Litecoin is poised for a major bullish reversal after the cryptocurrency recently broke out of the descending channel on the BTC pair so it seems like the benchmark cryptocurrency will create lower lows and as per the Litecoin news today, the traders speculate that Bitcoins will decline could fuel a pump over the next few days.
Looking at the 1-hour charts for LTC/BTC, we can clearly see a wedge type pattern that is forming as the price levels are re-testing close to the breakout point of the descending channel which will be visible further. The price action will re-test any breakout points before the LTC price levels start to pump. The wedge created a clear descending overhead resistance which in case it gets broken, this will result in a huge increase. The breakout point for the smaller wedge on the charts is standing above the 1-2 percent above the current market price. The short-term decision will be made in the next few days and will be determined by the direction which the price action will break through the current wedge. If the overhead resistance at 0.006900 is broken to the upside, the higher high for the visible range will be expected at the 0.008000 sats. If the price levels crush below the wedge support, another drop to 0.0061000 sats is likely.
Both the 50 EMA and 200 EMA are getting close to each other and will likely cross over in conjunction with a breakout but if the price levels breach either way out of the wedge, this could lead to a crossover of these EMA’s to take place along the increasing or decreasing volume in order to confirm the sustainability of the breakdown. On the 1 day charts for LTC/BTC, the descending channel is clear and it also formed a stemming back to price action back in May so the price levels saw a huge decline over the last few months and Litecoin shed around 50 percent of its value. As per the coming altcoin news, the RSI is now standing in the oversold territory as the 50 EMA sits just 1 or 2 percent above the current market price. The 50 EMA can be used as a resistance point that will sustain bullish momentum so Litecoin is poised to make a huge comeback.
Tesla (TSLA) IS The Top Performing Asset In 2020, Surpassing BTC
Bitcoin On A Faint Note This Monday Towards $8K: Analysis
New Jump For BTC: $8,500 Is “Again On The Table” According To Analyst
“On-chain momentum is crossing into bullish [territory]… The bottom is most likely in, any [move] lower will be just a wick in the macro view,” Woo said.There is also Glassnode, which is a crypto centric on-chain intelligence firm which recently noted that their metrics suggest that Bitcoin is bottoming and is slated to revert higher in a "strong" fashion. It is the Market Value to Realized Value (MVRV) which is implying the above mentioned, as well as showing that the crypto asset investors are believing in the topic. A reading of this would mark a bottom for the cryptocurrency market soon, too. At press time, Bitcoin is trading at $7,563 while the total market cap is $204 billion and the trading volume sits at $49 billion.
Bloomberg Analysts Expect Bitcoin’s Price To Spike Past $10,000
“Bitcoin is winning the adoption race among crypto assets and is becoming increasingly scarce, which favors price appreciation. Plenty can go wrong with a nascent asset, but unless the basic premises reverse, there’s a higher probability to sustain price appreciation vs. Depreciation.He also tried to support the main idea that the halving event will act as a negative supply shock for the marketplace on the simple supply and demand economics.
How DigixDAO Works: Guide To Its Tokenized Gold System
Basic Attention Token’s Brave Browser Adds One-Click Wayback Machine
US Actor Steven Seagal Pays $350k For Illegal ICO Cryptocurrency Promotion
Zcash Improvement Proposal 1014 Is Live With Updated Mining Rewards
Binance Joins Shyft Blockchain Network For FATF Compliance
Tim Draper Left Stocks For Bitcoin 6 Months Ago
Binance UK News Show Buying BTC Is Now Easier Than Before
Retail Crypto Sentiment Flips Bearish For 1st Time In 2020
Monero VS Bitcoin: Is The Privacy Feature Enough?
MoneyGram And Ripple Extend Their Partnership With $11.3 Million
China Declares Bitcoin As Property! Central Banks Prefer Crypto? SONY “Contactless” Hardware Wallet
JPMorgan Predicts A 60% Recession, Is Crypto The Best Chance Now? | [Bitcoin News // Crypto News]
Ethereum Sees Record Number of Shorts! NEM Blockchain Hub | Samsung Blockchain Supply Logistics
Crypto Jobs Up 300%! Lost BTC 20% Rate of Recovery | Only 45% of Exchanges Meet Security Standards
DC Forecasts Proudly Backed The Global Disruptive Blockchain Innovation Summit
- Ethereum Classic News4 days ago
Antminer E3 Stops ETC Mining While ETH Has 1 Month Left
- IOTA News7 days ago
How Will IOTA Transform IoT Design In The Future: Analysis
- Bitcoin Cash News6 days ago
Bitcoin Cash Is Facing ‘Slow Death’ After Its $30M Hack: Analyst
- Dash News5 days ago
Dash Partners With Simplex, Offering A Fiat On-Ramp To Its Users
- Binance News6 days ago
Malta’s Financial Watchdog Says Binance Is Not Licensed
- Altcoin News6 days ago
Crypto Education: Which Are The Leading Universities In 2020?
- Dash News6 days ago
Dash Price News Today: Stable At $105 With Bullish Opportunity
- Bitcoin News5 days ago
BTC Price Bull Run May Last 1,000 Days, 2020 Is Best Average Year