Bitcoin Cash, Litecoin and Ripple Daily Analysis – 30/01/18

Bitcoin Cash Losing Streak Continues

The weekend will be feeling a distant memory for cryptocurrency investors, with Monday’s declines extending into the early hours of Tuesday, with no respite in the sell-off that has seen the likes of Bitcoin fall back to sub-$11,000 levels.

For Bitcoin Cash, it wasn’t a pretty sight, with Bitcoin Cash falling 6.85% on Monday to a closing $1,644, with the only good news through the day being a late bounce back from an intraday low $1,631.3.

While the negative regulatory chatter across the cryptomarkets has eased, sentiment towards the cryptomarkets has remained relatively bearish, with investors unwilling to make a move over fears that the news wires could deliver a telling blow for the cryptomarket at any time.

For the day ahead, Bitcoin Cash will need to move back through $1,650 levels to make a run through to $1,700, though with today’s 2.55% decline to $1,608.1, things are looking bearish in the early part of the day, with today’s intraday low $1,582 likely to be tested.

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Litecoin Doing Better than Some

Litecoin had a relatively better showing on Monday, with much of Monday’s 5.88% decline coming within the early part of the morning, before closing out the day at $179.88.

The sideways moves through the afternoon and into the close will provide some comfort for Litecoin investors, as the Litecoin team continues to be on the receiving end of a backlash against the cryptocurrencies.

Despite Mondays relative stability through the afternoon, sentiment is unlikely to change any time soon however, with Litecoin’s market cap falling further back, sitting at $9.81bn at the time of writing, the only good news being that EOS has fallen further behind, easing pressure on Litecoin’s current 8^th position in the table by market cap.

At the time of writing, Litecoin was down 2.21% to $175.61 in what has been a relatively range bound early part of the day, though things are likely to heat up as the day progresses, which could see Litecoin under further pressure should sentiment not shift in the afternoon.

A move through to $180 levels is needed for Litecoin to avoid testing $170 support levels, with there likely to be plenty of resistance at $180 through the day as investors remain wary of what’s to come for the cryptomarkets,

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Ripple’s on the Slide

Following an upbeat weekend, things have gone from bad to worse for Ripple through the early part of the week.

Ripple slumped 8.38% on Monday to end the day at $1.25293, with the only positive from the day being the fact that the losses were not steeper, with an intraday low $1.24538 being hit in the final hours of the day.

Late sell-offs don’t bode well for the following day and at the time of writing, Ripple is down 5.24% to $1.1986, sitting well below this morning’s intraday high $1.2815 as Ripple bears the brunt of the negative sentiment towards the cryptocurrencies at the start of the week.

For the day ahead, Ripple will need to move through $1.25 levels in the early part of the day to avoid testing this morning’s $1.1801 intraday low, with sub-$1.20 support levels unlikely to be enough in the event of a further pull back this morning.

It’s certainly going to be a choppy day ahead for the cryptomarkets.

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