Levels to keep in mind to ride the Bitcoin and Litecoin bull market

Bitcoin pulled back after hitting $ 57,800, which could enter a low-time ABC correction. The modest pullback caused the coin to retreat 6.8% from the local high to the Fibonacci level of 0.0236.

Technically, BTC / USD has not set a lower local low, leaving the door open for the bulls to regain lost ground and continue the trend in a hurry.

Still, Bitcoin could consolidate further before resuming the trend, which would have the advantage of providing structure to price action, which has been relatively vertical since early October.

In the immediate short term, $ 55,900 is an overhead resistance. Unless it rallies, the bulls will look to defend the .382 Fibonacci level at $ 51,200. The 200-EMA (2 hours) provides further confluence, which has provided wide support since bottoming out in July.

As noted above, as long as $ 49,000 is not lost on a daily close, then the high time frame picture is still bullish. Basically the sauces are there to buy until proven otherwise.

On the other hand, once $ 55,900 is captured, then BTC / USD would have cleared the last general resistance, considering that prices have already reached $ 57,000 in the current uptrend. The more often resistance levels are tested, the less likely they are to hold, especially when BTC is only 18% away from setting new highs at press time.

Traders and investors must ask themselves one thing as bitcoin moves forward: Is it worth risking less BTC to potentially buy a couple percentage points lower?

Litecoin often gets a bad rap due to the prevalence of salads of arbitrary and unintelligible words imposed on it. But the fact of the matter is that crypto has withstood the test of time. Unlike virtually all cryptocurrencies other than bitcoin, Litecoin’s ten-year history is firmly in its favor. There was no pre-mine, the release was verifiably fair and the developers are working on new updates, with MimbleWimble being the most anticipated this year. In other words, the fundamentals are rock solid and there is no reason to dispute its survivability as that question has been answered over and over again.

From a technical perspective, there are two notable medium to long-term resistance levels: $ 188 and $ 267; both were pivotal in either direction, historically speaking. Taking out $ 188 would establish the premise of all-time highs by the end of the year. As it stands, the bulls must work harder to overcome the unfounded FUD that causes novice investors to panic selling an asset that literally has everything going for it (liquidity, fair distribution, decentralization, continued development, massive upside potential relative to market capitalization, etc.)

On the other hand, missing the 2019 all-time high ($ 137) would likely mean revisiting the 2-digit mark. But unless Bitcoin enters a bear market (which is unlikely unless a global war breaks out), Litecoin will never see $ 137 again.

Notably, the LTC blockchain just switched to Ethereum in terms of address activity for the third time this year, according to data from analytics firm Santiment. In September, I pointed out how Litecoin address creation is going parabolic; this trend has not changed either.

From an investment perspective, Litecoin is probably the most underrated, unfairly ridiculed and undervalued project on the market for what it is.

See you later.

ps This is my opinion. You can have your own opinion.

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Christopher Attard
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