Bitcoin Cash, Litecoin and Ripple Daily Analysis – 09/02/18

Bitcoin Cash Positioned Nicely

It was a great day for Bitcoin Cash on Thursday, with Bitcoin Cash hitting an intraday high $1,359, before easing back to $1,215 by the close to log a 27.24% gain for the day.

It’s been a week of highs and lows, with Bitcoin Cash having stumbled to an intraweek low $758.61 on Tuesday. That’s a 79.14% rally from trough to peak and just in a couple of days and at a time when the global equity markets have moved into correction territory, with more than $5tn having walked out the door in a matter of days.

There had been some talk of the cryptomarkets tracking the equity markets, but as with the comparisons to gold, correlations have been largely coincidental and Thursday’s moves were more of negative than a positive correlation.

Cryptocurrency investors will be feeling somewhat more satisfied as things stand, with Bitcoin Cash in positive territory for the week.

At the time of writing, Bitcoin Cash was down 3.39% to $1,235.1, pulling back from a run to $1,300 levels, with the crypto expected to face stern resistance at $1,300.

For the day ahead, we can expect some volatility, though a move through $1,300 levels ahead of the weekend could provide some optimism over the weekend that tends to favour the cryptos.

While regulatory noise has been on the lighter side in the 2^nd half of the week, the latest news to hit the wires was of the HK SFC sending letters to a number of crypto exchanges, advising them of the appropriate classification of certain tokens on offer. Other action has also been taken against some ICO organizers, with the HK SFC the latest regulator to take greater interest in the cryptomarket.

The news was not too damming for the market however, with some regulatory oversight now widely expected and, to a certain degree, accepted.

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Litecoin Going Sideways

A few weeks ago, sideways would have ultimately met with an untimely slide, but not these days…

Litecoin gained 5.44% on Thursday to end the day at $145.3, moving within relatively tight ranges through the day as the cryptomarkets continued to recover from the first half of the week woes.

With the cryptomarkets in the red through the early part of this morning, a degree of profit taking is to be expected, following the week’s recovery that has seen Litecoin rally 53.5% from Tuesday’s low $104.24 to Thursday’s $160 high.

At the time of writing, Litecoin was down 3.01% to $144.52, with Litecoin likely to find support at $140 through the morning, though a failure to break through to $150 levels could lead to a bearish trend this afternoon.

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Ripple Looking Sheepish

Ripple managed to outmanoeuvre Litecoin on Thursday, gaining 5.89% to end the day at $0.75692, with a broad based recovery providing support to the cryptomarkets.

It was a relatively choppy day however, with news of Ripple’s platform finding new buyers doing little to spur a Ripple rally through to Wednesday’s highs and beyond.

The lack of market response to real world news continues to reflect the caution amongst cryptocurrency investors and, while sentiment has improved, the uncertainty remains for now.

At the time of writing, Ripple was down 5.2% to $0.7403, sitting well below this morning’s intraday high $0.7905, with a move through to $0.80 levels needed to fuel a more meaningful weekend rally and avoid a pull back before the end of the day.

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