Bitcoin Cash, Litecoin and Ripple Daily Analysis – 06/12/17

Bitcoin Cash on the back foot

Bitcoin’s run through $12,000 did little to support Bitcoin Cash, with Bitcoin’s latest dip leading to yet another record high in what has become a relentless run with seemingly no end in sight.

Bitcoin Cash failed to break through $1,638 levels on Tuesday, leaving it on the back foot at the start of the day, down 1.2% at $1,398.0 in what has been a pretty bad first half of the week.

Key to Bitcoin’s moves has been the lack of concern within the Bitcoin community of a shift in the regulatory outlook in certain jurisdictions. While the lack of concern is evident, the Bitcoin bubble can only continue to grow if key regulators continue to shy away from any regulatory interference in the cryptocurrency markets.

Bitcoin Cash may be considered under the radar by some, but the whole cryptoworld would come crashing down if the likes of the Chinese government decided to step forward and begin to influence the decentralized ethos of Bitcoin and Bitcoin Cash.

With Bitcoin up a whopping 5.68% at the time of writing, Bitcoin Cash is going to find it a challenge to compete against Big Brother, with any fall below $1,350 levels likely to lead to sub-$1,300 by the end of the day.

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Litecoin finds buyers

Litecoin is up 2.36% at $103.39 at the time of writing and it’s been a good, but not spectacular first half of the week. Today’s gains come off the back of a failure to break back through to $104 levels through the day.

Today’s gains could come under pressure, with Litecoin’s current ranges showing little sign of an upward move towards $1.07 levels for now.

The ranges are reflective of trading sentiment at present, with any break out from $102 levels facing strong resistance at $104 levels, whilst sub-$100 levels is where the new support levels have been kicking in.

We could see Litecoin ease back to sub-$102 levels should it fail to break back to $103 levels through the early part of the day, with the markets now looking for the next dip to get back in.

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Ripple takes a turn for the worse

It’s been a number days since Ripple has fallen back from its $0.26 levels. A continued failure to make a run at $0.30 levels has ultimately weighed on the currency through the first half of the week.

The downward trend looks set at the time of writing, with Ripple down 1.93% at $0.227, with support kicking in at $0.225 levels.
A failure to break back to $0.23 levels through the afternoon could see Ripple begin to test sub-$0.22 support levels, with the recent upward trend in ranges having reversed this week.

The technology may be making headways, but the currency continues to struggle as Litecoin and Bitcoin hold fort.

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