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Bitcoin [BTC/USD] Technical Analysis: Bulls ready to take control of sluggish price as long-term pattern emerges

Anirudh VK

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Bitcoin [BTC/USD] Technical Analysis: Bulls ready to take control of sluggish price as long-term pattern emerges
Source: Unsplash

The price of Bitcoin [BTC] has continued its sideways movement which has been its defining characteristic over the past few days. However, it does not look like this movement will continue, as the market seems to be waking up to the real-world advancements made in the technology.

1 hour:

The price has found a resistance level at the $6660 mark, with an uptrend from $6525 – $6660. There is a downtrend continuing from $6660 – $6440 – $5420, coupled with an uptrend from $6210 – $6370. A support has also presented itself at the $6150.

The Parabolic SAR is bullish, as seen by the presence of the dots below the two most recent candlesticks.

The RSI has recovered from the oversold zone and has come back to the middle to represent equal buying and selling pressure.

The Awesome Oscillator is turning bullish, as evidenced by the green bars on the indicator.

1 day:

The descending triangle formation is still being observed between the downtrend from $9800 – $8390 – $6430 and the support level at $6150 and $5850. There are resistances provided by the downtrend at the $8390 and $7360 marks.

The MACD is demonstrating a bullish crossover as the MA crosses upwards across the signal line.

The Klinger Volume Oscillator is also demonstrating a bullish crossover, depicting that the price might move upwards.



Conclusion:

The price of Bitcoin seems to be headed for a bullish break as the indicators are demonstrating bullish signs across the board. Moreover, the close proximity of the price to the pattern depicted over the long-term points to a breakout in favor of the bulls.





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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

Analysis

Litecoin [LTC] smashes $100 valuation for the second time this year

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Litecoin [LTC] smashes $100 valuation; twice in the same year
Source: Pixabay

Litecoin [LTC] posted massive gains and came out as the biggest winner among altcoins as the week came to an end. The digital coin led the altcoin pack towards another bull run.

The latest pump, however, drove the crypto-asset’s price over $100-mark for the second time this year. Subsequently, the silver coin took over EOS to secure its position as the fifth largest crypto-asset by market cap.

As the crypto market started embracing green, many analysts in the space are of the opinion that the “altseason is upon us”. With the latest upswing, LTC became the fourth coin in the top ten with a three-digit valuation after Bitcoin [BTC], Ethereum [ETH], and Bitcoin Cash [BCH].

Source: TradingView

At press time, the coin was priced at $103.4 after surging by 7.93% over the last 24 hours. LTC registered a market cap of $6.40 billion and a 24-hour trading volume of $6.14 billion. Additionally, the digital coin rallied by 17.52% over the past week.

Litecoin was trading highest on Coineal via the trading pair LTC/BTC, accounting for a volume of 11.98%. The crypto-asset exchange was followed by EXX, which held 8.48% of the trading volume via LTC/USDT.



The upcoming Litecoin second halving event, scheduled for August 2019, and institutional adoption of the crypto were attributed to the series of bull domination this year.

Litecoin crashed soon after June 2018 and hit the lowest point at $30 earlier this year. The coin’s market recovery was resisted by bears as it was juggling within the range of $85-$90 before breaking the much-anticipated $100-mark.





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