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Ethereum (ETH) Litecoin (LTC) Technical Analysis – Succumb To Selling Pressure

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Litecoin
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Over the past week or so, we brought readers attention to the action in both Ethereum (ETH) as well as Litecoin (LTC). While both had been acting fairly well and displaying decent technical characteristics (particularly ETH), both have recently given way to the down-side joining the entire slide within the cryptocurrency universe.

While neither ETH nor LTC was exhibiting signs that an imminent break to northern ground was in the offing, both nonetheless were showing some signs of strength in their ability to hold the line while many cryptocurrencies had already begun to show technical deficiencies.

Nevertheless, both time and market conditions have caught-up with both ETH and LTC as both have succumbed to selling pressure and find themselves trading at or near potential short-term support levels/zones.

With that said, let’s revisit both Ethereum and Litecoin and see what the technical picture is portraying at this time.

As we can observe from the daily Chart of ETH above, Ethereum was holding things together fairly well, while trading within a triangle formation and holding support at the 640-660 zone. Although the coil was tightening within the triangle and a move either top-side or southbound was in the cards, ETH was still displaying decent relative strength until ultimately breaching the triangle lower where it presently finds itself flirting with yet another potential support zone in the 575-600 area.

Thus, as a result of current overall conditions within the cryptocurrency sphere, ETH was unable to withstand the selling onslaught and now requires work in order to repair its technical posture.

With that said, let’s take a look at some levels to monitor moving forward that may provide both investors/traders with further clues/evidence with respect to direction.

If, at any point in the days/weeks ahead ETH can recapture the 660 level (former support now turned short-term resistance) and perhaps more importantly can clear the 725 hurdle and ‘stick’, such development, should it materialize, would be a positive indication that perhaps buyers have wrested control back into their hands.

However, on the opposite side of the ledger, both investors/traders may want to monitor the 550-575 zone as initial potential short-term support, with more meaningful potential support residing at the 480-500 zone.

Nonetheless, ETH has (as has the entire cryptocurrency landscape) fallen victim to overall market sentiment and now finds itself in an attempt at containing any further slippage.

Moving on to Litecoin (LTC), we can observe from the Chart below that LTC has also fallen victim to Mother Market after attempting to come up-and-out of and inverted Head-and-Shoulders (H&S) formation earlier this month only to fail just above the neckline (purple horizontal line) and slide the slippery slope lower.

When viewing the action of LTC above, we can witness that after LTC failed just above its neckline in early May, the move for lower depths began and as a result, LTC breached both its 200 (red line); 20 (yellow line) as well as its 50DMA’s (blue line) respectively, which negated any favorable technical characteristics and now finds itself trading below all of its important moving averages (20/50/200DMA’s) as well as the downtrend line (light blue line).

Thus, while things were looking fairly good for LTC from a technical perspective just a short few weeks ago, the tables have been turned and now LTC, like the entire cryptocurrency sphere, finds itself attempting to stem any further bleed lower.

With that said, both investors/traders may want to monitor the following levels for additional clues/evidence with respect to a direction moving forward.

If, at any time in the days/weeks ahead, LTC is capable of recapturing the 124 as well as the 140 figure/s and perhaps, more importantly, can clear the 154 hurdle and ‘stick’, such accomplishment, should it materialize, would certainly be a first step in repairing the short-term technical damage inflicted.

On the flip-side of the coin, both investors/traders may want to monitor the 109-112 zone with a close eye for potential short-term support as LTC has already taken-out multiple support levels just above where it trades at this moment in time.

Needless to say, the overall environment remains slippery and challenging. Thus, both investors/traders (particularly Traders) may want to keep things on a tight leash and honor Your Stops as risk management is priority number one and paramount, as always. Live to trade another day!

Happy Trading!!

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pexels

Charts courtesy of tradingview.com

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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coins
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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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crypto credit cards
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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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Elite