Cryptocurrency

Bitcoin Cash, Litecoin and Ripple Daily Analysis – 14/11/17

Bitcoin Cash – Under Pressure

Following a choppy session on Monday, which came in response to the surge in price from sub-$300 levels, volatility remains though Bitcoin Cash’s price has managed to consolidate from the more than $1,000 slide from Sunday’s peak.

The slide would have put the brakes on buyers coming in and with the price currently hovering at $1,200 levels, having hit $1,500 in the early hours, there will be concerns over whether price stability will prevail.

At the time of writing, Bitcoin Cash is down double digits in the early part of the day. Investors may be eager to jump in to avoid missing out on a Bitcoins rally, but with so much volatility and uncertainty over what lies ahead, downward pressure will likely come from Bitcoin Cash holders looking to offload the free coins from the summer fork.

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It’s certainly a tough call on whether to go in or wait for a more material decline to sub-$1,000 levels. One worries that should the floodgates open and Bitcoin Cash holders begin to run for the hills, we could see quite a slump and that’s a significant downside risk that prospective buyers will need to consider through the day.

Bitcoin Cash stood at $1,225 at the time of writing, with the price volatility reflective of investor uncertainty over the near-term. In contrast, Bitcoin has made steady and sits up 0.6% at $6,757. While off record highs, the direction is a reflection of buyer demand, though, for those who missed out on the Bitcoin rally, price entry levels may be a bit rich.

We can expect more volatility through the remainder of the day and any attempts to break through $1,500 levels will likely be faced with stern resistance, with a bias towards the downside for the day.

BCHUSD141117

Litecoin Holds stands it’s ground for now

Litecoin continues to hover at around the $60 mark having recovered from sub-$59 levels on Monday.

Uncertainty continues to pin back gains, with Bitcoin’s price collapse fresh in the minds of wannabe investors, despite Litecoin sitting well off mid-October’s run at $100.

While Litecoin seems to be treading water at the time of writing, down 0.85% at $60.72, we would expect there to be strong support at $59, though for now, any moves into $70 levels will likely face strong resistance.

There seems to be a lack of conviction that another strong rally is the horizon over the near-term, which has pinned back a hope of a rally. This is unlikely to change through the day.

LTCUSD 141117

Ripple – Stuck in a Rut, but for how long?

At the time of writing cryptoworld order seems to have returned. Bitcoin (BTC) has found its legs and Bitcoin Cash (BCH) is in the line of fire.

Ripple has had a good start to the day, moving to $0.20 levels though Ripple seems to have been stuck in a rut. For a more sustained rally, it will need to break free of its 2-week high of $0.2174 and break beyond $0.22.

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Ripple holders may well be on a dip buy cycle, buying at sub-$0.20 and looking to offload at around the $0.22 level, which it has failed to break above since mid-October.

At the time of writing, Ripple is up 0.78% at $0.2019, with any further upside likely to be tested through the day, though we wouldn’t expect any declines below $0.19.

XRPUSD 141117

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