In case you have just woken up from a coma or left a North Korean concentration camp, the crypto markets have been exploding this week. Bitcoin gained a massive $1,000 in under three hours, before it managed to hold its position and spend the following night well into the $5,000 range. As per usual, virtually every single other cryptocurrency out there was on a massive high and some are still climbing higher.
Our analysis shows the party isn’t over just yet, despite the large selloffs. There has been a large amount of pullback and accumulation happening, but Bitcoin is steadily heading towards $6,000 and it will drag the crypto world up with it. Litecoin has the potential to make its way to $400 and BTT is chugging along nicely for its first sniff at a bullish market.
Does Bitcoin Have the Legs to Go Higher?
Bitcoin can rise faster than Usain Bolt, but it has the stamina of a pronghorn antelope. There have been numerous retracements, pullbacks, and accumulation zones in Bitcoin’s epic rise from the low $4,000s seen this time last week. Those long red Heikin Ashi candles might have the novice traders scared, but they are positive things. Experienced swing traders are set to make a huge stack of cash from this movement, while you too can win by simply holding on.
The technical elements look positive with volume remaining high and short contracts being liquidated across the board. If you haven’t already jumped on the bandwagon, be hesitant to do so. Bitcoin is looking set to climb up to $6,000 before a rather hefty fall back to around the mid $5,000 levels. Set up automatic orders to cash out profits off the table towards the $5,750 range, and set a stop loss around $5,000 just to cover yourself.
Litecoin Back on Track
Litecoin had a torrid 2018, losing nearly 97% of its value in the space of 1 year. However, this current market movement is helping it find its feet again and looks set to head towards $400. Litecoin is currently developing an incomplete 3-wave sequence with an extension in the 3rd leg in the 1st attractor. This means each new wave is bringing about a higher high with higher lows. If this trend continues over the next few days and into next week, we could see Litecoin reclaim its throne and head towards $400, where an attractor sits around the $390-$480 mark – eventually.
However, before we hit this sort of price level, we are going to have to endure a few more weeks of lower prices. If the trend continues, it will slide around the $50 mark – the perfect buy price in our opinion. Lock in a stop loss at around $40 just to be safe, but if you hold on and the incomplete wave sequence carries on, you will be reaping the rewards in the months to come.
BTT Enjoying its First Sniff of Bullish Movement
BTT is the native token of Justin Sun’s new pet project, BitTorrent. At first, the entire crypto community mocked Sun and BTT, condemning it to failure. Yet, after its ICO sold out in record time, people quickly began to change their tune. Now, the fledgling token is experiencing its first sniff of bullish activity, and it’s thriving. Just two days after its ICO, BTT spiked to 12804 sats, before a 55-day correction took it down to 7493 sats. Finally – with the help of the bullish market – BTT has managed to breach the upper trendline and looks set to make its way upwards. If the momentum carries on, we could see BTT climb as high as 13327 sats in the coming weeks.
Crypto markets are still going haywire, with loads of great positions available to be taken up. This is just a tiny overview of the thousands of coins out there, so make sure you do your analysis properly to take full advantage of the new bullish movement. If this momentum carries on, permabear MagicPoopCannon’s prediction of Bitcoin to $150,000 could soon become a reality – hold on avid crypto fans!
