Price Overview: Bitcoin, Ethereum, Litecoin
5 months ago admin2 Comments Off on Price Overview: Bitcoin, Ethereum, Litecoin
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* All the market data is provided by the HitBTC exchange.
There is a “rally” on the market this week. The main reason for that is Bitcoin futures. Even JPMorgan, well known for its Bitcoin criticism, announced its plans to offer this tool to its customers.
Bitcoin futures are absolutely essential for the market players. First, it will allow banks and investment companies to offer their customers a product that does not require the necessity to open a crypto wallet or an account on a crypto-exchange. Secondly, the Bitcoin futures contract has long been of interest to investors as a tool that is practically unrelated to a traditional currency, securities and industry. It could be used both for portfolio diversification to increase its profitability, and to hedge risks.
Even the Tether USD hacker attack couldn’t stop the “wave” of positive movement and high liquidity, although on Nov. 21 Bitcoin temporarily decreased by five percent.
And finally, the long-awaited Ethereum price growth. But we’ll have a look at it later.
- At the moment, BTC/USD is trading at $8,047. For the last four days, the price has stabilized and is traded in the of $8,000 to $8,300 corridor right now.
- Bitcoin has recovered from the negative Tether USD news and then set a new high at $8,365. This indicates the “bullish” mood on the market.
- The closest support level is at $8,000. There are also emerging levels at $7,800 and $7,500 areas.
- Further upward movement depends on the risk appetites. The stock market is at its highs. The new all highs scenario is also possible, and the relevant resistance levels can be found in the $8,300 – $8,500 zone.
- The first version of Casper software has been published. The consensus mechanism in the blocker Ethereum will be changed from proof-of-work to proof-of-stake. Ethereum is currently at its historic highs and appears to be ready for further rise. It might be a good idea to check the daily price schedule (1D).
- Ethereum came close to the June high of $421.
- The likely scenario now is breaking through a resistance level, consolidation above $400 and further movement to $480 to $500.
- In case of the correction to the $400 to $380 levels, I would recommend to increase long positions.
- If the ETH/USD pair fails to get a foothold above $400, it’s likely to return to the $350 to $370 channel, with the strongest support level.
- Litecoin is following the market leader. The medium-term goal, anticipated by the bulls, is the $100.
- The growth of Dash again pushed Litecoin down to the 6th place in terms of capitalization. A long absence in the top 5 list can have negative impact on the asset, so high volatility is expected along with statements from the Litecoin team.
- In case the BTC correlation stays, and the growth continues we can see a rapid move to $80 to $83. At this levels consider closing long positions.
- A few days ago, the price slowed down around the $73 resistance level. Currently, this is the nearest support level. If there’s further correction, a rollback to the 67 level is a highly likely scenario.