What You Should Know Ahead of the Litecoin Hard Fork

Litecoin has enjoyed a return to the limelight this week and a return to the number 5 spot in the market cap rankings coming off the back of a rally that started off in the early hours of Wednesday morning, with Litecoin surging 49.6% to Thursday’s high $237.72, before easing back to $218.88 at the time of writing.

Litecoin Daily Chart
Litecoin Daily Chart

The rally has come at a time when investor sentiment has been a little edgy following a number of governments and regulators stepping out to discuss their intentions vis-a-vis the cryptocurrencies and the Initial Coin Offering markets.

The latest Litecoin rally has fallen well short of the December rally to an all-time high $304 back, but when considering the fact that the total cryptomarket cap is down almost $400bn from its December highs, expecting to hit fresh record highs would be unrealistic when considering the degree of uncertainty around the outlook towards the regulatory landscape that continues to plague the market.

Litecoin’s rally this week has been an isolated one and, in spite of Bitcoin managing to recover to $10,000 levels this week, the Litecoin gains can be attributed to a number of events.

The team’s planned rollout of LitePay on 26th February and news of Coinbase launching its ‘Coinbase Commerce’ software enabling vendors to accept payments in Bitcoin, Bitcoin Cash, Ethereum and Litecoin has garnered a pickup in interest for the crypto this week, but perhaps of greater interest for the speculative investor has been the talk of a Litecoin hard fork.

Perhaps the very fact that this week’s rally ensued on Wednesday and not on Monday, in response to the announcement of the scheduled rollout of LitePay later this month, is evidence in itself that the 50% gain has come in anticipation of Litecoin’s hard fork this weekend.

The news of a Litecoin hard fork had hit the wires on 3rd February, but as has been the case with the Bitcoin hard forks, there’s no real need to have exposure to the cryptocurrency for any particular period in advance of the hard fork, as long as the investor holds Litecoins at the time of the actual hard fork.

Looking at exchange volumes, Gdax has seen the largest LTC/USD trades over the last 24-hours, accounting for 15.19% of total volume, with Okex coming in second, with 10.74% of total volume, supporting the view that much of the moves this week are attributed to speculative trades ahead of a possible Sunday hard fork, when looking at the material increase in trading volumes. (Data sourced from Coingecko)

On 14th February alone, trading volumes jumped from a previous day 483,460,000 to 2,383,340,000, with volumes exceeding 2,000,000,000 for the first time since the first week of the year rally.

What is Litecoin hard fork?

Litecoin’s hard fork is scheduled for Sunday, 18th February or Litecoin block 1371111 and will result in the creation of Litecoin Cash, as was the case with Bitcoin’s hard fork August of last year.

Holders of Litecoin have been advised that they will receive 10 Litecoin Cash coins for each Litecoin held at the time of the fork.

Unlike Litecoin, the new Litecoin Cash coin (“LCC”) will be run with Bitcoin and Bitcoin Cash’s SHA256 algorithm and not Script that is used for Litecoin.

Other than the mining algorithm used for verifications, the two other key differences to Litecoin will be the maximum supply, with the total supply of LCCs being 840 million coins, compared with Litecoin’s (“LTC) 84 million and the difficulty adjustment, which is every block (DarkGravity) compared with Litecoin’s 3.5 days.

For miners, there will certainly be plenty of incentive to mine for Litecoin Cash, with the SHA256 proof-of-work algorithm enabling miners to use obsolete Application-Specific Integrated Circuits (“Asics”) Bitcoin mining hardware to mine for Litecoin Cash.

According to the Litecoin Cash website, mining difficulty will be recalculated every block, using Evan Duffield’s DarkGravity V3 algorithm from Dash, which reportedly provides more predictable block times as well as network protection from multipool hopping.

Target block time of 2.5 minutes delivers transaction speeds that are 4x faster than Bitcoin, whilst transaction fees are reportedly 90% cheaper than Litecoin.

The LCC team has also implemented a ‘Slow-Start Control’ system in order to prevent dominant early miners from having an unfair advantage, with block rewards starting at 1.25 LCC before growing to 250 LCC over the first 400 blocks after the fork. The first 24 blocks after the fork will be mined at minimum difficulty, following which DarkGravity will adjust the difficulty based on block generation time.

The LCC team are ultimately looking to deliver a fast, cheap SHA256 coin with favorable difficulty adjustment. Current SHA256 miners are limited for choice of coins to mine, whilst also being paid by a cryptocurrency with 10 minute block times.

How to claim your Litecoin Cash?

For Litecoin holders, it is important to store the Litecoins in a private Litecoin wallet and not on an exchange, where holders will have no way of accessing the private key needed to claim LCCs.

It is advised to hold Litecoin in a Litecoin wallet where the holder will have controls of the private keys, such as a desktop wallet Litecoin Core or Jaxx.

If a Ledger is being used, it would be advisable to move the coins from the Ledger to a Litecoin desktop wallet until the fork block takes place.

Litecoin holders are reportedly not required to have wallets open or unencrypted during the fork, with paper wallets and other forms of cold wallets expected to receive LCCs without any issues.

For Litecoin holders, in the interest of safe forking, private keys that hold live coins should never be pasted into any wallet or website in order to claim LCCs. Once the fork has taken place, Litecoin holders should move the Litecoins to a new address and then use the private key from the old address to claim the new LCCs.

