Bitcoin Cash, Litecoin and Ripple Daily Analysis – 10/03/18

Bitcoin Cash Regains $1,000 Levels

It was quite a week for Bitcoin Cash, as the cryptomarkets went into reverse at the start of the week. There was plenty of noise to influence investor appetite through the week, with another crypto exchange hack and loss of coins adding pressure, while the SEC also turned the screw by issuing a statement on Wednesday of the need for crypto exchanges in the U.S to register.

In addition to the regulatory chatter, that includes Congress discussing cryptocurrencies and initial coin offerings next Wednesday, there were also reports of a $400m sell off between December and February by Mt.Gox’s bankruptcy trustee, reportedly adding to the downward trend seen of late.

The markets were most volatile on Friday, with Bitcoin Cash falling by as much as 13.8% to an intraday low $914.64 in the morning before support finally kicked in later in the day,

By Friday’s close, Bitcoin Cash had recovered the day’s losses and ended the day up 3.44% to an end of Friday $1,066.6. It was still a hefty loss for the week, with Bitcoin Cash down 17% from Monday’s open.

Through the early part of this morning, Bitcoin Cash has been relatively range bound, down 0.37% to $1,057.2 at the time of writing, with the next major target for Bitcoin Cash being a move back through to $1,100 levels.

With Bitcoin Cash’s first major resistance level sitting at $1,122.19, a move through to $1,100 levels will be sentiment driven and investors will soon learn which of the key drivers last week was of greater influence, the $400m sell-off, or market fear over a shift in the regulatory landscape.

We will expect Bitcoin Cash to touch $1,100 levels, though investors will be wary ahead of next Wednesday, with profit taking likely to limit any material upside.

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Litecoin Looking for $200

Considering the slide in Bitcoin Cash and Ripple’s XRP, Litecoin had a better week, though Litecoin investors started feeling the pinch a week earlier, following the rollout of LitePay in late February.

On Friday, Litecoin tumbled 18.5% through the early part of the day to hit an intraday low $157.27, the lowest level seen since the slide through to mid-February that was attributed to the South Korean government’s plans for the crypto exchanges.

Litecoin managed to recover to end the day with a 6.37% gain to $186.98, leaving Litecoin down 12.2% for the week, from Monday’s opening $212.95.

Through the early part of this morning, Litecoin was up 0.9% to $188 at the time of writing, with Litecoin easing back from an intraday high $191.89.

A weekend rally could see Litecoin test its first major resistance level of $198.9, though any upside will likely be short lived. Following yesterday’s tumble, investors saw yet again the resilience of the market and that’s likely to be a positive for the cryptos this weekend.

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Ripple well below $1.00 levels

Ripple’s XRP tumbled 11.7% on Friday, to an intraday low $0.72492, falling through its first and second support levels, before the late Friday recovery saw Ripple’s XRP end the day up 2.07% to $0.82123 by the close.

The gains on the day were modest relative to its peers, with Ripple’s XRP having been under pressure since Coinbase’s second announcement in as many months that it would not be including Ripple’s XRP despite rumours circulating.

At the time of writing, Ripple’s XRP was up 0.34% to $0.82416, in what’s been a slow start to the day for the cryptos, which saw Ripple’s XRP slide to an intraday low $0.79118 before moving back into positive territory at the time of writing.

We will expect any move through today’s major resistance level of $0.86858 to lead to a pullback, with $1.00 levels likely to be out of reach following yesterday’s volatility.

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