Bitcoin Cash, Litecoin and Ripple Daily Analysis – 23/01/18

Bitcoin Cash Slides Again

There’s been little improvement in the cryptomarkets this week, with a brief moment of hope through the early part of Monday evaporating, as another sell-off ensued that has yet to come to an end.

Cryptomarket sensitivity to news remains in the wake of the South Korean government’s moves over the last 2-weeks, with a number of reports weighing on the cryptomarkets including an Ersnt and Young report that estimated that as much as 10% of funds raised through initial coin offerings have been stolen by hackers. That’s quite a sum considering the reported amounts that have been raised through ICOs in recent years and could ultimately lead to a far greater degree of government scrutiny.

At the time of writing, Bitcoin Cash is down 2.21% to $1,569.4, now sitting well below its weekend high $2,111 and Monday $1,806.6 as uncertainty continues to plague appetite for the cryptos.

Adding to the negative sentiment was the release of a report from one of the Wall Street firms, suggesting that Bitcoin could see a 70% to 90% price correction this year.

For the rest of the day, the crypto news wires will certainly play their part, with Bitcoin Cash looking dovish at the time of writing, sitting just above its intraday low $1,548.3.

With losses across the major cryptos, support may need to kick in at sub-$1,500 levels if Bitcoin Cash doesn’t move back through to $1,600 levels in the early part of the day.

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Litecoin in a Spin

There’s been no respite for Litecoin this week, with the weekend’s $210 levels now a distant memory as investors pull out for a 3^rd consecutive week.

At the time of writing, Litecoin is down 4.4% to $171.53, with sub-$170 support levels having already been tested in the early part of the day.

As investors continue to browse through the cryptocurrencies in order to identify viable investment opportunities, based on positive outlooks towards the respective blockchain technologies, the lack of progress by the Litecoin team to introduce its technology to a wider market audience will continue to peg the cryptocurrency back behind the likes of Bitcoin and Bitcoin Cash.

For Litecoin, the speculative investor is going to need to return for a move back to the dizzying heights of sub-$400.

With $170 already tested, a fall back to sub-$170 levels could see Litecoin take a deeper dive to the low-$160s before support kicks in, with a move through to the high $170s needed to avert a deeper sell-off.

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Ripple Brings up the Rear

The markets will have been impressed with Ripple’s bounce back last week, but Ripple’s attempts to rally at the start of today have been thwarted, with Ripple down 6.32% to $1.25218 at the time of writing.

With Ripple sitting perilously close to its intraday low $1.22874 and well below an intraday high $1.37272, it’s looking a little testy for Ripple, with the steeper declines of last week making investors all the more sensitive to the possibilities of a big fall today, with Ripple having hit a low of $1.12688 late on Monday.

Ripple will need to move back through to $1.30 levels to avoid another sell-off to sub-$1.20 levels, with the negative sentiment in the market capable of leaving Ripple in a slide down to sub-$1.10 levels.

Until the negative sentiment subsides and the cryptocurrencies are able to hold on to intraday highs without investors jumping ship off the back of market chatter, any meaningful rallies look to be off the cards for now.

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