Bitcoin experienced a significant price surge in the past 12 hours, nearing $30,000 after trading sideways. The altcoins, including SOL, BCH, XRP, XLM, and MNT, also turned green, with gains of up to 12%. On Monday, a fake report falsely claiming SEC approval...
Crypto: Bull-Run Now Or Later?
2023-08-24 • Updated
Bitcoin surged by more than 3% to reach over $26,600, recovering from losses incurred in the previous week's drop. Ether also rose by 3.5%, approaching the $1,700 level. Solana's SOL token jumped by almost 7% after integration with Shopify's Solana Pay, enabling USDC stablecoin payments. NEAR, the token of the Near Protocol, gained over 6% following its integration with crypto lender Nexo. Major alternative cryptocurrencies like Cardano's ADA, Polkadot's DOT, and Binance's BNB saw gains of 3% to 5%. Despite these recoveries, experts differ on the future outlook, with some foreseeing a prolonged downtrend due to technical and fundamental factors, while others like Pantera Capital believe Bitcoin won't stay at low prices for long.
BTCUSD - D1 Timeframe
Bitcoin has had quite an eventful couple of days starting from the previous week. The huge decline in price of Bitcoin may at this time have reached it’s terminal point. This is due to the fact that price is currently trading around a demand zone on the Daily timeframe, with additional confluence from the;
- Trendline support;
- Pivot zone on the daily timeframe; and
- The Bullish array of the moving averages.
ETHUSD - D1 Timeframe
Similar to Bitcoin, we had a slight drop in price of Ethereum also, dropping from its previous high at $1,880 to as low as $1,500. The current price action, however, seems to be heading towards the demand zone on the daily timeframe, since that is the most probable move before a bullish revival. The Fibonacci retracement tool is expected to present ample support in favour of this bullish revival at the 76% and 88% respectively. In the meantime, the most logical course of action is to wait.
LTCUSD - D1 Timeframe
Despite not being as popular as the previous two we’ve looked into so far, Litecoin (LTCUSD) could yet provide ample opportunity to investors looking for a more affordable investment opportunity in the crypto markets, and quite possibly a better ROI option. At the moment, Litecoin has given off an initial reaction from the pivot zone on the daily timeframe, with a trendline support lying just below the wick. This means we can begin to expect a bullish impulse from LTCUSD in the near-term, once a clear change of market structure has been observed on the lower timeframes.
The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.
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