Bitcoin Cash, Litecoin and Ripple Daily Analysis – 08/01/18

Bitcoin Cash in Defensive Mode

It was quite a weekend in the cryptomarkets, with Bitcoin managing to break out of its recent ranges and with it Bitcoin Cash moving to a high of $2,758.9 before going into retreat on Sunday.

In spite of Sunday’s 2^nd half of the day reversal, Bitcoin Cash has been relatively steady through the early part of the day, down just 0.40% to $2,516.4 at the time of writing

There’s been no bad news to influence sentiment through the beginning of the week, though a number of the major cryptocurrency exchanges have begun to cease taking on new customers, due to overloading issues stemming from a surge in demand for the cryptocurrencies.

The news may limit any material upside for Bitcoin Cash, with new players considered to be key to driving prices to new record highs.

Through the morning, Bitcoin Cash will need to break through $2,600 levels to make a run towards the weekend high $2,758 and beyond, though we will expect Bitcoin and Bitcoin futures to have an influence, with Bitcoin futures on the decline this morning, the January contract down $885 to $15,890, contributing to Bitcoin’s reversal from $17,000 levels hit going through the weekend.

Bitcoin Cash Chart by Trading View

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Litecoin Got Its Rally but Couldn’t Hold On

Litecoin was another beneficiary to the weekend rally in the Cryptomarkets, with Litecoin hitting a weekend high $304.00 before going into reverse.

Saturday saw a surge in trading volume off the back of Litecoin founder Charlie Lee’s views on the current price ranges, with the Founder unconcerned over the near-term lack of direction.

The Litecoin team may not be particularly interested in Litecoin’s ranking by market cap, but for Litecoin to succeed, the team will need to make more of an effort to market the currency, as other crypto-teams have done in recent weeks.

At the time of writing, Litecoin is down 1.5% to $267.99, with a move back towards $280 levels needed for Litecoin to have a run through to $300 and beyond. Talks of $400 are on hold for how and time will tell whether Litecoin can break through and hold on to $300 levels.

Volumes have fallen well below Saturday’s levels and it remains to be seen whether the news of exchanges pausing new account openings will have any negative impact. There has been no signs of a sell-off just yet.

Litecoin Chart by Trading View

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Ripple Down but not out

Appetite for Ripple has been on the decline since the December rally and first week of the year rally that saw Ripple make waves, hitting a record high $3.34989 last Thursday.

It’s been downhill ever since, with Ripple not the first to suffer from post-Record blues.

At the time of writing, Ripple was down 9.52% to $2.5, having hit an intraday low $2.30. In spite of the negative sentiment, the outlook remains bright for Ripple and current levels will provide scope for those who missed out on the Thursday rally to get in on the Ripple bandwagon.

With exchanges inundated with new customers and a surge in demand for cryptocurrencies and trading activity, investors will need to be quick, though it’s looking ominous for Ripple today, having enjoyed a great few weeks.

We will expect strong support at $2.40 levels, with any decline to sub-$2.40 likely to test $2.00 support levels, with a move back towards $2.80 needed to thwart a more significant sell-off.

Ripple Chart by Trading View

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