Connect with us

Litecoin News

Technical analysis: the cryptocurrency market is ready for a new growth wave

Published

on

5/5 (1 vote)

RoboForex lead analyst Dmitry Gurkovsky talks about further possible scenarios of the price movement of bitcoin and several popular altcoins .

Buyers managed to show a good bounce up. At the moment, assets such as Bitcoin and Bitcoin Cash look very interesting in the context of continued growth. Moreover, if the BCH / USD chart shows the formation of a reversal pattern of the inverted “Head and Shoulders” in favor of growth, then BTC is just getting ready to leave the channel and continue a confident upward movement.

Unfortunately, the assets of Ethereum, Litecoin and EOS are still under pressure. There are several signals from daily charts in favor of moving down. However, if the bulls manage to break through the next resistance levels, then these assets will be ready to move to the phase of sustainable growth.

In general, the cryptocurrency market looks ready for the start of a new wave of recovery. The bulls can only hold the current levels and rise a little higher to deprive the bears of all chances to continue the downward correction.

Bitcoin (BTC)

Quotes showed an aggressive rebound from the support level. However, the price tested resistance in the form of a downtrend near the $ 9800 area. To continue the rise by the buyer, it is important to “push” prices even higher.

A good signal in favor of a likely continuation of growth is the breakdown of a downward trend line on the RSI indicator. In most cases, a return to the broken line occurs, after which we should expect continued growth. As the main trading idea, you can take a slight correction to the level of $ 7700, after which you can talk about a rebound and upward movement.

Cancellation of this option will be a fall in the quotes of the digital asset below the level of $ 6875, which will indicate a breakdown of the lower boundary of the channel and continued decline.

On the 4-hour chart, cryptocurrency quotes were able to leave the limits of the short-term downward channel. Such a signal is the first sign of a potential reversal of the current downward correction. However, confirmation of the completion of the fall will be a strong growth with consolidation above the level of $ 10,995, which will indicate a way out of the downward channel. In this case, the target of the movement will be the area of $ 12,405.

The values of the RSI indicator again pushed off the resistance level, so we should expect a decrease and a test of the broken channel boundary. After this movement, we can talk about the beginning of growth towards the goal at the level of $ 10,995.

Ethereum (ETH)

Ethereum buyers also managed to keep quotes in the support area, which is located at $ 147. At the moment, the price has once again returned to the area between the moving averages, which may provoke an attempt to further decline.

In favor of this option is a rebound from the downward resistance line on the RSI indicator. As the main idea, we should expect a rebound from the lower border of the rising channel and the continuation of the fall to the first target at $ 147. Its breakdown will open the way for the movement of quotations to the level of $ 100. Cancellation of the negative option will be a breakdown of the Moving Averages and the consolidation of ETH / USD above the level of $ 239. In this case, we can talk about continuing the rise to the goal at the level of $ 280.

On a 4-hour chart, quotes are clamped in a downward channel. The values of the RSI indicator are testing the resistance line again, so we can expect a rebound and fall in the quotes of the digital asset to the level of $ 150.

In favor of this option, a test of the upper boundary of the downward channel will also come forward. Cancellation of the proposed forecast will be a breakdown of the resistance level and consolidation above $ 202, which will indicate the exit of quotes beyond the rising channel. In this case, the target of the rise will be the level of $ 239.

Attention!

Forecasts of financial markets are the private opinion of their authors. Current analysis is not a guide to trade. RoboForex is not responsible for the results of work that may arise when using trading recommendations from the submitted reviews.

Publication date 10/30/2019
Share this material on social networks and leave your opinion in the comments below.


Litecoin News

The growth of the BTC rate increased the likelihood of reaching the level of $ 20,000 until June 2020

Published

on

5/5 (1 vote)

A few days after the Deribit exchange launched bitcoin options for June 2020 and established the probability of BTC exceeding its historical maximum by June 20 at only 4%, the main cryptocurrency completely changed the landscape of the cryptocurrency market.

On October 25, one of the most significant leaps of 2019 was recorded, when the coin added more than 35% in 10 hours, raising the value of the coin from $ 7,674.85 to $ 10,350. The cryptocurrency market also benefited from this price rally, as Ethereum, XRP and Litecoin also showed double-digit profits.

