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Bitcoin Price Approaching $12000 Again As Dominance Hits 65% BitcoinistThe recent Bitcoin price correction was over before it really began. A five day slide culminating in a short lived 30% dip below $10k.
Bitcoin Price Approaching 000 Again As Dominance Hits 65% – Bitcoinist
The recent Bitcoin price correction was over before it really began. A five-day slide culminating in a short-lived 30% dip below $10000 saw a huge bounce back by over 20% as BTC surged back above $11000. It’s market dominance is now heading towards highs not seen since 2017.
Bitcoin Dominance Hits 65%
Bitcoin price has continued to push higher since it topped $11000, 24 hours ago. There was clearly huge buying pressure at four figures and some have suggested that BTC may never fall that low again. The gradual crank higher has taken Bitcoin price to $12000 again during the morning’s Asian trading session. It is now exactly 25% higher than the dip on Tuesday.
A few hours ago one big green candle lifted Bitcoin price back above the 200 moving average on the hourly chart. It has pulled back a little and is currently trading at 00. Zooming out to the daily chart still paints a very bullish picture for BTC.
Once again the move has increased Bitcoin market dominance to highs not seen since late 2017. According to trader Josh Rager, it is facing resistance here and altcoins could soon start to react.
“$BTC dominance climbing at 65%. Bitcoin’s dominance hasn’t been above 70% since July 2017 & see this as a definite area w/ possible resistance. Majority of altcoins can continue to retest support until BTC dominance drops (which could happen near these levels) so pay attention.”
$BTC dominance climbing at 65%
Bitcoin’s dominance hasn’t been above 70% since July 2017 & see this as a definite area w/ possible resistance
Majority of altcoins can continue to retest support until BTC dominance drops (which could happen near these levels) so pay attention pic.twitter.com/vE0IzdAnU2
— Josh Rager (@Josh_Rager) July 3, 2019
The discussion that followed had many thinking that BTC dominance could climb as high as 70% again where it was during the start of the 2017 bull run. This would absolutely obliterate the altcoins, many of which are still wallowing over 80% down from their peaks.
Fellow trader ‘CryptoFibonacci’ has noticed a triple top for bitcoin dominance which could spell a breakout to the upside.
“I’m not a big believer in “triple tops”. It will have to prove me wrong. Be careful if you are in Alts.”
$BTC Market Cap Domination chart.
— CryptoFibonacci (@CryptoFib) July 4, 2019
Bitcoin is currently the top performing crypto asset in the top twenty with a gain of over 5% on the day. It doesn’t look like slowing down either as fears of Trump induced dollar manipulation to start to fester. The US president tweeted that America should match currency manipulation practices being carried out in China and Europe. Fiat fiddling is all good news for Bitcoin.
Will Bitcoin price hit $13000 this week? Will BTC market dominance hit 70% again? Add your thoughts below.
The post Bitcoin Price Approaching $12000 Again As Dominance Hits 65% appeared first on Bitcoinist.com.
Bitcoin Price Approaching 000 Again As Dominance Hits 65%
Litecoin technical analysis
On Aug. 5, 2019, Litecoin will go through a process called halving. This is a fixed event that occurs every four years after 840,000 blocks are mined, reducing the rewards miners get for mining blocks by 50 percent, subsequently, lowering LTC’s inflation rate.
Due to the significant supply reduction, the halving tends to have a direct impact on Litecoin’s market valuation, as evidenced by the previous halving on Aug. 26, 2015.
Following the low of $1.30 on April 26, 2015, LTC entered a 590 percent rally that took its price to reach a high of $8.97 on July 9 of the same year. From that date on, Litecoin began a 73.2 percent correction to trade at $2.40 just one day before the halving took place.
Today, just 39 days away from this year’s halving event, different technical indexes are signaling that Litecoin could be preparing for a major correction similar to what happened in 2015.
On the 1-week chart, for instance, an evening doji star candlestick pattern is developing. This is a bearish reversal formation that will be confirmed if next week’s candle opens below the $115 support level. Breaking below this price hurdle could take this cryptocurrency down to the next level of support at $93.5, $70, or even $57.
In addition, the ascending parallel channel where Litecoin’s price action has been contained since mid-December 2018 on the 3-day chart could be about to break because the sell signal given by the green nine candlestick, per the TD Sequential Indicator, has been validated.
Now that the current candle is a red two trading below the previous red one, there is potential for another 8 to 23 days of downward momentum before the continuation of the bullish trend, which could indeed cause a move below the ascending parallel channel triggering a possible trend change from bullish to bearish.
Nonetheless, if the bottom of the channel is able to hold the price of Litecoin from a further drop, once again, it could catapult it to new yearly highs.
If the all bearish signals previously described are validated and history repeats itself, Litecoin could fall another 28 percent to try to test the support given by the 200-day moving average on the 1-day chart just as it did in 2015, which will represent a 53 percent correction from the recent high of $147 all the way down to around $69.
Although the cryptocurrency market structure has completely changed when compared to 2015 since financial institutions have joined the space and different regulatory forces have also stepped in, most of the market is still driven by sentiment and not fundamentals. A scenario similar to what happened around the first Litecoin halving could be playing out and this cryptocurrency could be about to drop another 28 percent.
From a technical perspective, the last hope for the continuation of the bullish trend is the ascending parallel channel seen on the 3-day chart. If it is able to hold, it could continue to contain Litecoin’s price allowing it to make higher highs and higher lows. However, if it breaks to the downside, further price depreciation seems likely.
The post Litecoin halving approaching and price already showing signs of exhaustion appeared first on CryptoSlate.
Litecoin halving approaching and price already showing signs of exhaustion
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