Bitcoin Cash, Litecoin and Ripple Daily Analysis – 08/12/17

Bitcoin Cash on the rampage

What a turnaround for Bitcoin Cash this morning. Having fallen to an overnight low of $1,125, Bitcoin Cash is up 13.92% to $1,402.2 at the time of writing.

It was looking quite dire for Bitcoin’s offshoot, with Bitcoin having broken down multiple resistance levels to enter into yet more unchartered territory.

Depending upon exchange, Bitcoin’s record high averaged at $17,153.94, whilst some exchanges saw Bitcoin surge beyond $19,000.

Bitcoin’s reversal through the early hours of today has contributed to Bitcoin Cash’s gains, with Bitcoin Cash hitting an intraday high $1,572 this morning.

The inverse correlation between Bitcoin and Bitcoin Cash continues to give investors a double tap on the profit front, assuming they are on the right side of the trade. Taking a $17,000 plus sale overnight and then moving it into Bitcoin Cash to take advantage of the 16.72% gain through the early part of the day isn’t a bad way to make a few pennies.

As the relationship becomes more embedded, the swings could become wilder…

While Bitcoin Cash may have the upper hand through the early part of the day, as we have seen on previous occasions, Bitcoin’s strength comes from the dips and it wouldn’t be a surprise to see Bitcoin break into unchartered territory once more and that could well bring an end to Bitcoin Cash’s few minutes in the limelight.

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Litecoin under the hammer

It was somewhat predictable that Litecoin would fall back to sub-$100 levels. A failure to break into new highs in recent days was certainly a contributory factor, but it ultimately boiled down to how Bitcoin performed through Thursday and the early part of today.

As Bitcoin’s major rival, Bitcoin’s record highs weighed heavily on Litecoin, which had enjoyed $105 levels earlier in the week.

At the time of writing, Litecoin was down 1.44% at $96.55 and, while Bitcoin may be off its record highs, it’s still well ahead of the pack for the week. Investors will be all too aware of what tends to follow a sharp drop in Bitcoin value. Pressure will likely remain in Litecoin in anticipation of another rally. If Bitcoin holds back through the day, Litecoin could make a run back to $100 levels, but resistance will be high suggesting that a $96 – $99 range looks reasonable.

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Ripple gives into the pressure

What could have been more than a splash for Ripple ended in tears, with a $0.296 spike in the early hours of this morning providing little comfort to the longer-term investor.

Ripple did manage to hold onto above $0.25 levels, but ultimately came crashing back down to earth and a low of $0.1655.

Ripple currently sits at $0.2173, up 7.33% on the day and there may be more gains on the horizon, supported by the latest high, but it will need to break through $0.23 levels or risk falling back to sub-$20 levels.

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