Bitcoin Cash on the Run
There was some good news for Bitcoin Cash investors on Saturday, with the Saturday rally surviving through to the close.
Bitcoin Cash gained 3.91% on Saturday, to end the day at $1,654, recovering Friday’s losses, whilst looking to make a move back to $1,700 levels.
It was far from smooth sailing, with Bitcoin Cash hitting an intraday low $1,555.1 before support kicked in and the 2nd half of the day rally progressed through to the close, with Bitcoin Cash enjoying an intraday high $1,670.7 in the process.
At the time of writing, Bitcoin Cash is up 4.03% to $1,703, with a weekend high $1,704.9 hit in the early hours of Sunday.
Sundays have tended to be a choppy day for the cryptos of late, with a pre-Monday open sell-off the norm, as investors look to lock in profits ahead of the unknown that lies ahead.
The true test for Bitcoin Cash and the cryptomarkets will be whether investors hold positions ahead of Monday’s open, which could spell the start of a relief rally back through to $2,000 levels.
Bitcoin Cash will need to move through to $1,750 to support a more sustained move to $1,800 levels and raise the prospects of a move towards $2,000 going into Monday. Any move back through to $1,650 could see Bitcoin Cash move back down towards the weekend’s $1,555 low, investors yet to find a firm footing mid-week.
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Litecoin Holds on for now
Litecoin managed to ride the cryptocurrency wave on Saturday, gaining 2.38% to close the day at $179.89, having hit an intraday high $182 early in the session, in what was a relatively choppy day. Considering last week’s 8.15% loss, Saturday’s gains were of little concelation and we will expect Litecoin to continue to be dependent upon the rest of the pack for direction.
At the time of writing, Litecoin is up 1.28% to $181.94, as the cryptos make a last dash ahead of Monday’s open, with investors likely to be looking to lock in any gains ahead of Monday’s open.
Litecoin will need to make a move through to $185 levels in the early part of the day to have a run at $190 levels that would support a more bullish outlook for the week ahead, with any move back down to low $170s likely to see Litecoin dropped in favour of its better performing peers.
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Ripple Leads the Way
Ripple had an a poor showing on Saturday, gaining just 1.59% to end the day at $1.2335, with sub-$1.20 support levels tested throughout the day.
For Ripple investors, the good news is that the support was there and Ripple managed to get through the day recovering to $1.22 levels, having hit an intraday low $1.165 midway through.