BITCOIN, LITECOIN, ETHEREUM, USD, ETH/USD, LTC/USD, BTC/USD
Key Points:
- ETH/USD sideways trading could be ending, but in what direction?
- LTC/USD has largely invalidated the steep downtrend, opening the door for the bullish spike.
- BTC/USD has traded directionally for a while, when will the BTC/USD breakout?
BITCOIN OUTLOOK
Since early June, the BTC/USD has for a while seesawed between the tiers of the inflection range that was marked by this 9140.00 and 9288.44 parameter. Incase the bitcoin price was able to transcend 9288.44 and the key psychologically substantial 10,000 market prices, the next challenge to overcome will be the February higher at about 10540.49. On the other hand, if the BTC/USD declines below the 9140.00 mark, the fall might be prevented by the regularly tested support at around 8520.13.
BTC/USD CHART
LITECOIN OUTLOOK
After it was rejected on the 51.15 to 50.08 resistance range bottom layer, the LTC/USD fell further by about 20% and was further guided lower by the steep, and a declining resistance channel. Nevertheless, Litecoin’s newest break over it will create a way for extra gains incase the downtrends cancellation motivates buyers to join the market. The LTC/USD ascent may experience some additional friction at 50.08 familiar resistances.
LTC/USD CHART
ETHEREUM OUTLOOK
There is no doubt that the Ethereum prices have been significantly stuck in a directionless trade, ranging between the support at about 215.66 and 253.01 resistance since mid-May. Incase the ETH/USD is capable of breaking out from the congestive cocoon; the current ascent might experience some friction at the narrow, with the critical resistance ranging from 286.27 to 290.00. On the other hand, if the pair breaks under 215.66, it might descend the slippery slope upto the time it grasps on the support at about 165.50.
Bloomberg Expects the Bitcoin to Get to $20,000 in 2020
Bloomberg seems to have taken an opposite side from the Goldman Sachs, saying that there is a high chance that the bitcoin will double to about $20,000 in 2020.
The most popular crypto has multiple technical and fundamental factors that something might go wrong for the bitcoin to not surge as indicated by Bitcoin Price Trades Shy of $7,000 Amid Trendline Resistance.
The company indicated that the bitcoin would most likely result in $20,000 this year, a clear way to double its levels.
Bitcoin maturation, inspired by the increasing popularity of digital currencies, the capability to keep trading bitcoin futures and a stable decrease in volatility, must keep the bitcoin titled towards a further price appreciation.
Furthermore, Bloomberg indicated that the bitcoin is highly likely to appreciate incase the US stock market starts rolling over.
Essentially, bitcoin has significantly solidified the current $8000 level as support and might move higher incase it decisively breaks over the $10,000 level.
The company stated that according to their research, bitcoin is doing well during this coronavirus pandemic-crisis. One of the reasons why bitcoin is doing great is because of the historic downtrend in the equity markets caused by the virus that did not adversely affect bitcoin. Secondly, the virus seems to be accelerating the way people transact, typically from paper currency to the digital currencies.