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Litecoin went up above $ 60

Bitcoin settled above $ 9,300

The crypto currency market has a mixed picture on Wednesday as Bitcoin and all major altcoins fluctuate in narrow ranges during the early Asian hours. Total market capitalization reached $ 251 billion. The average daily trading volume was $ 89 billion. And Bitcoin’s market share reached 66.8%.

BTC/USD hit a weekly high at $ 9,621.8 on November 4 and has been retreating ever since. At the time of my writing, the main digital coin is trading for $ 9,425, down 1.02% on a daily basis. The SMA 100 on the daily chart is located around $ 9,606 and seems to be limiting the recovery. It needs a clear break above it and a weekly high to allow the bulls to gain likely traction for the next goal at $ 10,000.

 

LTC sees optimism return, with the potential to rise again to three-digit prices

Currently, Litecoin is far from its peak value, reaching above $ 360 during the bull market of 2017 and early 2018. However, LTC has the potential for more significant profits, as the coin is considered as undervalued.

The crypto currency is seen as a relatively insignificant asset, although it has established stable liquidity. This makes Litecoin relatively attractive and has the potential for rallying, especially in times of BTC stability. LTC is one of the coins in which active and rapid price movement is associated with an increase in price action.

The coin has also recently saw a spike in daily transactions, to over 67,000 transactions a day, above the average of 18,000 a typical day. Litecoin has also shown its ability to rise in price amid pure speculation. More than 46% of all LTC volumes receive inflows from Tether (USDT), allowing the price to move independently. Also, keep in mind that LTC is still one of the assets that almost doubled its value in 2019, though still behind BTC’s performance.

 

Technical analysis of Litecoin

Litecoin is currently trading at $ 63.58, with increase of 3.75% over the last 24 hours. Yesterday, LTC extended its bullish move to the high at $ 64.02, but failed to keep above that level. That is why this peak is now acting as a short-term resistance.

If we look at the four-hour chart, Litecoin’s struggle to defend the $ 60 support is at its peak. In addition, the price moves within a formed rising triangle pattern. The first scenario is for Litecoin to break above the resistance of the triangle ($ 64) and open the door to $ 70. On the other hand, if the coin fails to clear the $ 64 hurdle combined with a correction below the trendline support, Litecoin can easily approach to $ 50.

In hindsight, a drop to $ 50 would not have a completely negative impact. It is likely that a new LTC demand will be created in the area and the basis for a potential rally towards $ 100 at the end of the year.

The Relative Strength Index (RSI) shows that the price is oversold in the short term (H4) and the reversal is at the beginning. Bulls hold relative control according to the Moving Average Divergence Convergence (MACD).

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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Does sales pressure mean a new downtrend for BTC/USD

Cryptocurrencies have come under fresh pressure

Bitcoin price struggled to hold over $ 8,000 during Wednesday’s Asian session. However, the bearish pressure, coupled with the increasing sales volume, outweighs the bulls. The entire cryptocurrency market is in the red territory, with most of the major coins registering losses at the beginning of the European session also.

Almost all of the top 20 coins show red candles on the charts. And Bitcoin SV (BSV) took the prize for the worst performing cryptocurrency of the day with a loss of 4.5%. Cosmos (ATOM) and Tezos (XTZ) followed closely, with losses of more than 3% each.

The total market capitalization of cryptocurrencies dropped from $ 223.3 billion to $ 218.5 billion, with Bitcoin representing 66.3% of the total.

As for the fundamental news, Opera has announced that it now facilitate making payments with Bitcoin (BTC) directly inside the web browser. Opera detailed in a press release that its 350 million users can now send and receive BTC directly from the browser, as well as use the cryptocurrency to buy goods and services on e-commerce websites.

 

The bears pushed BTC/USD under $ 8,000

Over the past few weeks, Bitcoin has gone through a series of up and down movements. Now the level we need to keep a close eye on is the key support at $ 7,800. This region has been tested repeatedly without giving in. In addition, a rebound from this area resulted in significant movements above $ 8,000. For example, the most recent correction pulled the price over $ 8,300 before hitting $ 8,750.

On the upside $ 8,800 is the most significant resistance. The movement above that level has been unsuccessful in the last month. If BTC/USD manages to break through this resistance, the chances of raising above $ 9,000 will be huge.

From a longer-term perspective, BTC/USD has been moving within a narrowing range over the past 4 weeks, following the strong downside trend that played out between June and September. Technically, the price has formed a bearish flag on the daily chart. This makes the BTC/USD pair vulnerable to further potential downturns if current daily support recedes. A clear break below $ 7,800 can easily push Bitcoin to $ 6,400 (key support for the downtrend in 2018). Failure to hold above this level could open the door for a new wave of sell-offs to the next critical support at $ 5,000.

All indicators, including the Relative Strength Index (RSI), indicate that the trend is in the hands of the bears. The RSI plunged close to the oversold area while the Moving Average Convergence Divergence (MACD) is below the zero line.

