Bitcoin Cash Looking for a Leg Up
Just a day or two ago we were talking about Bitcoin breaking through to $12,000 and then $13,000. Each milestone seems to be arriving with greater velocity, with Bitcoin having broken through to $14,000 levels overnight.
The moves continue to leave Bitcoin Cash on the back foot, as the pair continue to diverge price wise this week.
At the time of writing, Bitcoin Cash is down 2.71% at $1,309, while Bitcoin is up 2.15% at $13,916, with Bitcoin Cash’s only hope for now being a spell of profit taking on Bitcoin’s gains from recent weeks, with investors then likely to be in search of exposure elsewhere.
Such an outcome may be wishful thinking for now however, with few likely to be jumping the Bitcoin ship while it’s in positive territory.
Things could get worse for Bitcoin Cash should it fall below $1,273.1, the latest of the lows hit overnight, though there’s likely to be plenty of support at sub-$1,300 levels to prop it up for a little while longer. A failure to move back to $1,500 levels in the near-term and hold could be its own undoing however.
Litecoin Recovers for now
With Litecoin considered to be Bitcoin’s major rival, it comes as little surprise that, while Bitcoin made its move to $14,000 levels, Litecoin faced a choppy end to the day on Wednesday, falling to an intraday low $97.75 before bouncing back to above $100 levels early this morning.
The failure to break out of its current range continues to build pressure on the currency and unless a move is made through the next day, the path of least resistance is likely to be downwards. The support levels have been strong, but with other cryptocurrencies making headlines, it’s going to be a stretch for support to remain resilient.
We would expect Litecoin to fall back to the $95 – $100 ranges over the near-term, barring a move beyond $104 levels, with Bitcoin’s moves just too impressive to ignore.
At the time of writing, Litecoin was up 1.5% at $101.51.
Ripple down and out for now
It was never going to be a good day for Ripple of Litecoin fell back to sub-$100 levels and Bitcoin broke through to $14,000 levels overnight.
The lack of momentum has left Ripple on the back foot through the week, with Ripple having barely nudged $0.24 levels since the start of the week. Ripple’s fall back to $0.21 levels has been a disappointing one, when considering the Ripple technology and its ever widening acceptance within the finance industry.
As ever, the speculative investor has little interest in the tech and, while Ripple is up 1.17% to $0.2153 at the time of writing, it’s still looking pretty dire and a fall to sub-$0.20 levels wouldn’t be completely surprising at present. Buying at sub-$0.20 would certainly be an attractive proposition, though buyers may bide their time…