Bitcoin Cash, Litecoin and Ripple Daily Analysis – 15/12/17

Bitcoin Cash in Big Brother’s Shadow

Things were looking upbeat for Bitcoin Cash mid-week as it broke free of its recent ranges, but as has been the case since its creation, direction is ultimately hinged on appetite for Bitcoin. Bitcoin’s sideways moves through the first half of the week was a positive for Bitcoin Cash, but it’s an altogether different story this morning.

At the time of writing, Bitcoin is up 5.26% at $17,267.88, while Bitcoin Cash is down a whopping 13.01% to $1,684.8. The gains in Bitcoin were supported by a jump in hashrates from 13.1639E to 14.8789E, while Bitcoin Cash hashrates remained steady, with miners jumping back into Bitcoin in anticipation of another rally.

For the day ahead, direction for Bitcoin Cash will be hinged on appetite for Bitcoin. Bitcoin will need to break through to $17,500 to make a run at $18,000 to keep Bitcoin Cash at bay. Bitcoin Cash has found strong support in its new ranges, but will need to make a move back to $1,800 levels if it’s going to avoid another move back towards sub-$1,500 levels in the near-term.

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Litecoin takes a breather

It was a run to remember, but with Bitcoin having broken out of its $16,000 ranges, pressure on the altcoins has returned and Litecoin has paid the price.

Having hit a $420 high mid-week, it’s been downhill ever since, with the markets looking ahead to Monday’s CME Bitcoin futures launch that could see another boost for Bitcoin should the futures market point to a plus-$18,000 value for Bitcoin.

With Litecoin’s relationship with Bitcoin, the jump in demand for the front runner has seen a broad based decline in Bitcoin’s peers, though Litecoin has done better than most this morning, down just 2.4% to $276.98.

Litecoin will need to hold on to $270 levels to avoid a drop back to sub-$260, with some profit taking likely to be pressuring Litecoin following a strong week of gains. We’re unlikely to see a fall back to sub-$200 levels over the near-term however.

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Ripple stumbles

Ripple became a victim of its own success this morning. Gains through to the middle of the week saw Ripple hit $0.88 levels, much of which came off the back of a 93% rally on Thursday. Gains were seen across the cryptocurrencies through the middle of the week as Bitcoin treaded water.

Unsurprisingly, Bitcoin’s upside through the early part of the day has weighed on the cryptocurrencies, with investors moving back out in search of a new Bitcoin rally. Ripple investors have benefitted from close 288% gains to this week’s peak and some profit taking would certainly have been justified.

At the time of writing, Ripple was down 12.24% to $0.72802. We would expect strong support at sub-$0.70 levels and we should see some price recovery from intraday lows, with any moves beyond $0.75 likely to support another run at $0.80 levels going into the weekend.

The Ripple team certainly influenced with the moving of XRPs into escrow.

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