Litecoin Hinting at Bitcoin's Next Move?
Happy Bitcoin halving! If you haven't heard, Bitcoin underwent its third network halving, which means that now for every block discovered, only 6.25 Bitcoin will be rewarded. It is a great day to be a crypto enthusiast. Alright, let's get right to it.
So, U.S. markets continued to show strength at the start of the session and fade towards the end. I feel as though this is becoming a trend. What propped the market up? Apple, Inc. (AAPL). Apple is attempting to blow through resistance and is only 4% away from matching its all-time high. Apple is now a must watch the rest of the week. Now let's look at some charts I got my eye on: Zoom Video Communications, Inc., Litecoin, and Bitcoin.
Zooming to the Moon!
Zoom (ZM) is really setting up a pretty ascending triangle pattern. On the daily chart below you can see how ZM is now testing resistance for a third time in less than a month. Normally a bullish pattern, the ascending triangle target would be 227.
However, despite the beautiful set up. A breakout may be premature. Chaikin money flow (CMF) on the daily is lagging within the negative. I would feel more comfortable buying a retest of the triangle or if ZM pulls back toward 150. Nevertheless, this is a no brainer and an extremely bullish chart. Bias: Bullish.
Litecoin Hinting on Bitcoin Relief Rally?
Sometimes I turn to the altcoins to get clues on the next Bitcoin direction. It isn't a bad thing to do once in a while. Bitcoin is a tough asset to trade and any additional clues you can gather from the crypto space is a plus. Below is the Litecoin (LTC) daily chart.
Here, I am looking at LTC's support. It is now being tested for a third time. Sure, support should be weakening. I do eventually suspect this support to break, whether it is tonight or a month from now. If LTC can consolidate at this level I am confident Litecoin and Bitcoin will rally from this point.
Of course, we need to check out what the King is doing. Below is the 4-hour chart of Bitcoin (BTC). Currently, it is very unclear. I posted earlier that there was an inverse head and shoulder bottom on the 1-hour chart. I warned that lower time frame patterns such as those tend to fail more often than not. Guess what? If failed.
Now, we can argue that there is a bear flag developing. Though, it may take into the evening for volatility to wane and create a more clear picture. Keep in mind, BTC > LTC when it comes to analysis. So for now my bias remains...Bias: Bearish.
Again, Happy Halving!
I bought my first Bitcoin back in February 2016. I will never forget how exciting it was to send my first transaction to an exchange and to begin my journey trading.
It is truly is a remarkable achievement that Satoshi Nakamoto accomplished and I am thankful to have met so many people within this space. Now, remember, no matter how bearish I get on Bitcoin I will always be a bull in my heart for the long haul! To the moon!
So, U.S. markets continued to show strength at the start of the session and fade towards the end. I feel as though this is becoming a trend. What propped the market up? Apple, Inc. (AAPL). Apple is attempting to blow through resistance and is only 4% away from matching its all-time high. Apple is now a must watch the rest of the week. Now let's look at some charts I got my eye on: Zoom Video Communications, Inc., Litecoin, and Bitcoin.
Zooming to the Moon!
Zoom (ZM) is really setting up a pretty ascending triangle pattern. On the daily chart below you can see how ZM is now testing resistance for a third time in less than a month. Normally a bullish pattern, the ascending triangle target would be 227.
However, despite the beautiful set up. A breakout may be premature. Chaikin money flow (CMF) on the daily is lagging within the negative. I would feel more comfortable buying a retest of the triangle or if ZM pulls back toward 150. Nevertheless, this is a no brainer and an extremely bullish chart. Bias: Bullish.
Litecoin Hinting on Bitcoin Relief Rally?
Sometimes I turn to the altcoins to get clues on the next Bitcoin direction. It isn't a bad thing to do once in a while. Bitcoin is a tough asset to trade and any additional clues you can gather from the crypto space is a plus. Below is the Litecoin (LTC) daily chart.
Here, I am looking at LTC's support. It is now being tested for a third time. Sure, support should be weakening. I do eventually suspect this support to break, whether it is tonight or a month from now. If LTC can consolidate at this level I am confident Litecoin and Bitcoin will rally from this point.
Of course, we need to check out what the King is doing. Below is the 4-hour chart of Bitcoin (BTC). Currently, it is very unclear. I posted earlier that there was an inverse head and shoulder bottom on the 1-hour chart. I warned that lower time frame patterns such as those tend to fail more often than not. Guess what? If failed.
Now, we can argue that there is a bear flag developing. Though, it may take into the evening for volatility to wane and create a more clear picture. Keep in mind, BTC > LTC when it comes to analysis. So for now my bias remains...Bias: Bearish.
Again, Happy Halving!
I bought my first Bitcoin back in February 2016. I will never forget how exciting it was to send my first transaction to an exchange and to begin my journey trading.
It is truly is a remarkable achievement that Satoshi Nakamoto accomplished and I am thankful to have met so many people within this space. Now, remember, no matter how bearish I get on Bitcoin I will always be a bull in my heart for the long haul! To the moon!
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