At present, the LCC team have stated that no announcements have been made by exchanges supporting LCC that will credit LTC holders with LCC automatically. In the event that Litecoin holders have stored their coins with a 3rd party, it is advisable to inquire about the claiming of Litecoin Cash in advance of the fork, in the event that they have not been transferred to a private Litecoin wallet.

Market Snapshot – Dollar Set to Close the Week On the Backfoot

Dollar On The Backfoot

The dollar continues to be on the backfoot as it is set to close the week in a very weak manner with large losses. But what should give some heart to the bulls is the fact that the dollar is beginning to stage a comeback late in the day. It has to be noted that the euro has been rising and during the first half of the day, it looked as though it was only a matter of time before it breaks through the highs of the range and forces its way to 3 year highs but that has not happened so far. This will be looked at as another failure from the euro bulls and this would also mean that the region around 1.2550 would now be viewed with suspicion and is likely to face a lot of selling if and when the euro gets back there again. Still, there are no specific fundamentals or economic data from the US to justify such a deep weakening of the dollar and hence it is quite likely that the dollar might stage a comeback from here as well. This is what the traders need to guard themselves against and not get carried away by the weakness in the dollar and the strength in the euro.

Cryptos Lose Some Ground

The cryptos have moved lower with the BTC prices back in the $10,000 region but this is something that we had mentioned in our forecast. We had said that the prices are likely to face a lot of resistance in the $10,400 region and with the traders and the bulls needing some rest, it is likely that some profit taking and correction takes place in this area and thats what we have been seeing so far in the prices. We continue to believe that there is still some bullishness left in the market and we should see that in the coming week.

 

Bitcoin Coughs up $10,000 as Cryptos Go Into Reverse

It’s been a good week for Bitcoin this week, with Bitcoin seeing just one day of decline Monday through to Thursday, with Tuesday’s 3.2% fall as bad as it got for the crypto.

While Monday and Wednesday saw Bitcoin see double digit gains, Thursday’s move through to $10,000 levels was the key move of the week. Bitcoin having languishing at sub-$10,000 levels since the start of the month sell-off that saw Bitcoin fall to sub-$6,000 levels.

A lack of regulatory commentary from governments and regulators through the week has certainly eased the negative sentiment towards the cryptomarkets, with levels through the earlier part of the week having been considered on the attractive side for investors.

Thursday’s 8% gain to a closing $10,253.41 was an impressive one considering the fact that all of the limelight through the day had been on Litecoin, it’s Sunday fork and the planned roll out of LitePay later this month.

Interestingly, news of the Spanish government looking to create a tax haven for cryptocurrencies and blockchain techs had little influence on the cryptomarket this morning.

Spain may not be amongst the largest crypto jurisdictions in the world, but regulatory arbitrage is likely to evolve as certain jurisdictions come down hard on the cryptomarkets.

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Through the early part of this morning, Bitcoin has pulled back from a week high $10,300 hit at the start of the day, with some profit taking likely to have contributed to the 1.58% decline to $9,859.97 at the time of writing.

While a negative trend has formed through the morning, we will expect Bitcoin to find support at sub-$9,760 levels, with any fall through $9,760 likely to see Bitcoin pull back to sub-$9,700 levels before any recovery ahead of the weekend.

Bitcoin’s dominance of 35.6% reflects the negative moves across the cryptocurrencies this morning, with only Bitcoin Cash in positive territory amongst the majors at the time of writing, up 5.4% at $1,430.

Across the rest of the majors, Ethereum was down 1.71% to $913.4, with Litecoin down 4.6% to $211 and Ripple down 3.18% to $1.067.

There will be hopes of another Saturday rally that the cryptomarket has become accustomed to in recent weeks, though with Cboe Bitcoin future March contract down $235 to $9,860 this morning, any major rally ahead of the close may well be hold through the middle part of the day.

It’s a 22% gain since Monday’s open and, while it may not be spectacular, some investors will be happy to call it a week.

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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 16/02/18

Bitcoin Cash on the Move

Bitcoin Cash has been a straggler of late, with Bitcoin having outgunned the August fork in recent days.

Bitcoin Cash investors will be mindful of what’s going on with Litecoin and the anticipated roll out of LitePay later this month that could see demand for the Bitcoin clan fall in the coming months.

While some of the major cryptocurrencies made solid gains on Thursday, Bitcoin Cash was certainly behind the curve, gaining just 1.83% to end the day at $1,356.7, in what was a day of tight ranges for the crypto.

Holding on to $1,300 levels was key for the day however, with Bitcoin Cash not needing to test its first major support level.

This morning has been an altogether different story however, with Bitcoin Cash hitting the ground running at the start of the day, surging 9.33% to $1,483 at the time of writing.

For the Bitcoin Cash bulls, the good news is that there’s some daylight between Bitcoin Cash and Litecoin by market share, with Bitcoin Cash’s market cap rising to $25.8bn. The bad news is that Bitcoin Cash has broken through its first two major support levels, with an intraday high $1,545. Any push through $1,545 levels and beyond will likely face stern resistance, though if the start of the day is anything to go by, a move through $1,550 could see Bitcoin Cash make a move for $2,000 levels.

