Bitcoin Cash, Litecoin and Ripple Daily Analysis – 05/12/17
Bitcoin Cash Needs to Make a Move
Bitcoin’s thinking about making a run for $12,000 and Bitcoin Cash is looking to move into the slip stream and bypass what has been strong resistance levels this week.
At the time of writing, Bitcoin is up 1.15% at $11,747, while Bitcoin Cash has made a stronger move, up 1.95% to $1,570.
We will need to see Bitcoin Cash to break through last night’s $1,6380 high for any chance of a run at $2,000, which has been a long time coming.
The gains in Bitcoin are coming in spite of news hitting the wires of the UK government looking to bring Bitcoin into its anti-money laundering and counter-terrorism financing regulations. The Indonesia government has also stepped out to say that they are looking to ban cryptocurrencies, including Bitcoin, at some point in 2018.
While the reference to regulation tends to have a material impact on the cryptoworld, neither country is particularly big in the market and would have little impact on Bitcoin appetite. If China or the U.S looked to introduce similar measures, it would be a whole different story, particularly China. Bitcoin and the other cryptos took it on the chin before bouncing back.
It’s looking like a strong day for Bitcoin Cash and a break through to $1,700 levels is due.
Get Into Bitcoin Cash Trading Today
Litecoin Holds above $100
Litecoin managed to break through to $104 levels overnight before falling back to a $101.6 intraday low this morning.
At the time of writing, Litecoin’s down 1.72% at $102.49, with the new lows on an upward trajectory. There’s plenty of support at $101 levels and that’s good news for Litecoin holders looking for another step up. A move towards $110 levels may be a step too far, but a run at $107 spike would be a good start and lift the ranges further over the near-term.
Slow is smooth and smooth is fast springs to mind. Litecoin’s ascendancy has not been as spectacular as Bitcoin’s, but it’s not one to brush aside. We could see demand on the rise over the near-term, though today may not be the day, as Litecoin looks to hold on to $102 levels this morning. Could be a different story this afternoon…
Buy & Sell Cryptocurrency Instantly
Ripple is barely making a splash
Following what had looked like a promising weekend, the start of the week has been far from impressive. We’ve seen Ripple fall back to $0.24 levels, down 2.38% at $0.242 at the time of writing. There seems to be a general lack of interest at the moment with buyer demand focused more on the Bitcoin family today.
Things are likely to remain a little choppier for Ripple through the day and it’s likely to test the support levels. Any fall to below $0.24 levels could see a more significant decline to sub-$0.23 levels. Ripple tested the support levels on Sunday, with a dip into the $0.22s before bouncing back. Having failed to break into new ranges in recent days, a rally looks unlikely today and Ripple investors may need to wait for another day.
Never say never however and if we see Ripple hit the higher end of $0.24 then some optimism may creep in to lend a hand.
Buy & Sell Cryptocurrency Instantly
This article was originally posted on FX Empire