Bitcoin Cash, Litecoin and Ripple Daily Analysis – 05/02/18

Bitcoin Cash Falls Again

The weekend failed to deliver for Bitcoin Cash holders, with Bitcoin Cash falling 4.1% to $1,146.1 by the end of the day on Sunday.

A Saturday high $1,318.8 provided little support, with Bitcoin Cash’s sideways moves through late Saturday and early Sunday ending in a slide back to sub-$1,200 levels.

Bitcoin Cash continued to feel the heat going into Monday, with a further 2% decline to $1,135.2 in the early part of the day, bucking the trend across the rest of the crypto majors, with Litecoin continuing its upward moves and even Bitcoin up to $8,000 levels, having touched an intraday low $7,850 earlier in the day.

For the day ahead, it’s looking bearish for Bitcoin Cash, with the markets not only concerned with the regulatory chatter that has pulled the cryptos deep into the red, but also on whether Litecoin is likely to rain on Bitcoin’s parade, with LitePay scheduled for release this week. Bitcoin Cash will need to move through to $1,150 levels to have a run at $1,200, with any sideways moves likely to test sub-$1,100 support levels through the middle part of the day.

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Litecoin Finds Buyers

Litecoin was certainly one of the favourites over the weekend, gaining 14.34% to end the weekend at $149.36, though it could have been more impressive with Litecoin hitting a weekend high $175 on Sunday morning, before the cryptocurrencies saw a broad based retreat ahead of the start of the week.

The Litecoin team have turned it around and are scheduled to roll out LitePay this week, which is expected to give Bitcoin a run for its money and question the existence of Bitcoin’s offspring and which will ultimately compete against Litecoin to become the ultimate alternative to fiat money.

At the time of writing, Litecoin was up a further 3.55% to $152.74, with the outlook for Litecoin looking ever rosier after being under a dark cloud for a number of weeks.

While Litecoin continues to sit well below its record high $375.29 and $19.53bn market cap, LitePay is expected to drive Litecoin back up the rankings and test Bitcoin Cash’s 4^th spot in the rankings. The climb may be a little choppy though, with regulators around the world expected to continue hitting the markets in the coming weeks.

For the day ahead, it’s looking bullish, with a run through to $165 levels likely to support higher levels as Litecoin looks for $200 plus levels in the early part of the week.

We will expect plenty of support at $140, with crypto investors keen to get in ahead of LitePay’s release.

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Ripple Finds a New Floor

Ripple had a tough weekend, falling 8.84% through the weekend to an end of Sunday $0.82089.

Litecoin had most of the market’s attention through the weekend, with Ripple unable to hold on to Saturday’s $1.0212 intraday high, with Ripple’s end of weekend slide starting earlier than some of the other majors.

At the time of writing, Ripple was up 1.68% to $0.827, with Ripple yet to have made a big splash since its record high $3.36 hit in early January, though plenty of optimism continues to surround Ripple, with investors expecting prices to move through $3.00 levels once the market settles down and investors begin focusing on the technology on offer and the team’s success in the market place.

For the day ahead, we will expect Ripple to continue finding support at current levels, with any move through to $0.85 supporting a recovery to $0.90 levels, though we will expect $0.90 levels a step too far ahead of tomorrow’s crypto Senate hearing.

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