BCH/USD 16/02/18 Hourly Chart

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Litecoin Consolidates

Litecoin had a day of two halves on Thursday, with an early $237.72 spike bringing the Litecoin rally to an end, as investors continued to speculate on the Litecoin hard fork on Sunday and whether the recent gains came off the back of investors looking to receive the free Litecoin Cash coins after Sunday’s fork.

Litecoin gained 4.8% on Thursday to end the day at $222.02, which was well below the early Thursday levels.

There has been some confusion over the weekend’s Fork, with Litecoin founder Charlie Li and the Litecoin community calling the fork a scam. Time will tell how much of the demand for Litecoin can be attributed to the fork, with investors likely to lock in profits upon receipt of the Litecoin Cash coins, if the moves have indeed been driven by speculative investors looking ahead to the fork.

Things have not started so well for Litecoin this morning however, with Litecoin down 4.46% to $211.35 at the time of writing, reversing most of Thursday’s gains with a bearish trend forming.

We will expect Litecoin to have plenty of support at current levels, with focus being on the weekend fork, LitePay’s roll out and the Coinbase commerce platform that allows vendors to accept payments in Bitcoin, Bitcoin Cash, Ethereum and Litecoin.

On the upside, for the rally to resume, a move back through to $220 levels will be needed for Litecoin to test its first major resistance level of $238, though this may be a step too far ahead of the Saturday rallies that the cryptomarket has become accustomed to.

LTC/USD 16/02/18 Hourly Chart

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Ripple Struggles on

It’s not been the best of weeks for Ripple, with Thursday’s 3.3% fall to an end of day $1.1088 all but removing the chances of a rally ahead of the weekend.

At the time of writing, Ripple was down 0.86% to $1.0913, with the majority of the crypto frontrunners in the red in the early part of the day.

Success stories this week have failed to spur appetite for Ripple, with news of the Saudi Arabian Monetary Authority signing a blockchain deal with Ripple having little impact and that comes after news of Western Union also looking to give Ripple a try.

Based on how the market responds to positive and negative news, it’s still some way off performing in a more orderly manner and until it does so, a lot of investors will continue to sit on the side lines, barring the odd speculative trade.

For the day ahead, Ripple will need to move back through $1.10 levels to avoid testing its first major support level of $1.0634, which has already been tested once this morning, suggesting that a steeper fall could be on the cards should Ripple not make a move soon.

XRP/USD 16/02/18 Hourly Chart

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Alt Coins Price Forecast February 16, 2018, Technical Analysis

Bitcoin Gold

Bitcoin Gold traders did very little during the trading session, essentially ending the day down 0.75% or so. The $150 level above looms large as resistance, as it was significant support previously, and volume is not strong enough for me to feel comfortable buying at this point. I think if we can break above the $150 level with a bit of volume, then we could probably go towards the $200 level after that. Otherwise, we will probably roll back over looking for buyers underneath to pick the market up.

BTG/USD DASH USD and XMR USD Video 16.02.18

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BTG/USD daily chart, February 16, 2018
BTG/USD daily chart, February 16, 2018

DASH/USD

DASH traders went back and forth during the session on Thursday but found the 20 SMA on the Bollinger Bands indicator to be supportive enough to let the market. The $700 level was the scene of support previously, and it should be resistance now. I think it is a hard fight to the $800 level above, and I think that the occasional short-term pullback is likely. However, you can see that on the chart I have a downtrend line that has been broken, so I do believe that DASH is going to start picking up value again. $800 will loom large though, and probably take several attempts to finally break above. At this point, $600 looks to be very supportive.

DASH/USD daily chart, February 16, 2018
DASH/USD daily chart, February 16, 2018

XMR/USD

Monero markets did very little during the day, but the one thing that they did manage is to rally after a slight pullback. That’s a good sign, as we are forming a hammer just below the $280 level, an area that has been support in the past. However, I see a zone of resistance extending to the $325 level, so although I am bullish of this market, I think that it is going to be difficult to get to that level. I think we’re going to see more of a grind than anything else, so being patient will be crucial. Pullbacks to the $250 level should be reasonably supported.

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Monero/USD daily Chart, February 16, 2018
Monero/USD daily Chart, February 16, 2018

Bitcoin Price Forecast February 16, 2018, Technical Analysis

BTC/USD

Bitcoin markets rallied a bit during the trading session again on Thursday, reaching towards the $10,000 level, an area that was previously supportive. By breaking down through there, we caused a bit of a panic, but as you can see volume has picked up over the last several sessions. This is a good sign, but we need to see the $10,000 level broken significantly, and preferably, with a significant amount of volume as it will show a bit of confirmation. If we get that, then I think Bitcoin can continue to rally but I think the days of making 20% in a few short hours are probably done.

BTC/USD Video 16.02.18

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BTC/USD daily chart, February 16, 2018
BTC/USD daily chart, February 16, 2018

BTC/JPY

Bitcoin rallied significantly during the trading session on Thursday, not so much in volume or price, but in psychological importance. Breaking above the ¥1 million level is important and should attract a lot of attention. I think there’s a lot of noise between here ¥1.2 million, but it’s likely that we will try to get there. This is the most important Bitcoin chart to watch, as 40% of traffic comes out of Japan. Because of this, I believe the market will continue to go higher, but could be noisy. I also think that a lot of retail traders are probably a bit skittish at this point, and this can be seen by the tamer gains that we have seen over the last several sessions. We may be entering a more mature market, which could keep retail traders away. After all, most of them have gotten into the crypto currency space because of the fast money. Those days are probably over, at least for the near future.

