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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 13/02/18

Bitcoin Cash in Reverse

Bitcoin Cash had a relatively positive start to the week, gaining 5.26% to end the day at $1,275 on Monday.

While it was a positive session, there were no milestones hit, with Bitcoin Cash hitting an intraday high $1,297.3 late in the day, as two attempts to break through to $1,300 levels were thwarted through the day.

Regulatory chatter was on the quieter side through Monday, giving the cryptocurrencies some room to move, though Bitcoin Cash did lag behind some of the other majors, with Bitcoin having gained 10.5% through Monday.

At the time of writing, Bitcoin Cash is down 5.11% to $1,217.8, with investors locking in profits ahead of any more regulatory chatter, which is certainly beginning to build this morning.

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News just in, reported that the Russian government has proposed to require companies or projects raising capital through the ICO market to have a capital threshold, while in Thailand, the Bank of Thailand has requested that banks do not invest in cryptocurrencies, with no outright ban, as had been reported on Monday.

Thailand’s SEC added that it will be monitoring all ICOs and will reprimand companies that are not in compliance with the regulations. While Thailand may not be the biggest of the crypto jurisdictions, the news is a firm reminder of how quickly the landscape is changing.

For the day ahead, with Bitcoin Cash having fallen through its first major support level of $1,222, the next level of support is likely to kick in at sub-$1,200 levels, in what’s looking to be quite a bearish trend forming in the early part of the day.

BTC/USD 13/02/18 Hourly Chart
BTC/USD 13/02/18 Hourly Chart

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Litecoin Slips

Litecoin had a positive start to the week, rising by 8.19% on Monday to end the day at $161.49, though it could have been a better day with Litecoin hitting an intraday high $163.28.

The gains in Litecoin were somewhat better than Bitcoin Cash, with Litecoin now expected to be the market favourite from an alternative to fiat money perspective, though there will be some disappointment to the delay in LitePay’s release, which was due to be released last week and is now scheduled for roll out on 26th February.

At the time of writing, Litecoin was down -2.23 to $157.9, with declines being seen across the board, as regulatory news continues to hit the cryptomarket.

For the day ahead, we will expect Litecoin to have plenty of support at $154 levels, with the prospects of LitePay expected to continue providing support to Litecoin and ease some of the negative sentiment seen in the markets this morning. A move back through to $160 could see Litecoin test its first major resistance level of $168.54 later today.

LTC/USD 13/02/18 Hourly Chart
LTC/USD 13/02/18 Hourly Chart

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Ripple Holds on to $1.00

Ripple had an upbeat day on Monday, rising by 8.09% to end the day at $1.039, with the good news for Ripple investors being the support levels at sub-$1.00.

After rallying to an intraday high $1.234 on Friday, there is plenty of appetite for Ripple and, while the start of the day has been a poor one, with Ripple down 2.74% to $1.013, holding on to $1.00 levels will be key through the day.

Any moves through to $1.05 levels would support a run towards $1.10, though sentiment will need to shift early to avoid testing support levels this afternoon.

XRP/USD 13/02/18 Hourly Chart
XRP/USD 13/02/18 Hourly Chart

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This article was originally posted on FX Empire

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