Bitcoin Cash Moving South
It was an upbeat weekend for Bitcoin Cash and the cryptomarket, with Bitcoin Cash rallying 11.43% to $1,773.6 by Sunday’s close, just shy of an intraday high $1,787.7, hit midway through Sunday.
For investors, the good news was that the gains held on through to the close, with investors having previously pulled out well ahead of Monday’s open.
The bad news is that, while the weekend traders held on, the Monday club locked in profits at the open, with Bitcoin Cash sliding 3.68% to a $1,700 low within the first hour before moving back to $1,715 at the time of writing, down 2.58% for the day.
It’s a sea of red this morning, as investors wake up from the weekend rally pondering on what lies ahead for the week. There’s plenty of uncertainty from a regulatory perspective and that doesn’t bode well for those looking for a smooth upward trajectory for Bitcoin Cash and its rivals.
For the day ahead, holding on to $1,700 levels will be key, with a move back towards today’s open supporting a run up towards $2,000 levels, with the weekend rally likely to provide investors with some confidence at the start of the week, to offset some of the negative sentiment that continues to plague the market.
Litecoin Holds Takes a Hit
Investors may have woken with delight in the early hours to see Litecoin holding on to $180 levels, but it could have been a far more impressive story, had Litecoin held on to Sunday’s gains.
Cryptocurrency stability is becoming an important consideration for investors and Litecoin certainly lacks the level of support enjoyed by some of its peers.
Litecoin gained 7.16% through the weekend to close out on Sunday at $188.29. This was well off a weekend high $192.47 hit late on Sunday and even with the intraday high, Litecoin would have had a disappointing weekend, relative to its peers.
Through the early part of the day, Litecoin is down 4.7% to $182.13, sitting perilously close to this morning’s intraday low $181.11.
To make matters worse for the Litecoin team, Litecoin has fallen to number 8 in the market cap rankings, with NEO moving up a place to 7th, with its market cap sitting just above Litecoin’s $10.26bn. Things could get from bad to worse if EOS makes a move, sitting $1bn below Litecoin.
Litecoin’s issue will be that investors will begin to look elsewhere, if they haven’t already and, while managing to hold on to $180 levels through the early part of the day, it will likely be the first to tumble on any negative chatter.
For the day ahead, it’s looking bearish, though we will expect some support at sub-$180 levels that should ease the pain at the start of the week, with the crypto news wires having been relatively silent till now.
Ripple’s Weekend Splash Comes to an End
It was a solid weekend for Ripple, which gained 11.59% through to Sunday’s $1.3438 close, with only Ethereum outmuscling Ripple through the weekend amongst the majors.
There will be some relief amongst Ripple investors, with Ripple managing to touch a weekend high $1.4073 late on Sunday, which supports the view that, while Ripple has struggled since its early January high, there’s plenty of interest on the side lines ready to jump in.
By Ripple standards, an 11.59% gain is neither here nor there, but relative to some of the other cryptocurrencies, it’s a positive and for now investors will need to consider the Theory of Relativity.
At the time of writing, Ripple was down 3.67% to $1.317 with losses being seen across the cryptomarket. Ripple’s solid gain over the weekend left it with more to lose at the start of the week.
Profit taking going into Monday was evident as Ripple slid 6.72% to $1.2898 and then on to an intraday low $1.275 before recovering to $1.3 levels.
It’s likely to be a choppy day ahead however and, while Ripple will find support at sub-$1.30 levels, a pull back to $1.28 could see this morning’s intraday low tested, with $1.40 levels likely to be out of the question today.