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Bitcoin[BTC] and Litecoin[LTC] Price Analysis: King coin to recover from fall, LTC could follow suit

Rishi Raj

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Bitcoin[BTC] and Litecoin[LTC] Price Analysis: King coin recovers from the fall, LTC follows the suit
Source: Pixabay

Following a massive sell order on BitStamp exchange on 16 May 2019, Bitcoin saw a drastic fall to a low of $6,192. The king coin regained its momentum from the fall and was priced at $7,419, with a market cap of $131 billion. The 24-hour trade volume came up to $27 billion, out of which BitMex contributed 12.70% via the XBT/USD pair.

Litecoin, the silver to Bitcoin’s gold, was priced at $88.72 with a market cap of $5.48 billion. The 24-hour trade volume came up to  $4.8 billion, out of which, Coineal contributed 10.56% via LTC/BTC pair.

1-Day BTC

Source: TradingView

The one-day chart of BTC showed an uptrend from $4272.43 to $8107.83. The support points were seen at $3,159.65 and 5,004.95 and resistance was at $8206.27

The Relative Strength Index showed a bullish trend as it was exhibiting tremendous buying pressure.

The Chaikin Money Flow displayed the massive inflow of capital into the market.

The MACD indicator showed a bullish crossover.

1-Day LTC

Source: TradingView

The one-day chart of LTC showed an uptrend from $42.27 to $92.92. The support points were at $22.67 and $29.94 and the resistance points were at $102.15 and $92.39.

The Parabolic SAR showed a bullish trend as the dotted markers were under the candles.

The MACD indicator showed a bullish crossover.

The Chaikin Money Flow was seen to be at zero, indicating an equilibrium between money inflow and outflow.

Conclusion

The one-day chart of BTC showed a bullish trend as indicated by the aforementioned indicators. The same can be said about LTC.





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Wall Street is on the losing side of Bitcoin’s impressive price rally

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Even as Bitcoin breaks $13,000 Wall Street is on the losing side of the price rally
Source: Unsplash

Wall Street, complete in their tailored suits, suede shoes, and leather briefcases, have once again placed their bets against Bitcoin.

Despite the fact that the collective cryptocurrency market broke the $350 billion mark, with Bitcoin alone accounting for 62 percent of the same and trading at $2,000 over its price at the beginning of the week, hedge funds were not impressed.

The Wall Street Journal citing data from the Commodity Futures Trading Commission reported that crypto-vested managers were holding 14 percent short positions more than long ones on the now, primary avenue for BTC Futures contracts, the Chicago Mercantile Exchange [CME].

A key point to remember here is that CME contracts are cash-settled and hence, no Bitcoins are actually being transferred, with the traders simply placing bets on the cash-equivalent price of Bitcoin.

Well-suited hedge fund owners however weren’t alone, with other stakeholders excluding the small scale crypto-investors holding a 3x on short positions, indicating a further pessimistic sentiment.

Smaller investors were however, long on the BTC market, with the CFTC report stating that investors holding 25 BTC or less were holding four times the long positions as their more exuberant counterparts. It should be noted that the CFTC report was prepared as the price of Bitcoin was still in the $9,000 range, prior to the five-figure surge.

BitMEX, a popular cryptocurrency exchange offering derivatives trading services, saw over $64.38 million in shorts liquidated when Bitcoin broke $10,000. The same was replicated when the price shot past $12,000.

Short positions indicate not just a sheepish position, but rather an investors’ contractual affirmation that the price of an asset will more likely fall than rise. Long positions on the other hand, indicate a pessimistic point of view. Hence, based on Wall Street’s trading activity, institutions are not buoyant about the cryptocurrency market.

In what could be a reverse-catalyst for the digital assets industry, Bitcoin decided to use this negativity as fuel to breach $11,000 earlier this week. Not done with the Wall Street bears just yet, BTC pumped yet again on June 26, with the price breaking the $12,000 ceiling with a further climb to $13,000 looking likely.

Who said Coin Street doesn’t go past the Wall Street express lane?





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