Slow times in the cryptocurrency markets but that does not matter. I am still here providing my market analysis.
Bitcoin – Stalemate?
We are back in Area 51 after this short period. On the 1st and 2nd July we tested $10000. With a strong bounce away from the this gave us a strong indication that buyers were ready to hold this position.
Remember we are in this consolidation phase where the of price might seem out of hand. Don’t feel the need to buy BTC at its current price as there is no strong confluence for buyers or sellers at the moment.
9-day Moving average is flat, and at this current pace, we will continue like this for the rest of the month. Consolidation for BTC is good, and I am sure large institutions are using this time to buy and sell as they please. When you look at the current market sentiment, there is a lot of news surrounding BTC. $13000 is the next area I would like to see bitcoin break and then possibly a retest of $14000.
Conclusion: Wait for a or move/candlestick to obtain more confluence in this market. Grabbing BTC under 10K could be an opportunity of a life. One that may never come back around again, and remember if we break past $14000, AREA 51 will become a . Sit back, relax, and get the popcorn out because this is what the smart money is doing.
Litecoin Consolidation – GOOD or BAD?
WOW! I am getting excited because this consolidation phase has just highlighted that there is strong support from LTC buyers at $115. While the market seems to be pretty quiet for Litecoin, this is not a bad thing. I have stated this in my last post on BTC, which was consolidation phases are the time where institutional money make their move.
This current represents a stalemate in the market, and when price closes above either one of those yellow lines, it will give you guidance on the sentiment of the market. Yes! I can see that that the 9 day Moving average is in a downtrend, but there is only so far Litecoin can go.
Conclusion: Wait for the break of either yellow lines I have highlighted on the chart. This will give you a better indication of the sentiment and whether Litecoin is ready to tackle the next significant support or resistance. Only make your move when you seem strong confluence in these markets