The Bitcoin price movement (BTC) changed the mood on the platform, with the most noticeable change in metrics observed in relation to the probability index of the royal coin.

The recent rise in bitcoin prices has had a significant impact on the likelihood that the cryptocurrency will reach $ 20,000 by June 2020, now the probability of this event is estimated at 10%. The increased likelihood suggests that traders' interest in the BTC market has returned, which was facilitated by a return above the $ 9,000 mark. At the time of writing, the coin was valued at $ 9,502.

In recent weeks, bitcoin price volatility has been steadily declining, especially after the crash on September 24 and October 23, as a result of the last BTC fell below $ 7,400. After this event, many analysts were sure that in the near future the main cryptocurrency will not be able to cross the level of the record high of 2019 . However, in just 48 hours, a powerful take-off occurred, which dramatically increased the coin's volatility.

For comparison, on October 24, price volatility was noted at a low level of 56.9%, however, on October 27, this indicator rose to 79.7%. At the time of publication, the Bitcoin market continued to inspire hope for a bullish movement.

As often happens, a sharp rise in price was not expected by almost any of the cryptanalysts. It seems that the market is driven by hidden price manipulations, which is why it is difficult to say how long this trend will last, but the upward movement of BTC on a global scale does not raise any doubts.

Publication date 10/29/2019
Share this material on social networks and leave your opinion in the comments below.


Continue Reading

Litecoin News

OKEx launches USDT futures trading with leverage up to x100

Published

on

OKEx, the fifth largest cryptocurrency exchange in the world, is about to launch linear futures contracts based on the stable Tether coin with leverage up to x100.

According to a press release, platform customers will have access to pairs with coins such as Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Tron, Bitcoin SV, EOS and Ethereum Classic. Representatives of OKEx argue that derivative contracts based on stablecoin will provide users with simpler and at the same time effective tools for market research and risk calculation. So, a new product will save OKEx customers from the need to switch between crypto assets in order to record income and damage in USD.

Lenniks Lai, Head of Financial Markets at OKEx, drew attention to the fact that in the future the company may present users with even more similar tools. In addition, he noted that reverse contracts seem rather complicated for most customers, so the launch of new linear contracts will allow many retail traders to also experience the benefits of using this financial instrument in the crypto space. The launch is scheduled for November 14th.

Continue Reading

Bitcoin News

Over the past day, the Bitcoin exchange rate rose to $ 10,500, the price increased by 42%

Published

on

A few days ago, the BTC rate plummeted from about $ 8,000 to $ 7,500, however, over the past 24 hours, the cost of the flagship cryptocurrency has shown incredible growth – the price reached the level of $ 10,500, adding to the cost of 42%.

Following BTC, altcoin indicators also increased, in particular, Ethereum, Bitcoin Cash, Litecoin, EOS, Bitcoin SV managed to recover – over the past 24 hours their rate has grown by 10-20%. Well-known analyst Alex Krueger draws attention to the fact that this is the 4th largest price movement of cryptocurrency in daily profitability. The analyst believes that such a sharp increase in value is caused by fundamental factors, in particular, a statement by Xi Jinping, the head of the PRC, in which he unequivocally supported the development of the blockchain industry.

Meanwhile, Nick Carter, co-founder of Coin Metrics, noted that closing the daily candle at $ 10,000 would mark the third most profitable day in BTC history. The first two rallies were 54% and 48% in 2010 and 2011, respectively. In the first case, the value of the coin was $ 0.40, in the second case – $ 5.65.

Against the backdrop of recent events, Edward Snowden recalled on his Twitter blog about the forecast of an anonymous analyst, according to which the BTC rate could increase to $ 16,000 in October.

Continue Reading
Advertisement

Name Price24H (%)
Bitcoin (BTC)
$36,750.00
-6.82%
Ethereum (ETH)
$1,190.07
-0.97%
Tether (USDT)
$0.99
-0.62%
XRP (XRP)
$0.281582
-5.06%
Litecoin (LTC)
$145.45
-4.55%
Cardano (ADA)
$0.308028
-2.41%
Bitcoin Cash (BCH)
$494.50
-4.38%
Stellar (XLM)
$0.288970
-4.01%
Monero (XMR)
$156.89
-6.00%
EOS (EOS)
$2.79
0.31%
Advertisement

Trending