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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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Bitcoin price seeks higher low as trader forecasts $45K breakout within weeks

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Bitcoin (BTC) traded steadily on Tuesday after a surge above $40,000 resulted in higher levels broadly holding.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

All eyes on Bitcoin higher lows

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering near $37,000, around 8.8% below the peak of Monday’s gains.

Its first trip above $40,000 in six weeks, Bitcoin price action is now attempting to consolidate and form support at a higher low, Cointelegraph contributor Michaël van de Poppe said.

“Bitcoin rejects at the range high, which isn’t strange,” he explained in a Twitter update Tuesday.

“The market has made a new higher high and is in search of a higher low. The levels that I’m watching are $34,500–35,800 and the area around $32,500.”

A look at buy and sell levels on major exchange Binance confirmed the significance of those price points, with buyer support significantly in evidence only below $36,000. Sellers, on the other hand, remained clustered at $40,000 and above.

BTC/USD buy and sell levels (Binance) as of July 27. Source: Material Indicators/Twitter

The area immediately after $40,000 remains a decisive hurdle to overcome for Bitcoin bulls, with analysts arguing that doing so would unleash the bull market continuation that so many continue to wait for.

“Did people really expect 45-48k in one day?” popular trader Pentoshi reasoned.

“You broke the downtrend on high volume, you broke back into the range and made a HH on the daily. You teleported to resistance, it could take 2 or 3x to break it but that’s coming in the next weeks imo. Dips are for buying.” 

That scenario would place BTC/USD on track to reach $47,000 in August, the minimum — if controversial — monthly close predicted by stock-to-flow model creator PlanB.

Trader: “Most” altcoins have bottomed

Bitcoin’s comedown from local highs, meanwhile, spelled problems for altcoins.

Related: Price analysis 7/26: BTC, ETH, BNB, ADA, XRP, DOGE, DOT, UNI, BCH, LTC

Ether (ETH), the largest altcoin by market capitalization, dipped 11% following a copycat move to highs of its own at $2,432 on Bitstamp.

ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView

Many major altcoins fared likewise, with 24-hour losses of 10% or more not uncommon at the time of writing.

“The great part is that altcoins are following suit with Bitcoin and will most likely run towards their other side of the range too,” van de Poppe nonetheless added in a hopeful forecast, repeating previous conviction about the altcoin market.

“This means 80–150% run from the lows. I think most of them are bottomed.”