Bitcoin Cash, Litecoin and Ripple Daily Analysis – 11/02/18

Bitcoin Cash in Reverse

It was another Saturday of what could have been for Bitcoin Cash. Following a positive end to the week and, with the news wires relatively silent, Saturday morning saw Bitcoin Cash move through to an intraday high $1,385.00.

In the end, Bitcoin Cash slipped to an intraday low $1,198.00 before recovering to $1,261.1 to register a 2.76% decline for the day.

The weekend trends have been relatively consistent through the start of the year, with investors quick to lock in any profits before the start of a new week.

This time around the sell-button was certainly hit more quickly than usual, but that is to be expected in the wake of such a choppy week that, not only saw Bitcoin Cash fall to a week low $758.61, but also saw more than $4tn walk out of the global equity markets.

While there’s no evident correlation, investors with exposure to both equity and crypto markets would certainly be more likely to take a balanced view, last week’s trough to peak rally more than offsetting any losses that would have been taken across other asset classes.

At the time of writing, Bitcoin Cash was down 1.54% to $2,221.00.

For the day ahead, we will expect investors to be relatively cautious, with news having hit the wires of the SEC planning to take a tough stance on initial coin offerings and differentiate between true cryptocurrencies, such as Bitcoin and ICO tokens, not new news but a reminder to investors of what’s on the horizon.

Bitcoin Cash will need to make a move through $1,300 to avoid testing support sub-$1,100 levels ahead of the start of the new week.

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Litecoin on the Slide

Following a strong 2^nd half of the week, Litecoin’s weekend rally came to an abrupt end midway through Saturday, with Litecoin falling from an intraday high $169.49 to an intraday low $148.02 before a partial recovery to 153.64.

Saturday’s 6.38% slide was certainly an unexpected one, with the cryptocurrencies seeing gains across the board in the early part of the day.

Investor sentiment towards regulatory oversight remains negative and, with the news wires continuing to discuss the ongoing shift in the regulatory landscape in key crypto jurisdictions, investors continue to be quick to lock in profits.

Things were not much better this morning, with Litecoin down 6.06% to $145.68 at the time of writing, in what is developing into another bearish trend, as Bitcoin dominance moves back towards 35% plus levels, signalling weakening appetite for cryptocurrencies, with dominance sitting at 34.8% at the time of writing.

For the rest of the day, a move through to $150 levels would ease some pressure, though with uncertainty going into the next week, any material gains may be on hold, with the path of least resistance being further declines through the day.

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Ripple Corrects Again

It was an extraordinary day for Ripple on Saturday, with Ripple rallying 34.1% to an early Saturday high $1.234, before seeing a 2^nd half of the day slide to an intraday low $0.9271.

In the end, Ripple gained just 6.45% to end the day at $0.9798, though it could have been so much more, with negative sentiment still lingering in the markets, leading investors to lock in profits before the end of the weekend session.

Any hopes of a weekend rally to kick start the week on a positive footing look slim at present, with Ripple down 10.36% to $0.9173 at the time of writing. Quite a fall, with Ripple taking a bigger hit than most, volatility sitting on the higher side relative to many of the major cryptos.

For the remainder of the day, a move back through to $1.00 levels would certainly support a late Sunday rally, though we will expect there to be plenty of resistance ahead of Monday, with sub-$0.90 support levels having already been tested this morning, Ripple having already hit an intraday low $0.8905.

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