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BTC/JPY daily chart, February 16, 2018
BTC/JPY daily chart, February 16, 2018

Bitcoin and Ethereum Price Forecast – BTC Prices Push Through $10,000

Bitcoin prices continued to move higher and finally managed to break back through the $10,000 region in what can be viewed as a significant achievement as far as the bulls are concerned. The strong resistance region of $10,400 is nearby by the cross of the psychologically important region of $10,000 should instill a sense of confidence among the bulls in bitcoin and should also encourage those on the sidelines to seriously consider getting back into the bitcoin markets again. The worst seems to be over, atleast for the time being, and this is one of the reasons why the BTC prices have been moving higher over the past couple of weeks.

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BTC Prices Buoyant

The market is also awaiting the return of the Chinese traders but whether they would have an impact on the markets as they used to is something that remains to be seen. But the BTC prices seem to be doing well even without them onboard and being away on holiday. There have not been much fundamental developments in the industry over the last 24 hours except for the usual calls for more security and more regulation from the various leaders and central banks and the authorities as well, especially in the light of some hacks that have been happening at the various exchanges.

Bitcoin 4H
Bitcoin 4H

The ETH prices had been tracking the BTC prices quite closely since the beginning of the week but they seemed to have lost touch from yesterday as one of the developers in Ethereum has had to resign due to legal issues that he has had to deal with. This is considered as a temporary setback to the ETH market and as a result of that, its progress towards the $1000 seems to be on hold for now.

Forecast

Looking ahead to the rest of the day, expect some slowing down of the move higher in the BTC prices as it enters a region of selling and this could affect the ETH prices as well as we head into the weekend. This could lead to some consolidation and ranging in the coming days.

Market Snapshot – Markets Rise Steadily

BTC Crosses $9000

The crypto markets have been moving higher in a calm manner over the last 24 hours as the BTC prices push through the $9000 region and now trade near the $9500 region. We seem to be building up nicely for the return of the Chinese traders to the markets next week after they are back from their New Year holidays but it remains to be seen how much impact they will have in the market. Over the previous years, we could have easily said that their return would have a large impact but with the banning of trading in China, we will have to wait and see whether this year, there would be any change in the impact. The next target for the bitcoin bulls should be the psychologically important region of $10,000 and once they breach that, it is likely that the bull would get a second wind and it is also likely that those on the sidelines would be encouraged of the bull run and try to jump in and this would only accelerate the bullish leg. Of course, all this is dependent on the assumption that there would not be any negative news for the industry in the coming days which has been the bugbear for the BTC prices over the last few weeks.

Stocks Steady

The stock markets around the world trade in a calm and steady manner over the last 24 hours as the inflation data and the retail sales data from the US came in in a mixed manner which pushed back the dollar and gave a boost to the stock markets. This is likely to last for the short term but the bulls continue to be wary of the next move lower. We believe that this round of downtrend is done for now and we should see the markets moving higher in the coming days. Whether this would just be a correction of the downtrend and hence small in size or a full blown reversal is something that we have to wait and see in the short term.

Crypto Update: Calm and Collected Trading for Cryptos Seen

A petition regarding ICO’s has been sent to the SEC asking for the right to update accounting and auditing. And South Korea has issued new mandates regarding cryptocurrency trading.

Cryptos Gaining and Regulation Questions Lurk, SEC Petitioned on ICOs

Cryptocurrencies have continued to perform well this week as most of the major assets have added value. Questions and concerns regarding regulations are still ripe, and South Korea has announced today it will crack down on bank accounts which are held by corporations which trade anonymously. And in the States, the Securities Exchange Commission has been sent a petition asking that Initial Coin Offerings which have already taken place, be given the right to file updated accounting and audits. This would help the ICOs comply with new regulations in an effort to provide more clarity for investors and help overall supervision.

Bitcoin Still Adding Value, Solid Advance Since Feb 6th Low Water Mark

Bitcoin has continued to add value this week and is near 9870.00 U.S Dollars per coin. After touching lows of near 7800.00 on Sunday, the cryptocurrency has progressively added value without any major downturns. Important support continues to be around 7,700.00 and resistance could grow strong near the 11,000.00 juncture. Bitcoin has experienced a rough past month, but it has been able to gain steadily since falling below the 6,000 U.S Dollar mark on February the 6th.

BTC/USD 4H Chart
BTC/USD 4H Chart

Russian Agency Asking for Stricter ICO Requirements

Russia is taking a harder look at Initial Coin Offerings. The Ministry of Communications has stated it would like to see new requirements for ICOs before they can legally proceed in the country. One of the mandates would include the stipulation for a minimum value of 100 million Rubles to be enforced before an ICO can effectively launch.

Crypto Conference About to get started in Dallas, Texas

A Bitcoin, Ethereum, and Blockchain Super Conference will start in Dallas, Texas tomorrow and last throughout the weekend.

  • 16-18th, U.S, Bitcoin, Ethereum, and Blockchain Super Conference

Yaron Mazor is a senior analyst at SuperTraderTV.

SuperTraderTV Academy is a leader in investing and stock trading education. Sign up for a class today to learn proven strategies on how to trade smarter.

