Bitcoin’s (BTC) rally higher than $45,000 indicates that the short-term sentiment has turned positive and this has increased the purchase interest around the board and increase the total crypto market capitalization higher than $1.8 trillion.
Bitcoin’s (BTC) rally higher than $45,000 indicates that the short-term sentiment has turned positive and this has increased the purchase interest around the board and increase the total crypto market capitalization higher than $1.8 trillion. Handled by tailwind of the London hard fork, Ether (ETH) went higher than the $3,000 mark on Aug, 7. All the while the rally in the largest altcoin is an optimistic on-chain data shows the chances of profit-booking in the short term.
Bitcoin went above the resistance of the range at $42,451.67 on Aug. 6 which points out that bulls are trying to begin a new uptrend. The buyers are most probably going to go through a tough resistance at the 200-day simple moving average ($44,879). If the price decreases down from the 200-day SMA and doesn’t break under the breakout level of $42,451.67. This suggests that the sentiment has changed from sell on rallies to buy on dips. This will increase the chances of a breakout of the 200-day SMA.
If this occurs, the BTC/USDT pair could rally to the $50,000 to $51,483 overhead resistance zone. This level may again act as a stiff resistance zone, but if its decrease’s higher than the 200-day SMA, the uptrend will go on. The positive attribute will be adjusted if the bears go down the price under the 20-day EMA. This could pull the price down to $36,670.
Litecoin (LTC) broke and closed above the $146.54 resistance on Aug.6, finishing the double bottom pattern. If the bulls maintain the price higher than the breakout level this means the beginning of a new uptrend. The RSI is in the positive zone and the 20-day EMA ($140) has been increasing up eventually pointing out that bulls are at an advantage. If the price goes up from the present level or the 20-day EMA, the LTC/USDT pair could rally to the pattern target at $189.25, which is usually under the 200-day SMA ($190). If the bears pull price higher than the 20-day EMA it means the present breakout was a bull trap. The pair could decrease down to $120 and then to the critical support at $103.83.