Bitcoin Cash, Litecoin and Ripple Daily Analysis – 26/01/18

Bitcoin Cash Goes Sideways

It’s been a relatively uneventful week for Bitcoin Cash this week, with any attempts to break out towards $2,000 levels facing stern resistance as investors fret over an ever changing regulatory landscape.

Fresh news hit the wires of U.S regulators upping the ante on the cryptomarkets, with a pledge to strengthen oversight. What that ultimately means is unclear, but will likely involve some form of disclosure that removes the anonymity that so many cryptocurrency investors crave.

Considering all the chatter and what investors are beginning to realize is the inevitable, the markets have stood their ground relatively well.

Bitcoin Cash slipped 0.04% on Thursday to end the day at $1,650, with a 1.68% gain this morning taking it to $1,654.7 at the time of writing.

The weekends have tended to be particularly favourable for the cryptomarkets of late, with investors free to trade without the threat of government chatter hitting the news. Bitcoin Cash could make a run through to $2,000, though the gains may be short lived, with investors seemingly keen to lock in profits before the start of the next week.

For the day ahead, Bitcoin Cash will need to break through $1,700 to have a reasonable shot at $2,000 over the next 24-hours. For investors, sideways will likely be considered a reasonable outcome when considering the moves through the previous 2-weeks.

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Litecoin Loses Ground

It was another bad day for Litecoin on Thursday, with Litecoin dropping 0.25% to end the day at $180.13. The issue for Litecoin is not the lateral moves, which has been a common theme across many of the cryptocurrencies, it’s the lack of any major highs, with Litecoin tending to be left behind in any rallies, however short lived they may be.

For now, attempts by the Ripple team to bring down Litecoin and Bitcoin have failed, but there is some truth behind the fact that Bitcoin and Bitcoin Cash will be battling it out for supremacy and ultimately the alternative to fiat currency. There is also truth behind the fact that Litecoin lacks leadership.

Speculative trading is less interested in such comments however and, until investors shift to the fundamentals, the only risk will continue to be regulatory.

At the time of writing, Litecoin was down 0.21% to $178.49, easing back from an intraday high $181.71, with Litecoin expected to be one of the laggards going into the weekend.

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Ripple on the Slide

Ripple made more splashes on Thursday, but again for the wrong reasons, falling 2.78% to $1.3148 by the close, falling behind Bitcoin Cash and Litecoin that saw minor losses through the day.

The recent volatility in Ripple has left the cryptocurrency exposed and investors appear to be cagier to hold on, with Ripple down 4.26% to $1.2396 at the time of writing.

There’s a general lack of confidence since Ripple slumped from the number 2 spot, with its market cap tanking from January’s $140bn highs back down to $48.37bn at the time of writing.

Ripple is certainly under threat from Bitcoin Cash, sitting in 4^th and Stellar Lumen that continues to impress with solid gains through the week.

For the day ahead, it’s looking bearish, with Ripple likely to test $1.20 support levels before a short term recovery back up to $1.30 levels over the early part of the weekend.

It’s been downhill all the way from this year’s highs and one cannot help but think that its inclusion on more exchanges is its only hope for a recovery back up to record highs.

 

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