Bitcoin Cash, Litecoin and Ripple HODL – Daily Analysis – 22/12/17

Bitcoin Cash Takes a Dive with Big Brother

Bitcoin Cash has certainly had a week of two halves, with the first half of the week seeing Bitcoin Cash rally to a record high $4,104.3, before going into reverse through Thursday and the early part of this morning. At the time of writing, Bitcoin Cash was down a whopping 23.59% to $2,344 for the day and the day has only just begun.

While Bitcoin Cash had found support off the back of Bitcoin’s troubles through the week, it’s been a very different story since Wednesday’s peak, with Bitcoin touching sub-$14,000 levels this morning, which has had an impact on many of the cryptocurrencies.

It will be interesting to see whether Bitcoin Cash can enjoy a dip and pop through the day, with the markets likely to consider current values attractive. The good news is that pricing between Bitcoin’s January futures contract and Bitcoin has diverged, with the January’s futures contract on the higher side, which should provide both Bitcoin and Bitcoin Cash with some support through the early part of the day. Bouncing back to $3,000 levels may be a tall order however.

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Litecoin Struggles in Bitcoin’s Shadow

It’s a week for Litecoin to forget, with the 12^th November high a distant memory. A failed attempt to recovery to $400 levels on Tuesday has seen Litecoin in reverse through the remainder of the week, with today’s 11.34% fall to $275.71 a far cry from this week’s $380 high.

News of Litecoin’s founder selling off his Litecoins did little to ease the declines, with the markets appearing to be less interested in self-regulation and more influenced by Bitcoin’s troubles through the week. Investors are all too aware of Bitcoin’s influence on Litecoin and Bitcoin’s declines this week have done Litecoin investors no favours.

For the rest of the day, we will need to see the ship steady and for Litecoin to recover to $300 levels to restore some confidence. Bitcoin has managed to pull back up to $14,000 levels at the time of writing, which should provide some support, though we can expect a lag.

If Litecoin fails to pull up to $300, it could get left behind and move back down towards today’s intraday low $202.

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Ripple remains the HODL choice

Investors may have been looking for a trough in the Ripple to get in on the action, but through the early part of the day it’s certainly been the best performer, down just 0.18% to $1.099.

This morning’s resilience is in stark contrast to its peers, with Ethereum, Bitcoin, Bitcoin Cash and Bitcoin Gold all having seen double digit losses through the early part of the day.

This could be a turning point for Ripple, with Ripple’s blockchain technology certainly up there in terms of adoptability, with financial institutions already adopting Ripple’s technology for cross-border payments.

While impressive, Ripple will need to hold on to $1.00 levels to avoid a similar fate to its peers today, with pressure squarely on the cryptocurrencies today.

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