 

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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Litecoin remains range-bound against USD

The overall picture of the crypto market over the last 24 hours

Bitcoin has slid by 1.55% in the last 24 hours. Reversing a 0.78% gain from Monday, Bitcoin closed the day at $ 8,159.9.

As for the other top 10 crypto currencies, the picture on Tuesday was mixed. Binance Coin and Bitcoin Cash SV were on the green territory for the day, rising by 0.49% and by 2.30% respectively.

For the rest major crypto currencies, however, trading was a deep red. EOS led down by a loss of 6.34%.

Litecoin, Bitcoin Cash ABC and Ethereum also saw heavy losses during the day. Litecoin slipped 4.08%, with Ethereum and Bitcoin Cash ABC falling by 3.36% and 3.21% respectively. Ripple’s XRP and Stellar’s Lumen recorded more modest losses during the day.

During the first part of the week, total crypto market capitalization rose from a Monday bottom $ 223.92 billion to peak at $ 228.17 billion before reversing. Against the background of Tuesday’s sell-off, we saw the crypto market capitalization drop to the current low of $ 221.83 billion. At the time of my writing, total market capitalization was $ 222.65 billion.

Bitcoin dominance remains at levels below 67%, despite Tuesday’s sell-off.

Litecoin, on the other hand, celebrated its eighth anniversary on October 13, making the coin only 2 years younger than BTC. According to the project’s creator, the network has processed transactions worth more than $ 500 billion since its inception.

Despite attacks this year, Litecoin survives and remains one of the most liquid altcoins.

 

Daily analysis for Litecoin

After the bearish Tuesday, the bulls took control on the market. LTC/USD fell from $ 57.34 to $ 53.53 yesterday and has since recovered to around $ 55.30. The sixth largest digital asset with a current market value of $ 3.6 billion bottomed at $ 50.58 on September 26 and has been moving in a narrow range ever since.

For the day ahead, we have accumulated strong levels of resistance above the current price. This area includes the upper line of Bollinger Bands on the daily chart ($ 58.50); the long-term downside trendline, from June 23 high at $ 59.60 and of course the upper limit of the aforementioned range at the psychological level $ 60.

The bulls will need convincing movement over that area to allow upside momentum to gain traction.

On the downside, the first support is yesterday’s low at $ 53.53, followed by a bottom of October 6th at $ 53.06. A clear break below these levels is likely to lead to sales extending, with the next bearish targets set at $ 50.58 (September 26 low) and the psychological level at $ 50.00.

Litecoin is currently moving below the curves of SMA 20, SMA 50 and SMA 200. And the 20-day Bollinger width has dropped to 0.092, indicating very low market volatility. The Relative Strength Index (RSI) is located at 39.77, right next to the oversold area.

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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Ripple’s XRP can surprise and open up the Altcoins season

Tuesday marked a third day in a row of full control of the bears over the crypto market. Bitcoin fell below $ 10,000 and the rest of the top 3 coins also had to “lick their wounds.” ETH/USD fell from 217 to $ 211.85 this Tuesday. Ripple bulls struggle to keep the price above $ 0.30. During the day, the total capitalization of the crypto market fell from $ 281.9 billion to $ 265.97 billion at the time of my writing.

The big news of the day was that Justin Sun, the CEO of TRON and BitTorrent, was forced to cancel lunch with Warren Buffett just 3 days before the meeting because of sudden health complications. As a result, Tron was the most losing coin yesterday, down 10.23%, with broke below $ 0.024.

 

Ripple’s XRP moves in sync with the market

The third largest digital coin with a current market capitalization of $ 13.1 billion lost nearly 4% of its value on a daily basis. The coin is trading almost unchanged at the beginning of today. XRP is moving in a short-term bearish trend amid the ubiquitous sell-off on the cryptocurrency market.

 

Ripple Tech Picture

On a daily chart, XRP/USD bulls will have to break over $ 0.3175 to mitigate the initial downward pressure. This resistance was created by merging several technical levels, including 50 SMA on 4-hour chart and 200 SMA on hourly chart. A convincing breakthrough above this zone may extend the upside momentum to $ 0.3230 (100 SMA on hourly timeframe) and a psychological level of $ 0.33. This resistance is followed by $ 0.3340 (100 SMA and the lower line of Bollinger Bands on a 4-hour chart).

On the downside, the first support is $ 0.3040 (the bottom line of the Bollinger Bands), followed by a psychological level of $ 0.30. The latter level creates a strong barrier that should probably stop the bear’s pressure for a while. A clear breakthrough under these supports, however, will trigger more sell-off, with the first target going to be in the region of $ 0.2865 (the July’s low).

But given that the short-term RSI remains flat near to the oversold territory, we can assume that the downside impulse will be slowing down at this stage.

MACD on the daily chart also shows a bullish cross profile that can lead to a rise to new highs at any time. The less likely scenario, I think, is to see a fall below $ 0.30 before reversing the short-term trend. In conclusion, I think bulls are obviously not losing positions and remain at the levels reached with last week’s profits.

 

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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