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Litecoin

Traders must be cautious of this negating Litecoin’s bullish thesis

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

Litecoin’s turning point was on 23 July after its price closed above its upper sloping trend. This marked a shift from LTC’s downtrend which extended from its late-May levels. The digital asset is now preparing to reclaim areas lost over several retracement stages in June.

At the time of writing, Litecoin was valued at $144.8, up by 4.5% over the last 24 hours.

Litecoin Daily Chart

Source: LTC/USD, TradingView

The Pitchfork tool was plotted on LTC’s rally from its 2o July swing low of $103.8 and the following correctional phase. The decline saw buyers return at LTC’s 78.6% Fibonacci Extension which rested at $137.68. The next resistance zone is at the 100% Extension level and a close above this can push LTC towards the median line of the Pitchfork ($150).

Additional targets lay at $158.58 and $173.45. To invalidate such an outcome, the market’s bears need to target a decline below the 78.6% Fib level.

Reasoning 

After bouncing back from the oversold zone on 20 July, the RSI formed its second peak at 63. A higher peak would indicate further upside going forward. The On Balance Volume also pointed to a rise in northbound pressure over the past few days.

However, LTC could see a minor decline before the next upcycle is initiated. This assertion can be backed by the MACD’s histogram which showed that bulls were losing momentum as the price approached $146.88. Failing to topple this ceiling might result in a retest of $137.68.

Conclusion

Litecoin’s close above its 100% Fibonacci Extension would validate a hike towards the $150-mark. However, there were signs of weakening bullish momentum and traders must be cautious of a close below the 78.6% Fib level. This scenario would negate a bullish thesis for LTC over the coming days.

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Litecoin

Cardano Primed To Follow Litecoin’s 2018 Price Trajectory, According to Veteran Trader Peter Brandt

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Veteran analyst and trader Peter Brandt is issuing a warning to Cardano holders, saying that the fifth-largest cryptocurrency could be on the brink of following Litecoin’s 2018 price trajectory.

The popular crypto strategist tells his 549,300 Twitter followers that Cardano could be at the top of the price range and facing a potential downtrend, similar to what Litecoin (LTC) flashed during the height of the 2018 bear market.

 

According to Brandt’s chart, Cardano could be printing a large technical reversal figure in the form of a head and shoulders pattern with a neckline or key support area at around $1.00. A head and shoulders pattern is often seen by traders as a sign of a looming bear market. A move below the pattern’s neckline at $1.05, similar to Litecoin’s 2018 path when it breached support at $105, could confirm Brandt’s bearish prediction.

Fellow crypto analyst Capo agrees with Brandt’s evaluation but says that Cardano must first take out the support before a reversal can take place.

“That support has to hold, I agree. And it’s likely to hold.”

Taking an opposing stance to Brandt’s bearish outlook on Cardano, crypto strategist and trader Michaël van de Poppe says the smart contract platform could surge 800% if it reclaims key levels against Bitcoin.

“If we’re going to make a bottom around 2,800 satoshis [about $1.16], we can see a 170% and usually overshoot 190% trade on the Bitcoin pair.

I’m also expecting the value of Bitcoin against the US dollar to do well. So if we get into this region (0.00008 for ADA/BTC or $3.17), it’s probably going to result in a 400% to 800% move on the [ADA] US dollar value, especially given that the market is going to heat up once again.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/IM_VISUALS



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