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Bitcoin Price Outlook Bullish as Dark Clouds Loom Over LTC/USD

Bitcoin Price Outlook Bullish as Dark Clouds Loom Over LTC/USD

2020-05-13 01:00:00
Dimitri Zabelin, Analyst
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Bitcoin Price, Litecoin, BTC/USD Analysis, LTC/USD Forecast – TALKING POINTS

  • Bitcoin price chart indicates compression zone may catalyze bullish breakout
  • BTC “halvening” may have inspired additional buyers into entering market
  • LTC/USD broke below key support, may flounder before retesting resistance

BITCOIN OUTLOOK BULLISH AHEAD OF “HALVENING”

Technical readings are showing what may be a bullish breakout ahead of the formation of a compression zone between the March uptrend and a key resistance range between 9140.00 and 9288.44. The last compression zone catalyzed a double-digit drop in BTC/USD (marked as “Compression Zone 1”) prior to the 40 percent plunge in March amid the world-wide selloff in risk-oriented assets.

BTC/USD – Daily Chart

Chart showing BTC/USD

BTC/USD chart created using TradingView

If the pair manages to clear the key inflection range, the psychological significance of breaking that barrier may inspire an influx of buyers to get in on the start of what could be a steepened slope of appreciation. The fundamental circumstances appear to tilt more in favor of a bullish bias rather than bearish – at least in the short-run. To get more in-depth technical insight, follow me on Twitter @ZabelinDimitri.

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LITECOIN OUTLOOK BEARISH: PULLBACK AHEAD?

LTC/USD has decisively broken below the slope of appreciation originating in March after global equities cratered amid a virus-induced panic about Covid-19. The pair’s decline occurred in conjunction with the failure to puncture descending resistance dating back to February. LTC/USD may flirt with the slope of depreciation again, but another defeat could trigger an aggressive selloff and lead to a retest of the January 2019-low at 30.19.

LTC/USD – Daily Chart

Chart showing LTC/USD

LTC/USD chart created using TradingView

--- Written by Dimitri Zabelin, Currency Analyst for DailyFX.com

To contact Dimitri, use the comments section below or @ZabelinDimitriTwitter

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

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