Cryptocurrency Market Outlook; Bitcoin Is Dragging Them All Lower

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Cryptocurrency Market Outlook; Bitcoin Is Dragging Them All Lower

No Catalysts In Sight; Bitcoin Moves Lower

With no catatlysts in sight it is very likely Bitcoin will move lower. As Bitcoin goes so too does the Crytpocurrency market. Traders need to be prepared for lower prices and I don’t just mean with your bearish positions. The next move lower is going to test key support levels that are going to make or break the market. For Bitcoin, this means a retest of $8000 that may goes as low as $7500. Such a move would sorely test the market but not break BTC/USD out of its current consolidation range. If $7500/$8000 confirms as support the bullish flag pattern that is forming on the weekly chart is still intact.

The indicator set up on the weekly chart gives a clue that makes me at least optimistic key support will hold. The indicators are diverging from the news lows in a way that could result in a strong buy signal. Note I say “could result” that buy signal is not yet present, this set up could also lead the coin lower. It all comes down to support, if the market is as bullish as I am on BTC for the long-term support will kick in. If not, well if not then BTC is likely headed down to $6,000, $5,000, $4,000 and $3,000. A close below $7,500 would be incredibly bearish.

Other coins are moving lower as well. The lack of clear catalyst, the growing number of seemingly indistinguishable coins/token, and a public less than enthusiastic about the what/why/how of it all are all playing a part. Ripple, the so-called answer to cross-border banking, is not immune. The coin has seen some adoption but not the kind to drive up its value. In fact, XRP has fallen below its 30-day moving average and on its way down to $0.24 and $0.22.

Litecoin is also showing some bearish tendencies. It, too, has fallen below the short-term 30-day EMA and looks weak. The indicators are bearish but show oversold conditions so the move may not be too deep when and if it comes. At best, bears can expect to see LTC retreat to support at the $50 level. A move below $50 would be bearish but that is not expected now.

Not surprisingly, the Basic Attention Token is holding up rather well while the broader cryptocurrency market wallows. The Brave Browser now has over 8 million active monthly users and that means demand. BAT tokens have utility over the Brave network because users get paid to see ads, if an advertiser wants to use the network they have to buy the tokens. The BAT token is now testing a four-month high and likely to head higher. Resistance is at the $0.28 level, a break above that would be bullish. Until then, traders should watch for signs of buying at or between $0.26 and $0.24.

Cryptocurrency Market Outlook; Ethereum, Ripple, Bitcoin Cash, Litecoin

It’s Not Looking Good, The Market Needs A Catalyst

I just did a quick check of the top-four crytpocurrencies by marketcap that aren’t Bitcoin and I have to tell you, it doesn’t look good. The market appears set to move lower if for no other reason than there isn’t much reason to buy. If there is one thing I hate worse than anything else is an asset that’s moving on an absence of volume. Under these circumstances the prices of Ripple (XRP), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) are unpredictable, there is no telling when some trader somewhere in the world will buy or sell and that could have an exaggerated impact on price action. What I mean is, I wouldn’t be surprised to see a 3%, 5% or 10% move in one or more of these tokens sometime in the near future.

Ethereum, Watch $180 For Your Signal

Ethereum has been in a downtrend since hitting its top in late June. The worlds “most advanced” cryptocurrency is still having trouble getting it’s 2.0 version launched and that is weighing on prices. The coin has made a sharp retreat from a double-top and is now consolidating for what looks like a dip to the $140-$135 level. The key level for traders to watch is $180 where support is currently preventing prices from falling. If the $180 level breaks all those buyers will start becoming sellers and that will fuel a further decline. The indicators are rolling into a bearish signal as I write this, all the coin needs is to follow through on the signal.

XRP, This Chart Is A Short

Of the four charts I viewed today the chart of XRP is the one I want to own the least. In fact, as a trader who normally doesn’t trade bearish, I might short this one because it looks so good. The coin has fallen below a key support level I have been watching for over a year. The price action is forming a little flag pattern that is backed up by the indicators. The indicators are not strongly bearish but they are set up to produce a fairly strong bearish crossover so lower prices are expected. The $0.2362 level is the long-term low and I expect it to be retested. A move below that level would be bearish and take the coin down to new lows.

Litecoin Could Fall Below $70

The Litecoin chart looks equally bearish despite the recent halvening. Traders who’d profited on the way are now taking those profits while they can. The question now is how far will the world’s first and leading Bitcoin offshoot fall before it hits bottom? For now, the coin is consolidating above $70 after having fallen steadily for over two months. The indicators are weak and mixed so there is some support here, if it holds prices may rebound to the short-term EMA, if not a move down to $50 is very possible.

Bitcoin Cash, Uncertainty Is The Only Certainty

I’ll be honest, I don’t really follow BCH that much because I don’t think it matters that much. I mean, we have Bitcoin and Litecoin to choose from already, why do we need another kind of Bitcoin? Regardless, the chart of BCH/USD is one of uncertainty. The price action is wound up in the middle of a wide range with the indicators in support of said range. There is some bearish bias in the indicator but I think support is much stronger than in the other coins I’ve analyzed today.

Litecoin Technicals Are Weak But BTC Is Dragging The Market Lower

December 4, 2020

The latest cryptocurrencies news show that the entire market is in a state of a decline. The Litecoin technicals are what we are focusing on today and seeing that they are not in a good mood, we can conclude that the market has been dragged lower.

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However, it is actually Bitcoin which is dragging most of the market down. Litecoin declined heavily after it failed to climb above $46.50 and $48 but so did Bitcoin (BTC). We can see that there is a key declining channel which is forming at $45 which is now resistance for Litecoin (LTC), all while Bitcoin is down by around 3% in a new wipeoff as it struggles to stay above the $7,040 and $7,000 support levels.

The past few days have been bad for the Litecoin technicals. The cryptocurrency mostly followed a bearish path below $50 and broke a couple of key supports near $46.50 – when the 100 hourly simple moving average entered a bearish zone.

Later on, the price of the cryptocurrency made numerous attempts to surpass the $46.50 resistance area but it failed. As a result of it, there was another decline and the LTC price traded blow the $45.25 and $44.50 support levels.

The recent low, as the Litecoin technicals show, was near $43.73 and the price is currently consolidating the losses. An initial resistance is near the $44.40 level and besides this, there are many other things which need improvement.

As analysts noted, the Litecoin news now need to show an upside correction above $44.40 so that LTC could correct further towards the $45 area. This is how it represents the 50% Fib retracement level of the recent decline from the $46.19 high to $43.73 low.

The next key resistance right now is near the $45.60 level and in addition to this, there is a key declining channel forming with resistance near $45.50 on the hourly chart of the LTC/USD pair. So, the Litecoin technicals must break through the $45 and $45.50 regions and at press time, $46.50 is still a major barrier for the bulls above which a strong rise can be expected.

Conversely, the price of Litecoin is likely to continue lower below $43.75 and $43.50. An immediate support should be expected near the $42.20 level but the current price action suggests that the price could even test $40.40 or $40.

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