Litecoin Technical Analysis – Resistance is Futile 15/02/2018

Key Highlights

  • Litecoin hit an intraday high 219.04 on Wednesday, before easing back ahead of the close to end the day up 37.8% at $219.04.
  • A bullish trend continues through the early part of Thursday, with Litecoin up 10.33% to $233.74 at the time of writing.
  • Litecoin’s first major resistance level of $241 has yet to be tested, with this morning’s intraday high $237.72 falling short.

Litecoin Price Support

Litecoin has been the trailblazer this week, up 56.6% from Monday’s open, with Litecoin having smashed through its resistance levels this week.

Following a mixed start to the day, the major cryptocurrencies are in positive territory and for Litecoin, a move through its first major resistance level is going to be needed to avoid a pullback to its 23.6% FIB Retracement of $205.27.

While Litecoin has been on the move this week, there has been some uncertainty over the cause of the move, with some speculation over the possibility of a Litecoin fork and creation of Litecoin Cash being considered as one of the key drivers. The anticipated roll out of LitePay on 26th February will also be a factor and, with Litecoin’s founder Charlie Li having talked down the possibility of a fork, LitePay will likely be the main reason behind the moves this week.

Litecoin’s market cap is up to $12.58bn and Bitcoin Cash continues to be the next target, though some care will be needed in the days ahead to ensure that there has been no influence on Litecoin from the fork chatter from earlier in the week.

On the downside, a fall through the 23.6% FIB Retracement level could see a more significant pullback to test $185 and $177 support levels, with such a move likely to affirm the views of those who have attributed the rise to fork talk and nothing else.

We will expect Litecoin to ease off today’s highs, however, as Litecoin stalled at $233 this morning, though the declines are unlikely to be significant with plenty of support at current levels, with the speculative investor looking to jump in, on hopes of a rally through to $400 and beyond.

Looking at the Technical Indicators

  • Major Support Level: $177.8
  • Major Resistance Level: $241.4
  • Fib 23.6% Retracement Level: $204.27
  • Fib 38% Retracement Level: $185.19
  • Fib 62% Retracement Level: $152.73

Bitcoin Holds on, While the Litecoin Rally Kicks in Again

Bitcoin reversed Tuesday’s losses with interest on Wednesday, gaining 10.5% to end the day at $9,395.83.

While Bitcoin moved in the shadows of Litecoin through the day, it was an important move, with the Cboe Bitcoin futures market having pinned Bitcoin back of late.

Bitcoin managed to outperform Bitcoin Cash on the day, in spite of speculation that Bitcoin Cash could ultimately take over Bitcoin as an alternative to fiat money.

A lack of regulatory news chatter through the day certainly contributed to Bitcoin moving through its first two major resistance levels on the day.

Breaking through $10,000 was a step too far however, with Bitcoin having last touched $10,000 levels at the beginning of the month.

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At the time of writing, Bitcoin was up 2.62% to $9,740, with Bitcoin having hit an intraday high $9,778.66 early this morning.

A bullish trend formed in the morning and, with Bitcoin dominance hitting 35%, there has been building support for the crypto in spite of more broad based gains seen across the major cryptocurrencies on Wednesday.

Moving through $10,000 may be quite a test however, with Bitcoin currently facing its first resistance level at $9,772. A break through to $9,850 would support an attempt at $10,000, though investors may look to lock in gains and wait for the next rally, particularly with Bitcoin up 20.6% since Monday’s open.

Adding to the tug on Bitcoin will be the Cboe Futures Bitcoin March contract, which is sitting at $9,710, up $440 for the day. This week’s moves have been driven by the cryptomarket rather than the futures market, but we continue to expect some influence from the futures market.

For the day ahead, any sideways moves could see Bitcoin fall back to $9,500 levels, though we would expect support to kick in well before its first major support level of $8,762, with sub-$9,000 levels an unlikely end to the day.

The good news for the Bitcoin Bulls will be the fact that money is coming back to the table and it’s getting its fair share, with Bitcoin’s market cap now up to $163.8bn, recovering from last week’s $103bn low.

Elsewhere, Litecoin’s shadow gets every larger, with Litecoin up 10.30% to $233.67, while Ethereum continues to struggle to recapture $1,000 levels, up just 1.5% to $934.19 at the time of writing.

For Litecoin, the market will need to see whether the recent rally was as a result of the announced launch of LitePay or as a result of the Litecoin Cash fork talk. If it’s the latter, the broader market could fall foul of a sell-off, as the news would be considered as yet another market manipulation that will likely garner even greater attention from regulators and governments.

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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 15/02/18

Bitcoin Cash Sees Red

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

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Bitcoin and Ethereum Price Forecast – The Price Rise Continues

The BTC prices continued to move higher over the last 24 hours as the prices broke through the $9000 region and now trade near the $9500 region and it looks as though it is set to challenge the $10,000 region in due course of time. The fact that this is happening as we heard towards the end of the holidays in China seems ominous for the bulls and if the past history is anything to go by, we should see the prices accelerate higher in the coming week or two. The amount of crackdown and regulatory news in the market also seems to have died down a bit and this has also helped to reduce the jitters among the traders and investors.

