Bitcoin Cash, Litecoin and Ripple Daily Analysis – 09/03/18

Bitcoin Cash hits Sub-$1,000

The week went from bad to worse on Thursday, with Bitcoin Cash tumbling 5.59% off the back of Wednesday’s 9.39% decline, to end the day at $1,029.6.

With 4-consecutive days of decline, the SEC statement issued on Wednesday simply added to the bearish trend that developed at the beginning of the week.

Bitcoin may have managed to close out the day at $1,029.6, but the intraday low $991.2 was a telling moment, falling through the psychological support level of $1,000. Moves back into $1,100 levels in the middle part of the day were short lived and it’s been downhill since then.

At the time of writing, Bitcoin Cash was down 6.22% to $966.32, in what is looking to be a 5^th consecutive day of decline.

Concerns over U.S Congress discussing ICOs next week, together with expectations of a significant increase in regulations on cryptocurrency exchanges and the classification of cryptocurrencies as securities has ultimately done the damage.

Through the early part of this morning, Bitcoin Cash has fallen through its first major support level of $975.4 and with the negative sentiment across the cryptomarket, the 2^nd support level of $921.3 could come into play should current price levels not draw in buyers.

If we do see $921.3 breached then there’s no reason for Bitcoin Cash to stop there and we could well see Bitcoin Cash test the $900 psychological support level before the end of the day.

The bulls have left town and Congress’s session on ICOs is not until next Wednesday…

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Litecoin gripped by the Bears

Litecoin ended Thursday with a 5.57% loss, to also make it 4 consecutive days in the red, with the cryptomarkets going into reverse late Monday, early Tuesday.

Through Thursday, Litecoin’s intraday low $173.2 may have fallen short of testing its first major support level of $173.2, but the damage had already been down with Litecoin back down at $170 levels for a 2^nd consecutive day, only this time unable to pull back to $180 levels by the close.

Things have certainly not improved this morning, with Litecoin down 8.14% to $161.48 at the time if writing. The slide in the early hours has seen Litecoin fall below its first and second support levels of $170.61 and $165.3 in what has become free fall.

In the current environment, we would certainly not be expecting any major support to kick in at current levels, which brings sub-$160 levels into play and the prospects of Litecoin testing its 3^rd support level of $151.

There’s a panic in the markets and if Bitcoin is down by almost double digits, there’s little hope for the rest of the clan.

Litecoin is in for a tough day and even at current levels, there will be investors sitting on sizeable losses, faced with the question of whether to jump ship or hope for the best.

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Ripple Follows the Leader

Ripple’s XRP was unable to buck the trend on Thursday, ending the day down 5.51% at $0.80369.

It was a dark day for cryptocurrencies and Ripple XRP’s slid to sub$-0.80 levels for the 2^nd time since the early part of the year correction. The only good news would have been that support levels were not tested through the day, but the fact that Ripple’s XRP was touch $0.90 levels for the first time since the 6^th February will be a worry.

At the time of writing, Ripple’s XRP was down 8.73% to 0.73502, falling through its first major support level of $0.76729 with relative ease, as the cryptomarkets balk at the prospect of a possible clamp down on cryptocurrencies and ICOs.

For any kind of recovery through the day, Ripple’s XRP would need to move back through to $0.76 levels, though testing its first major support level of $0.85735 would be unlikely barring supporting statements from the SEC later in the day. Sub-$0.70 levels would be more likely than a move back to $0.80 levels based on current sentiment.

For those who missed out on December and January’s rally, this may be that chance for redemption… Assuming the bubble doesn’t burst.

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