Crytocurrencies bitcoin and litecoin surged - last year around this time, these two virtual currencies also exploded upwards. This year, after steep corrections in both, bitcoin and litecoin are looking bullish again.
Bitcoin (BTCUSD)
Turning Bullish: Note the price is above the cluster of 200-,
100-, and 50-period simple moving average (SMA). These are signs that
the market has turned bullish this week. At this point, if there is a
pullback, we can expect buyers around 375, and also 360. Here price
would be just above the cluster of SMAs, a support/resistance pivot, and
a rising speedline from last week. A break below 360 would keep the
mode neutral instead of bullish.
Next Target: In the bullish scenario, the upside risk in the short-term is towards a resistance pivot near 450.
Litecoin (LTCUSD)
Consolidation, Triple Bottom: Looking at litecoin, we can see
that price was also consolidating since last week. It was flatter, but
did form a triple bottom above 3.50 by the start of this week. Then, we
saw a breakout followed by a pullback to test this price bottom.
Today’s price action confirmed the triple bottom, as litecoin price
surged above the moving averages, and pushed the 4H RSI to 80, showing a
shift to bullish bias and momentum.