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BTC Prices Rise Through $9000

As we have mentioned, the prices had been hit hard last month on the back of a lot of bad press and bad news from the various leaders and regulators and at one point of time, it looked as though the prices would slide into oblivion. But as has been the case since the beginning of the bitcoin market, the prices have shown a lot of resilience over the last couple of weeks and they have managed to stage a strong bounce during this period and the rise has been slow and steady and not as violent and volatile as it usually is. This shows that the speculators have been shaken out and it is more about the bigger traders and investors in the market now.

Bitcoin 4H
Bitcoin 4H

The ETH prices have also been rising steadily higher and yesterday, we saw the prices break through the $900 region and it looks set to challenge the $1000 region in the short term. Like the BTC prices, the prices of ETH have also risen in a slow and steady manner which should give a lot of confidence to the traders for the bull run to continue.

Forecast

Looking ahead to the rest of the day, we do not have any major fundamentals to drive the prices in either direction and so we can expect some consolidation to happen with a bullish bias as the BTC prices get ready to challenge the $10,000 region and the ETH prices get ready for the $1000 challenge.

Ethereum Price Forecast February 15, 2018, Technical Analysis

ETH/USD

Ethereum markets rallied against the US dollar during trading on Wednesday, breaking above the $850 level and looking to threaten the $900 level. On a break above that area, I anticipate that the market will go looking towards $1000. Volume is still a little bit late, so a pullback is probable, but that pullbacks could be thought of as value that traders are willing to pick out. I ultimately believe that the market will try to go to the $1000 level, but we need to pick up the volume and the impulsivity to make that happen. Remember, Ethereum markets are very thin so it isn’t like trading stock markets, volume matters as there just aren’t as many participants.

ETH/USD Video 15.02.18

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ETH/USD daily chart, February 15, 2018
ETH/USD daily chart, February 15, 2018

ETH/EUR

Ethereum markets rallied against the Euro as well, breaking above the €700 level. By doing so, the market looks as if it is ready to challenge the €750 level, and then the important €800 level. Volume is still very thin, but during an accumulation phase this isn’t something that is to be unexpected. I believe that the “smart money” is getting involved, and they move above the €800 level would probably bring in more retail traders. This will be especially true if we can get volume with that move. On a spike in volume in a clearance of the €800 level, I feel that this market takes off again.

Between now and then, it looks as if short-term pullbacks will offer buying opportunities as the €600 level should offer support. A breakdown below that level would obviously be very negative.

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ETH/EUR daily chart, February 15, 2018
ETH/EUR daily chart, February 15, 2018

Alt Coins Price Forecast February 15, 2018, Technical Analysis

BTG/USD

Bitcoin Gold rally during the session, breaking towards the $130 level. Volume did pick up a little bit so that’s a good sign, if we can clear the $140 level we will open the door to the $150 level next. Breaking above there on volume could send this market much higher. In the meantime, it looks as if it is a buy on the dips scenario.

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BTG/USD DASH USD and XMR USD Video 15.02.18

BTG/USD daily chart, February 15, 2018
BTG/USD daily chart, February 15, 2018

DASH/USD

DASH traders rallied significantly during the trading session on Tuesday, breaking towards the $675 level. A clearance of this area, and perhaps even the $700 level should send this market much higher. It would confirm a bit of a bottoming pattern, as volume is picking up. At this point, I say odds probably favor this move and $800 will almost certainly be targeted. At that point, I would expect a lot of noise, so I would not anticipate that DASH will sliced through $800 so quickly. We will probably need to have several attempts before breaking out above that level.

DASH/USD daily chart, February 15, 2018
DASH/USD daily chart, February 15, 2018

XMR/USD

Monero traders rally during the day as well, gaining over 10% as I record this video. It looks as if the market is ready to reach towards the $275 level, and then by extension the $300 level. It now looks as if the $225 level is going to offer a “floor” in the market. We are bit overbought, so a pullback would make sense, but I think that pullbacks will only offer buying opportunities for those who are patient enough. Volume has picked up a bit, which has been anemic in the Monero markets as of late.

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Monero/USD daily Chart, February 15, 2018
Monero/USD daily Chart, February 15, 2018

Bitcoin Price Forecast February 15, 2018, Technical Analysis

BTC/USD

Bitcoin markets got a boost during the Wednesday trading, as it looks like we are going to threaten the $10,000 level. It is at that level that I think a breakout would mean something. In the meantime, it looks as if we are trying to form some type of bottoming pattern, and a break above the $10,000 level would confirm that. Volume picking up would be necessary, so at this point I suspect there is still a bit of trouble above just waiting to happen. $10,000 is going to make or break Bitcoin in the near future and lead us to the next phase of trend. Ultimately, volume is going to be the most important indicator to follow.

BTC/USD Video 15.02.18

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BTC/USD daily chart, February 15, 2018
BTC/USD daily chart, February 15, 2018

BTC/JPY

Bitcoin markets rallied against the Japanese yen as well, challenging the ¥1 million level. If we can break above this on a daily close, I think that it will convince traders to come back into the fold. It would confirm a bottoming pattern, perhaps some type of complex inverse head and shoulders. If that’s the case, we could be looking at a move towards the ¥1.3 million level based upon the measurement. Volume increasing is something that’s necessary, because at this point I think a lot of retail traders are sitting on the sidelines trying to decide whether to get involved again or not. Many of them have just been decimated in the massive selloff, so of course they will be a bit leery about getting involved. They need direction, and that direction needs to come from institutional traders.

