Let’s get straight to the market analysis!
Litecoin – Where is the Lite?
Litecoin has been on a steady downtrend for the last two weeks, which has some several sharp selloffs on 27th June and 10th July. What started this bear move was the consolidation at the end of June with the on 23rd June giving the all clear for a change in trend.
Conclusion: There have been several warning signs to sell Litecoin over the last two weeks. For Litecoin this is a great sign, but until we see consolidation or bullish patterns, there may be continued down trends in this market.
Bitcoin is in Trouble!
Yes! I said it. Bitcoin has continued to struggle to stay above $13000. With the two significant I would say we could be looking at the start of a downtrend. Bitcoin has been consolidating for over a month now, and buyers have not taken a strong position over $12000.
With a possible downtrend coming, our first stop will be a test of $10000. I don’t see a strong indication on the chart that $10000 will hold and the next buying area would be between $9000 & $8000.
Conclusion: Not a great time to hold Bitcoin in its current state. If you are in this market for the long term, then it would be best to sit on the sidelines and wait for a strong sign below $10000.
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“Patience is the key to any market” – Nathaniel.
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Nathaniel – “The value Trader”
Little Big Movement / IONIC Capital