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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 21/03/18

By:
Bob Mason
Published: Mar 21, 2018, 05:41 UTC

The cryptos are on the move as market sentiment towards a shift in the regulatory landscape improves following updates from the G20.

BTC/USD daily chart, March 09, 2018

Bitcoin Cash Looking Bullish

What a difference a day makes. Over most of the weekend, it was looking as though the cryptocurrency fairy tale was coming to an untimely demise, with Bitcoin Cash sliding to a March $842 low.

Sunday night’s rally kicked in and it’s been bullish since, with Bitcoin Cash rallying from Sunday’s swing lo $842 to a swing hi $1,074 on Tuesday.

Bitcoin Cash rallied 7.09% on Tuesday, to end the day at $1,064, just shy of the day’s intraday high, while managing to close the day above Tuesday’s major resistance level of $1,023.53 and 2nd resistance level of $1,058.75.

It wasn’t all smooth sailing, with Bitcoin Cash falling through the day’s first major support level of $984.6 to an intraday low $949.9, before an afternoon rally kicked in, as Bitcoin Cash approached the day’s 38.2% FIB Retracement Level of $939.6. The news wires were kind to the cryptomarket for once, easing investor jitters through the day, as concerns over a shift in the regulatory landscape continued to plague the market.

At the time of writing, Bitcoin Cash was up 1.23% to $1,074.3, with sentiment across the cryptomarket upbeat through the early part of the day.

An intraday high $1,084 hit this morning fell short of the day’s first major resistance level of $1,108.7, while the morning’s $1,050 low steered clear of the day’s first major support level of $984.6 and 23.6% FIB Retracement Level of $1,109.25, supporting the current bullish trend.

For the day ahead, Bitcoin Cash will need to move through this morning’s high and take a run at $1,100 levels and the day’s first major resistance level, to avoid some profit taking later in the day.

Failure to move through to $1,100 levels could see Bitcoin Cash pull back to sub-$1,000 levels and test the day’s first major support level of $984.6, and buyer appetite at the day’s 38.2% FIB Retracement Level of $985.38, while the 2nd support level of $905.2 will likely remain untested barring the release of negative news through the day.

BCH/USD 21/03/18 Hourly Chart

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Litecoin Hits the $170s

Litecoin gained 5.05% on Tuesday to end the day at $169.38 and make it 3 consecutive days in positive territory, following Sunday’s 7.9% tumble.

Litecoin rallied to an intraday high $174 on Tuesday, moving through the day’s first major resistance level of $166.33 and 2nd resistance level of $171.94, before pulling back to an end of day $169.38.

Market response to news from the G20 provided support to the cryptomarket, with the weekend’s panic of a possible clampdown on cryptocurrencies and the initial coin offering market easing following updates from the Summit.

The day’s low $155.56 avoided the major support level of $152.79 to support the bullish trend that formed from Sunday’s swing lo $137.12.

At the time of writing, Litecoin was up 2.71% to $173.76, easing back from an intraday high $175.5, whilst the morning’s $168 low managed to hold above above the day’s 23.6% FIB Retracement Level of $165.3 and the day’s first major support level of $158.63.

For the day ahead, sentiment will likely be the key driver, with investors returning with new found hope that regulatory changes would not bring an end to the cryptomarket.

The news wires will continue to have an influence, though for now, there’s unlikely to be anything too negative, which suggests that a more sustainable rally is on the cards this week.

LTC/USD 21/03/18 Hourly Chart

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Ripple Up But Behind

Ripple’s XRP slipped 2.95% on Tuesday, partially reversing Monday’s 9.5% rally, to end the day at $0.70156.

The day’s loss bucked the trend across the cryptomarket, with the front runners ending the day in positive territory, though few had seen similar gains on Monday, suggesting that there was some rotating into other cryptocurrencies, leaving Ripple’s XRP on the back foot.

Tuesday’s intraday high $0.72414, hit at the start of the day, failed to test the day’s first major resistance level of $0.7515, while Ripple’s XRP fell through the day’s 23.6% and 38.2% FIB Retracement Levels, with an intraday low $0.65453, before support kicked in, the only good news being that the day’s first major support level of $0.6487 was left untested.

At the time of writing, Ripple’s XRP was up 0.97% to $0.7062, in what’s been a relatively choppy start to the day, though support or resistance levels have yet to be tested, as Ripple’s XRP trails its peers in this morning’s moves.

For the day ahead, a move through to the day’s high $0.71869 would support a run at the day’s first major resistance level of $0.7323, with the bullish sentiment across the market likely to be felt later in the day.

Failure to break through to $0.72 levels could see Ripple’s XRP pull back later in the day, with any fall through the day’s 23.6% FIB Retracement Level of $0.6834 likely to bring the day’s first major support level of $0.6627 into play, though we would expect Ripple’s XRP to broadly track the market for direction today, following yesterday’s divergence.

XRP/USD 21/03/18 Hourly Chart

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About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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