Bitcoin and Litecoin are playing their own games. I am still Bullish on BTC, but LTC is not giving me any positive signs at the moment 🤦🏾♂️
Bitcoin – Are you worried?
Fundamentals can play a big part in these crypto markets, and sometimes I believe the participants of the market become extremist. On my chart, I have highlighted a relevant area in the last three days where you can see an overreaction to the pullback. It is now clear, the candle seen today is highlighting that the market is still consolidating. With Price bouncing between $10000 and $13000, you will need to look at the higher time frames to ensure you can be .
While this market does not look negative, I need to see price break strongly through $11700. This will give me an indication that buyers are ready to pay more than the price defined at the end of June.
Conclusion: If you are looking to buy in the short term, then now is the time. Prices below $11000 are a bargain. In one of my older posts, I explained that if we every dropped below $10000 this would be an opportunity of a lifetime. The overreaction in the last few days brought that opportunity to life, and if we can break $11700 I think the future looks bright for BTC. Still, remember this is a consolidation phase, so the market is still not transparent in its direction.
Litecoin is Fighting Gravity
It is the age-old saying, what goes up must come down. True! But when does it end? As I stated in my BTC analysis, it seems like the market has just overreacted to the pullback (correction). Now buyers have steamed in too drab the bargains below $100.
My concern now is the number of price levels, which could cause the price to struggle to make its way back to $130. It’s clear that once we break $103 and hold above this price, then we can then tackle the $110 – $115 price.
Conclusion: Litecoin is being propped up by BTC, and this is clearly a cryptocurrency at the moment. Look at the Daily, Weekly and Monthly charts, and you can see there is nothing about this market at the moment. If you are holding Litecoin, I would be lightening the load at the Yellow price points I have highlighted. While $103 was already hit I am hoping we can break through to at least hit $115 again.
You can now join the private IONIC Capital telegram group, where I am building an open community to talk about investing and capital preservation.
Plus, check out the blog, remember to like this post and follow me on Tradingview.
“Patience is the key to any market” – Nathaniel.
Thank you for your love and support.
Nathaniel – “The value Trader”
Little Big Movement / IONIC Capital