Bitcoin (BTC) is striving to hover afloat above $50,500
Bitcoin (BTC) is trying hard to maintain their level above $50,500 and this hasn’t stopped altcoins from following in Ether’s (ETH) footsteps after top-ranked altcoin reached $4,000 on Sept 3. This has increased Ether’s market rank above 20% whereas Bitcoin’s have gone down to 41.1%.
Nonetheless, Bitcoin’s disinterest during the last days has not changed the outlook of Bloomberg senior commodity strategist Mike McGlone who has retained a $100,000 target on Bitcoin and $5,000 on Ether. Other than this the non-fungible tokens (NFTs) have been attracting investors attention ever since July Jordan Finneseth mentioned that the recent drop in transaction volumes and some other reasons seems to be pointing out a rotation of capital from NFTs to the decentralized finance sector.
Bitcoin went above the $50,500 resistance on Sep. 3 to hit $51,000 but the long wick on the candlestick means that a shortage of buying at higher levels. With another candlestick pattern on Sep. 4. The negative distraction on the relative strength index
(RSI) means that the bullish momentum might be going a bit weak even when the unsloping moving averages point out the path of least resistance is to the upside. If the buyers are capable of pushing the price above $51,000 the BTC/USDT pair could continue its uptrend. The first stop could be $55,000 but if the resistance passes over the up-move could reach $60,000.
The bulls are trying to push and sustain Litecoin (LTC) Above the overhead resistance at $225.30. if they can pass this level, it will finish a rounding bottom pattern that may begin a new uptrend. The long wick on the candlestick pointed out that the overhead resistance but the positive sign is that bulls did not have much space. If they can manage to sustain the price above $225.30 the LTC/USDT pair can begin an up-move to $300 and afterwards to the pattern target at $347.30. The increasing 20-day EMA ($184) and the RSI in the overbought zone points out the path of least resistance is to the upside. The bullish view won’t justify if the price goes down from the current level and breaks below the 20-day EMA.