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BTC/JPY daily chart, February 15, 2018
BTC/JPY daily chart, February 15, 2018

Cryptos Stronger as Stability Soothes Nerves

Citibank has banned the use of its credit cards in India for cryptocurrency speculation. The UAE is set to issue new regulations regarding ICO’s in the near future.

Citibank Bans Credit Cards for Cryptos in India, Tax Issues on Rise

Citibank announced early this morning it will no longer allow its credit card clients in India to trade cryptocurrencies. The ban comes in the wake of other banks deciding to quash the use of credit cards to trade digital assets. The India government has made it known it will continue to crackdown on tax issues surrounding profits which are not being reported via traders. It has been reported that over 100,000 notices have recently been sent to cryptocurrency traders in India by the income tax department.

Ripple’s Offers Appealing Speculative Opportunity, Stable Range Short Term

Ripple is near 1.00 U.S Dollar per coin early and its range has been stable this week. After hitting important resistance around the 1.15 juncture on Friday and coming under pressure, Ripple has climbed back from lows of approximate eighty-seven cents. The stability of Ripple in the short term may be appealing for speculators who are looking for an opportunity, which remains extremely cheap compared to Bitcoin and Ethereum – and allows for a greater amount of coins to be speculated upon.

Ripple 4H Chart
Ripple 4H Chart

United Arab Emirates Financial Services Regulatory Authority Taking Action

The broad cryptocurrency market has continued to test short-term highs this week even as regulatory winds continue to build regarding the use of credit cards and issues regarding taxes. The United Arab Emirates Financial Services Regulatory Authority is reportedly close to publishing a new set of regulations regarding Initial Coin Offerings to make sure activities and risks are handled with due diligence.

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Bitcoin on the Move, but in the Shadows of Litecoin

Following a choppy weekend that left Bitcoin in the red, Bitcoin gained 10% on Monday to end the day at $8,922.12, with a relatively quiet day on the news wires providing support to the cryptomarket through the day.

It was a mixed day for Bitcoin on Tuesday, with the first half of the day seeing Bitcoin test sub-$8,400 levels, before making a partial recovery to end the day down 3.2% at $8,608.27.

There has been strong resistance at $9,000 of late, with Bitcoin struggling to break through to Saturday’s $9,090.8 high, which had been touched all too briefly.

Few major cryptocurrencies were able to end the day in positive territory on Tuesday, with Bitcoin amongst the majority that partially reversed Monday’s gains.

In spite of the news wires doing little damage to the cryptomarkets through the first half of the week, investors have remained relatively cautious, which has been reflected in Bitcoin’s dominance levels that have held at 34.7% – 34.9% levels.

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Following Tuesday’s fall, which stemmed from a bearish start to the day that saw losses too great to recoup by the close, sentiment across the cryptomarket has seen some improvement through the early part of the day today.

At the time of writing, Bitcoin is up 3.74% to $8,841.57, easing back from an intraday high $8,915 hit in the last hour, with a bullish trend having developed through the start of the day.

With Bitcoin’s first major resistance level sitting at $8,920, a move through to $9,000 levels will be needed to avoid an afternoon pullback towards this morning’s low $8,504.57, which could test the first major resistance level of $8,328 later in the day.

With the Cboe Bitcoin Futures February contract, expiring today, sitting at $8,870 and the March contract sitting at $8,880, the futures market continues to give Bitcoin little room for manoeuvre, with the ranges sitting tightly against resistance levels.

It feels like a breakout is needed, but whether today is the day remains to be seen.

Elsewhere, Bitcoin Cash continues to sit in the shadows of big brother, currently up 3.74% to $1,263.7, while the story of the day is Litecoin, which is considered by many to be Bitcoin’s main adversary in the battle to become the first viable alternative to fiat money.

Litecoin has managed to hold on to early gains, currently up 14.26% to $181.57, with many in the market having long speculated on whether Litecoin will eventually replace Bitcoin at the top of the crypto tree.

There’s a long way to go for Litecoin to get there, with Bitcoin’s market cap having recovered to $150.4bn, significantly higher than Litecoin’s $10.1bn. But, as we saw with Ripple in late 2017, money can flood in rapidly and when considering where the current total cryptomarket cap sits, there’s around $400bn that has yet to return to the table, and that’s more than enough to propel Litecoin to the top.

It sets up for an interesting showdown at the end of this month and, while early movers embraced Bitcoin and its concept and alternative payment method, functionally LitePay must be a far superior platform for the Litecoin team to be rolling it out this month.

Time will tell, but pressure on the alternative true cryptocurrencies is on and this can only be the beginning of more true cryptocurrencies hitting the market.

While we see fiat money come in many forms, whether U.S Dollar, UK Pound or EUR for example, the next debate will be whether there is a place in the world for multiple cryptocurrencies. It’s hard to see the benefit, so who comes out on top could spell the end for the rest.

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Hero Token Swoops in Over $30 Million In Just 12 Hours of Launch

The total contributions Hero Token has received at the time of writing is 36,399 Ethereum, 38 Bitcoin, 1420 Ethereum Classic, 218,000 Ripple, and other amounts of Litecoin and Waves.

When looking at the USD value, it is currently at $ 33,376,556 — visibly lower than what it was days ago but this is bound to jump up to over $40 million once Ethereum climbs back up to $1100.

