Bitcoin Cash Holding Steady Early On
The weekend Bitcoin rally came and went, with the lack of pressure from the futures market seeming to favour the Bitcoin clan over recent weekends.
Bitcoin Cash rallied to a weekend high $2,884 on Saturday before the sell-off ensued ahead of Monday’s open. At the time of writing, Bitcoin Cash is down just 0.58% to $2,505.5, with yet another attempt by Bitcoin Cash to break through to $3,000 for the first time since late December thwarted.
Following last week’s regulatory risk debacle, the markets look to still be licking their wounds and there is good cause to take a more cautious start to the week, with the chatter over the anonymity of the cryptomarkets beginning to build.
While Bitcoin Cash was in the red at the time of writing, the outlook for the day looks relatively positive, supported by Bitcoin’s minor gains in the early part of the day. How the futures markets behave will have an influence however, with Bitcoin Cash yet to deliver a killer blow to Bitcoin and take over the hashrates.
Litecoin Rally Comes to an End
The markets seemed to have little interest to the negative news at the end of last week of Litecoin founder’s insider trading, with Litecoin rallying to a weekend high $268 in the early hours of Sunday morning.
The gains were short lived as was the case across many of the major cryptocurrencies, with Litecoin pulling back to $240.06 by the end of the weekend.
It’s been a pretty non-eventful start to the week, with Litecoin up just 0.13% to $238.19. For those looking for a move to the much talked about $400 levels, it’s looking slightly ominous, with interest in Litecoin having eased in recent weeks.
A failure to move back to $300 levels, since the first week of the year’s high, will be an issue and as the ICO market heats, Litecoin could find itself being left behind, particularly as new players enter the market.
While we will expect strong support at $235 levels, a move through $245 is needed for Litecoin to have a run at its weekend high and a possible move to $300 levels.
Today just may not be the day for it.
Ripple on the Move
Ripple failed to enjoy the weekend gains seen across the Bitcoin clan and Litecoin over the weekend, with Ripple giving up highs coming off the back of the late Thursday, early Friday relief rally.
It’s been a better start to the week for Ripple however, with a gain of 2.55% to $1.8617 at the time of writing.
In spite of the gains, Ripple has struggled however and there’s a long way to go for Ripple to be able to recapture the number 2-spot, with Ethereum likely to get plenty of support with the ICO market getting ready for some major initial coin offerings, including Telegram’s planned $1.2bn fund raiser.
A break through to $1.90 levels should see Ripple move back to $1.20 levels, with Ripple likely to find plenty of support at sub-$1.80.