Bitcoin Cash, Litecoin and Ripple Daily Analysis – 11/12/17
Bitcoin Cash on the move
Bitcoin Cash has managed to hold on to current levels and the bears have failed to pull it back down to sub-$1,000 levels through the weekend and start of the week. A minor victory for the Bitcoin Cash bulls in what has been a bad month, with Bitcoin Cash having failed to make any moves towards $2,000 levels
Bitcoin has continued to grab all the headlines and, while some of the news has been negative, has continued to find support this morning, gaining 7% to $15,721 at the time of writing.
All the news has been on the opening of the Bitcoin futures market this morning and the number of contracts. How the futures market will impact both Bitcoin and Bitcoin cash remains to be seen, but for now the inverse correlation between the two has softened, with gains seen across the cryptocurrencies this morning.
For the day ahead, Bitcoin Cash will need to break through to $1,500 levels to have a chance at $2,000 this week, while there is a risk of a step down towards $1,000 should today’s momentum slow.
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Litecoin trailblazing
Litecoin broke free of its shackles on Friday and spiked at all-time high $199 before easing back to $150 levels at the start of the week.
There’s been plenty for the markets to consider, with stability in Litecoin transactions providing strong support as news hit the wires of as many as 223,000 pending transactions across the Bitcoin exchanges. Litecoin was quick to point out the system issues faced by the Bitcoin exchanges, with the markets quick to move into Bitcoin’s main altcoin competitor.
Adding to the upside was news that an anticipated ban on ICOs in South Korea, was unlikely to be a complete ban, with the South Korean government looking more to protect the market from fraudulent activity than shut the market down.
At the time of writing, Litecoin was up 4.95% to $158.47, with direction through the day likely to be hinged on the impact of Bitcoin futures on appetite for Bitcoin. The good news for Litecoin holders is that there’s likely to be plenty of support at sub-$150 levels through the day, with the next milestone for Litecoin being $200.
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Ripple misses the party
Things were not so impressive for Ripple through the weekend and the start of the week, with the only good news for Ripple investors being the fact that there was no slide to sub-$0.20 levels. Thursday’s spike to a $0.28 high failed to lift Ripple from its $0.20 – $0.25 ranges and with the likes of Litecoin on the move, investors may well be reconsidering their choices.
At the time of writing, Ripple was up 2.54% at $0.2339, the currency benefitting from the upbeat sentiment across the cryptocurrencies, whilst lagging behind the majors through the early part of the day.
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This article was originally posted on FX Empire
