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Bitcoin (BTC) Rally Eyes $6,000+, Litecoin (LTC) Price Building Momentum

Bitcoin (BTC) Rally Eyes $6,000+, Litecoin (LTC) Price Building Momentum

2019-04-23 10:10:00
Nick Cawley, Strategist
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Bitcoin (BTC) and Litecoin (LTC) Price Outlook, Charts and Analysis:

  • Bitcoin (BTC) price chart showing increasing bullish bias.
  • Litecoin (LTC) nearing a technical breakout.

IG Client Sentiment Datashows how retail are positioned in a variety of cryptocurrencies. See how daily and weekly positioning can affect our trading bias.

Bitcoin (BTC) trade data shows 80.9% of traders are net-long.

Ripple(XRP) trade data shows 97.7% of traders are net-long.

Ether (ETH) trade data shows 92.1% of traders are net-long.

Litecoin (LTC) trade data shows 92.2% of traders are net-long.

Bitcoin (BTC) Still Needs to Break $5,648 to Trigger Next Leg to $6,000+

Bitcoin continues to move higher and is setting itself up for a push at $6,000 or more with the chart continuing to highlight a bullish bias. Last week we identified a gap that needs to be filled between $5,648 and $6,111 and this remain relevant with a close above $5,648 the first stage. We also have a ‘golden cross’ being made – 50-day ma moving above the 200-day ma – a bullish technical sign as momentum continues to turn positive. Higher lows continue to be made along with a series of higher highs off the February 8 candle.

A Guide to Day Trading Bitcoin and Other Cryptocurrencies.

Bitcoin (BTC) Daily Price Chart (October 2018 – April 23, 2019)

Bitcoin (BTC) Rally Eyes $6,000+, Litecoin (LTC) Price Building Momentum

Litecoin (LTC) – Bullish Descending Triangle?

Another chart that is now showing a positive set-up after drifting sideways to marginally higher over the past weeks. The sharp rally on April2/3 that sent LTC from $60 to nearly $100 has formed the side of a descending triangle with the base around $73. This base has been rejected twice so far. As the price nears the downward slope a sharp break to the upside becomes more likely, especially if LTC moves back above the 20-day ma. According to the CCI indicator, Litecoin is just turning out of oversold territory, adding to the bullish hue.

Litecoin (LTC) Daily Price Chart (August 2018 - April 23, 2019)

Bitcoin (BTC) Rally Eyes $6,000+, Litecoin (LTC) Price Building Momentum

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on Bitcoin and Litecoin – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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