Bitcoin Cash, Litecoin and Ripple Daily Analysis – 17/11/17

Bitcoin Cash – Looking for a Comeback

The pressure is really on Bitcoin Cash at the moment, falling to sub-$1,000 levels earlier in the day. A post rally low of $851.12 early has led to a rebound however, with Bitcoin Cash also seeing strong support at sub-$1,000 levels.

At the time of writing, Bitcoin Cash sits at $1,094.3, a 20.11% gain for the day and there may well be a move beyond $1,300 over the near-term.

The dust has certainly settled from all the forks and the cancellation of the SegWit2X fork, with Bitcoin hitting an all-time high of $7,997 in the early hours of this morning.

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An inverse correlation between Bitcoin and Bitcoin Cash is evident and will likely to continue to evolve as investors and miners flip flop between the two in search of better earnings.

Bitcoin Cash is going to need to break through $1,130 to have a run at $1,300 though following the recent sell off, there’s likely to be plenty of resistance. Bitcoin’s $10,000 projection won’t be helping Bitcoin Cash’s cause.

Litecoin Trying to Stay Clear of its Recent Ranges

Litecoin managed to finally break free from the shackles, breaking out beyond $70 before being pulled back. Investors are clearly wary of the ranges and quick to hit the sell button.

Resistance at around the $70 level will be a constraint for Litecoin over the near-term and the key for now will be for the current range to hold to give investors a chance of a run at record levels in the coming days.

A fall back to $58-$62 levels could lead to investors looking elsewhere, with other cryptocurrencies making headlines.

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At the time of writing, Litecoin was down 5.68% at $66.55 with direction through the remainder of the day likely to be relatively range bound, titled to the downside.

Ripple – It’s Looking Choppy

Ripple joined Litecoin and Bitcoin in a breakout in the early hours from its recent ranges to move into $0.25 levels before going into reverse.

Currently sitting at $0.2203, down 3.1% on the day, there will likely be strong support at $0.21 levels, with Ripple needing to break through to $0.23 levels for another run beyond $0.25.

There’s been plenty of news on Ripple of late, with Ripple CEO saying that Central Banks are likely to adopt blockchain technology to settle high value interbank transfers. This comes after Ripple worked with the BoE on a blockchain trial, whilst also hosting a number of Central Banks at a summit in the U.S.

The outlook certainly looks promising and with Ripple’s current value, there’s likely to be more interest in Ripple in the coming months, suggesting that ranges will likely be on an upward trend. It’s not going to be without volatility however and cryptocurrency investor resolve will continue to be tested.

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