Meanwhile, the current prices provide a great opportunity for those who either want to buy more HERO tokens or who have not bought HERO tokens yet. You have until February 28. Create an account at membership.herotoken.io to buy HERO tokens. Keep in mind that tokens are issued only at the end of the sale period.

Hero also announced their partnership with Japanese cryptocurrency exchange QRYPTOS just days before the launch of the token sale. This news was welcomed greatly by early investors and those who just bought in or were planning to since it solidifies the liquidity of the token. It’s also an impressive move on the Hero Token team since most ICOs announce their coin listing days or weeks after they complete the funding stages.

While cryptocurrency experts and social media evangelists have been singing to the tune of 2018 is the biggest year for ICOs and cryptocurrencies in general, the market has seen some very strong bearish movement the first two months of the year. Many, however, remain bullish on the future of digital currency amidst strong regulatory forces taking action all over the world. Through the launching of solid new projects such as Hero Token, the chances are high that the market is on an upward trend from here on.

For more information on how to join the Hero Token ICO, visit the website and read through the whitepaper. There is also a strong community on Telegram of over 6000 members which you can join to talk directly with the developers and other investors.

Bitcoin Cash, Litecoin and Ripple Daily Analysis – 14/02/18

Bitcoin Cash in Choppy Waters

It’s been a choppy few days for Bitcoin Cash, which has been gyrated between gains and losses in recent days.

Following Monday’s 5.26% gain, Bitcoin Cash slipped 3.43% to a closing $1,235.8 on Tuesday only to see a reversal this morning, with things looking particularly bullish in the early part of the day.

Through Tuesday, Bitcoin Cash found strong support at $1,200, with a fall to $1,200 levels on 3 separate occasions resulting in a bounce back through to Tuesday’s close.

While investors are all too aware of all of the regulatory chatter that has been driving the cryptomarket of late, a lack of any major negative news was a positive for Bitcoin Cash and the cryptos through the latter part of the day.

At the time of writing, Bitcoin Cash was up 4.67% to $1,275, with its first major resistance level sitting at $1,280. A move through to $1,290 would support a rally to the low $1,300s, with $1,400 levels perhaps a step too far, as investors continue to lock in profits amidst heightened uncertainty.

Strong support will likely continue, with Bitcoin Cash’s first support level sitting at $1,195, though much can change should the news wires begin to churn the regulatory chatter through the day.

BCH/USD 14/02/18 Hourly Chart

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Litecoin on the Bounce

Litecoin fared better than most on Tuesday, managing to consolidate Monday’s 8.2% gain, with a 0.06% rise to end the day at $161.49.

While other cryptocurrencies saw increased volatility through Tuesday, Litecoin was relatively range bound through the day, moving between an intraday high $162 and intraday low $153.4.

There’s been somewhat of a delayed reaction in the markets to news of the planned rollout of LitePay on 26th February, with the market turmoil stemming from the regulatory chatter having overshadowed what could be a game changer, not just for the Litecoin team, but for cryptocurrencies looking to provide consumers and businesses with an alternative to fiat money.

As the ECB has rightly pointed out on its website, Bitcoin has many shortcomings that has ultimately opened the door for the Litecoin team to deliver a product that addresses each and every issue that makes Bitcoin an unlikely alternative to fiat money.

At the time of writing, Litecoin is up 12.96% to $179.5, having broken through its major resistance levels through the first part of the morning.

While we can expect some profit taking to get in the way of Litecoin’s path through to $200, things are looking up for Litecoin investors, with this morning’s moves likely to see talk of $400 and beyond begin to hit the news wires again.

We will still expect Litecoin to be sensitive to regulatory chatter, but with the likelihood that most if not all regulators will classify Litecoin as a true cryptocurrency and not a security, there is some good news to take away from the recent noise.

For the day ahead, a breakthrough to $200 will support a free run at $300 levels, though there will be plenty of resistance at $200, with any stalled attempts to break into the $200s likely to see Litecoin pull back, though support will be strong at its first major support level of $156.

Today could be a poignant day for Litecoin and the Litecoin bulls, with Litecoin now having moved ahead of Cardano in the rankings by market cap, now ranked 5th and sitting behind Bitcoin Cash, its next target.

LTC/USD 14/02/18 Hourly Chart

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Ripple Recovers to $1.00

Ripple was amongst the majors on Tuesday that saw a choppy session eat away at Monday’s 8.2% gain, ending the day down 4.6% at $0.996.

For Ripple investors, $1.00 continues to be the key handle and Ripple has managed to hold on through most of the early part of the week.

The upbeat sentiment towards the cryptomarket this morning, saw Ripple bounce back to an intraday high $1.0483 in the last hour, before easing back to $1.018 at the time of writing, a gain of 3.29%.

For now it looks as though Litecoin has garnered the attention of the market, with Ripple’s successes in the real world having already been priced in.

The day ahead will likely be a choppy one, though we will expect Ripple to continue finding strong support at sub-$0.96 levels, with Ripple’s intraday high $1.0483 having already tested its first major resistance level of $1.0459.

A move through to $1.05 levels would support a run at $1.09, while any sideways moves could see Ripple fall back to sub-$1.00 levels later in the day.

XRP/USD 14/02/18 Hourly Chart

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