a move through to $1,400 levels, with plenty of resistance on approach to $1,400 causing a pull back at the close.
Through the early part of this morning, it’s been a choppy start to the day, with Bitcoin Cash pulling back from an intraday high $1,353.6 to $1,335.7 at the time of writing, a 1.09% fall for the day.
While this morning’s fall may not be considered a significant one, the divergence from Bitcoin (+2.2%) is an interesting one, with the major cryptocurrencies seemingly split through the morning.
For the day ahead, greater attention on Litecoin will likely weigh on sentiment towards Bitcoin Cash, though we won’t expect the first major support level of $1,237 to be tested, barring a near-term fall below $1,300 that could trigger a bigger pullback from Wednesday’s gains.
BCH/USD 15/02/18 Hourly Chart
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Litecoin Trailblazing
It was a momentous day for Litecoin and the team on Wednesday, with Litecoin leaving the rest of the major cryptocurrencies in the dust, rallying 37.8% to end the day at $219.04.
The rally may not be any match to last December’s move through to an all-time high $304, but when considering the negative press and general sentiment in the crypto market, the move was certainly an awakening ahead of the launch of LitePay later this month.
Adding to the upside was talk of a Litecoin fork that brings the promise of new Litecoin Cash tokens, though both Litecoin’s founder Charlie Lee and the Litecoin community have talked down the fork, suggesting that it’s a scam.
The fact that there was very little sell-off ahead of the close, with Litecoin having hit an intraday high $222.52 shortly before the end of the day, was a positive going into the day, somewhat softening the speculation surrounding the fork.
It’s been another solid start this morning, with Litecoin rallying 7.57% to $227.88 at the time if writing. If there was ever a time that speculative investors would be jumping in, now may well be it.
Talk of $400 will certainly spur Litecoin and we can expect Litecoin to continue to put pressure on Bitcoin Cash for the number 4 ranking, with Litecoin’s market cap rising to $12.6bn this week.
For the day ahead, Litecoin’s first major resistance level sits at $241. A move through $240 would support a run at $300, though we will expect some profit taking to influence through the day.
LTC/USD 15/02/18 Hourly Chart
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Ripple in the Red but Holds $1.00 levels
Ripple enjoyed a day in the sun on Wednesday, gaining 11% to end the day at $1.09545, with Ripple managing to touch $1.16 levels before easing back ahead of the close.
There’s been plenty of noise of late, but the lack of regulatory chatter has allowed the cryptomarket to recoup some of its current year losses, though there’s a long way to go before Ripple’s highs are reached.
At the time of writing, Ripple was down 0.88% to $1.115, with Ripple’s first major resistance level sitting at $1.179 giving the crypto plenty of room to move should Ripple manage to make a move through $1.15 levels, having hit an intraday high $1.1645 earlier this morning.
We will expect Ripple to continue finding strong support at sub-$1.00 levels, with Ripple’s first major resistance level sitting at $0.992.
XRP/USD 15/02/18 Hourly Chart