logo |

News

    Home   >     Industry    >     Main body

    Bitcoin, Litecoin Aim Higher After Cryptos Get Musked Over Weekend

    Abstract:BITCOIN, LITECOIN, ELON MUSK, CRYPTOCURRENCY– TALKING POINTS
    •   Crypto market recovering after Elon Musk tweets inject volatility over weekend

    •   Bitcoin may turn higher after bouncing from prior support turned resistance

    •   Litecoin maintains broader trend higher, bouncing from its 50-day SMA

      

      

    bitcoin-bitmex.jpg

      Bitcoin is up against the ropes, now down more than 30% from its all-time high back in April when the cryptocurrency hit 64,895.22 before breaking below a key trendline. The asset has been no stranger to volatility, but at its lower mark since late February, some signs of panic have appeared given the size of its selloff.

      The volatility in Bitcoin, which has cascaded to the broader crypto market, comes amid confusion surrounding tweets from Elon Musk. The Tesla CEOs tweets have shown to have the remarkable ability to cause a big price swing in not only Bitcoin, but also the entire digital currency space. Mr. Musk stated Monday that Tesla has sold no Bitcoin, following up a weekend tweet that eluded his electric vehicle company sold its Bitcoin portfolio.

      The question poised now, given the current fundamental backdrop – which seems to compose mainly Elon Musks tweets – is will dip buyers step in with force? Or, will we see a further extension lower? It's important to remember that Bitcoin has made spectacular recoveries in the past, and a major recovery would likely be of little surprise.

    BTC/USD TECHNICAL BREAKDOWN

      The weekend selloff appears to have eased at a level of former resistance turned support. The volatile action since the April swing high also appears to have developed a downward channel after this weeks pivot higher confirmed the lower bound as support.

      A break below the near-term support would likely see an extension lower, but the 200-day Simple Moving Average (SMA) along with the 161.8% Fib extension from the April low to May high may underpin prices. Alternatively, a move higher would aim for channel resistance, with levels of possible resistance from the intermediate Fib levels.

    BITCOIN DAILY CHART
    Bitcoin,
    LITECOIN TECHNICAL BREAKDOWN

      Litecoin has seen a comparatively strong bounce today versus Bitcoin, with the crypto coin near 6% off its May low. The 50-day SMA (blue line) has stepped back in to provide technical support, as seen late last month.

      While LTC/USD still has a considerable gap to close to its recent swing high, a series of higher highs and lower lows from March remains in place, highlighting an overall bullish trend. That said, a move higher may see some gyration around its Fib levels.

    LTC/USD DAILY CHART
    LTC/USD,
    分割线2.png

      More news coming soon on WikiFX APP -

    •   Android: https://bit.ly/3kyRwgw

    •   iOS: https://bit.ly/wikifxapp-ios

    Copy

    Latest News

    United Arab Emirates Dirham

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand

    United States Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand
    Current Rate  :
    --
    Amount
    United Arab Emirates Dirham
    Available
    -- United States Dollar
    Risk Warning

    The Database of WikiFX comes from the official regulatory authorities , such as the FCA, ASIC, etc. The published content is also based on fairness, objectivity and fact. WikiFX doesn't ask for PR fees, advertising fees, ranking fees, data cleaning fees and other illogical fees. WikiFX will do its utmost to maintain the consistency and synchronization of database with authoritative data sources such as regulatory authorities, but does not guarantee the data to be up to date consistently.

    Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click 'Complaints 'and 'Correction' to inform us. We will check immediately and release the results.

    Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.

    Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.