Bitcoin Cash, Litecoin and Ripple Daily Analysis – 12/02/18

Bitcoin Cash Steadies

A promising start to the weekend turned sour mid-way through Saturday, with Bitcoin Cash going into reverse after hitting a weekend high $1,385 early on.

Uncertainty is the name of the game at the moment and it’s reflected in the moves seen across the cryptocurrency majors, with any rallies frequently coming to an untimely end, investors all too aware of how drastically sentiment can shift in a matter of seconds.

Bitcoin Cash ended the weekend down 6.01% to $1,219.9, falling by 1.64% on Sunday, following Saturday’s choppy session.

At the time of writing, Bitcoin Cash was up 2.48% to $1241.3, with sentiment improving through the early part of the day, though Bitcoin Cash has been moving in some relatively tight ranges through the start of the week, with volumes easing off.

For the day ahead, a move through to $1,280 would support a run through to $1,300 levels, though we will expect some strong resistance at the start of the week, with Cboe Bitcoin futures February contract down $220 to $8,380 unlikely to be providing too much incentive for investors ahead of the Chinese New Year.

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Litecoin Goes North

Litecoin joined the majority of the cryptomarket in the red for the weekend, with Litecoin falling 7.79% to $151.32, Litecoin down 2.42% on Sunday.

It was a mixed weekend for Litecoin, which rallied to a weekend high $169.49 on Saturday morning before the great slide to a weekend low $142.26, hit in the early hours of Sunday morning.

Litecoin investors will have been looking for Litecoin to pop on release of its new payment platform LitePay, but till now there has been no news of its launch, with there being some uncertainty over the exact timing of release.

Talks of Litecoin hitting $1,000 will certainly draw in the speculative investor, though for now investors will be looking for evidence of the product and whether it will be accepted by consumers and businesses.

At the time of writing, Litecoin was up 2.12% to $152.43, with a bullish trend forming, though a move through to $160 levels will be needed early on to avoid a pull back to test sub-$150 support levels.

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Ripple Rides Again

Ripple turned out to have a relatively positive weekend, though it could have been so much more. Ripple gained 7.36% to end the weekend at $0.98812, with the gains coming in spite of a 3.46% fall on Sunday.

The early part of the weekend was certainly headline news for Ripple, which had rallied 34% from Saturday’s opening $0.92042, before the great tumble as investors locked in profits ahead of Monday’s open.

Sunday’s losses were more aligned with recent trends, with investors cashing out ahead of uncertainty that continues to grip the cryptomarket through the early part of the week.

A lack of major news and the Japan government’s positive sentiment towards the cryptocurrency market, in spite of the recent NEM coin theft from Coincheck, have certainly been positives through the early part of Monday.

At the time of writing, Ripple was up 5.09% to $1.0108, with Ripple expected to be one of the longer-term front runners as its cross-border payment system becomes more widely embraced.

Ripple is leading the pack this morning and it’s certainly looking bullish, with a move through to $1.05 levels supporting another run towards $1.10 and beyond, though much will depend on the news wires and it’s unlikely to be smooth sailing through the day.

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