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Litecoin To Reach Highest In A Year
Litecoin rose above $125 today, hitting its highest in more than a year as the digital currency benefited from several tailwinds.
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When explaining this latest rally, analysts pointed to several variables, including litecoin's upcoming halving and the strength the digital currency has shown over the last several months.
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Facebook Could Change The Game For Bitcoin, ETH, XRP, And Litecoin
Facebook’s plans to launch its own cryptocurrency could change the game for Bitcoin, ETH, XRP, Litecoin, and other cryptocurrencies, in a positive and a negative way.
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China Could Be The Next Catalyst For Bitcoin, ETH, And XRP
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To participate in the digital currency revolution, China should “let 1000 Libra’s rise,” allow Chinese Internet giants develop their own versions of Facebook’s Libra.
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Where Will Bitcoin's Price Go Next?
I did a forward many year ago to a reprint of an investment classic, How I Made $2,000,000 in the Stock Market by Nicolas Darvas. His system to ride bubbling stocks was to put a box around temporary price equilibrium points in the market action to indicate a continuation of rally or its end. He didn’t think of it like that, but that was what he was doing. Without predicting what happens next this is the way to judge what is happening, but while it is at the equilibrium it doesn’t tell the direction of the next move, until that move is underway.
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So right now, it’s a way to trade this situation when the signal kicks off, but we are not able to know now whether it’s going up or down using this idea. However, that is what we want to know as the price swings 10%-20% up and down.
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Make no mistake, this is an incredibly dangerous market. Make sure you are able to sell. Make sure your bitcoin is safe or that the custodian is bullet proof. If you are going to play this game, have a plan and stick to it. Markets don’t care about theories, they have no remorse, they do not stop. Like any captain on an uncharted sea you have to always be vigilant, take observations and soundings and be prepared to tack. You can call it 9 times out of 10 but it only takes one rock to sink you. On such a sea we are now afloat.
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Bitcoin Price: Will BTC/USD Bullish May Resume?
On August 3 Bitcoin opened with an upward gap, indicating to a clear intention from the buyers to continue leading the price. The currency peaked on Tuesday at 12,318- its highest level in nearly five weeks, then slipped back after, and settled below 12,000 handle.
Alongside this, the Relative Strength Index (RSI) crossed above 50, however remained flat around 60 after, indicating to a paused uptrend move.
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Looking at the daily chart, we notice on Monday Bitcoin moved to the higher trading zone 11,200 – 12,320. On the following day the price tested and rebounded from the high end of the zone. Hence, a close above the higher end of this zone could push the price towards 13,000 handle. Although, the weekly resistance underscored on the chart (zoomed in) would be worth monitoring.
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