Bitcoin Cash, Litecoin and Ripple Daily Analysis – 10/01/18

Bitcoin Cash Holds On

While Big Brother and Bitcoin Gold struggle through the early part of the day, it’s not been a bad morning for Bitcoin Cash, rising 2.17% to $2,421.8 and seemingly unaffected by the declines in the Bitcoin futures market today.

A lack of government and regulator chatter this morning has eased some of the angst felt within the cryptomarkets, though the risk continues to linger, with Bitcoin Cash and the rest continuing to be sensitised to it.

While Bitcoin Cash has been on the rise this morning, it’s looking a little bearish with $2,300 support levels likely to be tested. For a continued rally, Bitcoin Cash will need to move beyond $2,500 levels to have any hope of a move back towards $3,000.

We will expect uncertainty to continue to hamper the markets, with any material upside in Bitcoin Cash likely to be on hold for now.

Get Into Bitcoin Cash Trading Today

Litecoin on the Back Foot

Things may not be a complete disaster for Litecoin in the latest sell-off that has gone through a number of days now. At the time of writing, Litecoin is down 1.67% to $242.76, with the declines smaller than its peers.

Negative sentiment towards the cryptos has seen Litecoin on a downward trajectory since last weekend and, while this morning’s decline is relatively small by cryptocurrency standards, things could go from bad to worse if sentiment doesn’t change soon.

After hitting sub-$240 levels on Tuesday, we will see Litecoin test $240 support levels, with a move through to $250 needed to bring an end to the current downshift.

Buy & Sell Cryptocurrency Instantly

Ripple Tanks in Battle with Ethereum

What a difference a week makes and the much hyped story on Ripple has turned sour this week.

At the time of writing, Ripple is down a whopping 15.28% to $1.71429 and support levels have just been falling away since the 2^nd half of the weekend.

Ethereum has overtaken Ripple in the number 2 spot and it’s been a meteoric rise and fall in the last few weeks for Ripple, with the moves almost entirely attributed to the fact that Coinbase had announced that it would not be including Ripple on its exchange, with the markets having been convinced of an inclusion late in 2017.

Investors have clearly rotated out of Ripple in favour of Ethereum that not only has been supported by the world’s largest exchanges, but also in initial coin offering market.

With Ripple having fallen to an intraday low $1.67, support levels are likely to kick in at $1.70 levels, though as we have seen throughout the week, the cryptocurrency rotation has been unkind to Ripple and if things don’t change quickly, Ripple could begin to make a move towards sub-$1.50 levels.

It’s too early to begin talk of Ripple being priced at sub-$1 levels, but should a pull up to $1.8 levels fail, those looking to get in on a dip and pop will likely hold off for a little while longer.

Buy & Sell Cryptocurrency Instantly