Bitcoin Cash, Litecoin and Ripple Daily Analysis – 29/11/17

Bitcoin Cash a Distant 2^nd

Big brother Bitcoin grabbed all the headlines in the early hours today, breaking through the $10,000 barrier with little resistance and no pull back. Bitcoin Cash, in stark contrast, headed south and looks to be in be on a downward path back towards $1,250 and even lower.

Bitcoin cash holders may be rethinking their strategy on which is likely to be the leader of the pack, with Bitcoin’s resurgence seemingly relentless as the markets look ahead to what price targets are set for 2018.

It’s not been a bad quarter for Bitcoin Cash, having gained 240% in the current quarter, compared with Bitcoin’s 128% gain over the same period, but the milestones paint an altogether different picture for the pair. Bitcoin Cash’s one time entry into $2,000 levels remains a distant memory and, while Bitcoin Cash has tried to break through $1,800 levels and have another run at $2,000, resistance is strong and Bitcoin’s ascendency has ultimately weighed.

At the time of writing, Bitcoin Cash was down 3.27% at $1,431.60, compared with Bitcoin’s 4% gain with the markets likely to be relatively nonchalant of another $1,000 breakthrough for Bitcoin.

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Litecoin Hits a Century Riding on Bitcoin’s Coattails

While Bitcoin Cash and Ripple struggle through the early part of the day, Bitcoin and Litecoin are full steam ahead, with Litecoin up 3.85% to $98.13 at the time of writing.

In the early hours of this morning, Litecoin managed to kiss $100 levels briefly before falling back, though as things stand, Litecoin looks to have the momentum.

With the number of cryptocurrencies in the market, some consolidation is natural considering the youth of the sector, excluding Bitcoin of course. Recent performances and shifts in ranges suggest that Litecoin will benefit from any consolidation, its performance being more correlated to Bitcoin than the other cryptocurrencies.

We will expect it to be a little choppier today however, with the success of hitting the $100 mark leaving some to question what’s next, with investors likely to lock in gains ahead of any possible correction back to the lower ranges.

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Ripple struggles

It’s been a less spectacular start to the day for Ripple that has struggled alongside Bitcoin Cash.

Ripple’s run at $0.30 was thwarted yet again this morning, hitting a high of $0.2839, before falling back to current levels.

There are concerns that resistance levels are continuing to build at sub-$0.30 levels, making each attempted run all the more difficult, as investors look to trade in the ranges that Ripple as moved within over recent days

The blockchain tech may be warmly received, but the cryptocurrency has yet to have as significant an impact as its technology.

At the time of writing, Ripple was down 4.92% to $0.2662, with support levels likely to be tested through the day.

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