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Bitcoin [BTC] vs Litecoin [LTC] Price Analysis: BTC bulls take LTC for a ride

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Bitcoin [BTC], the king of all cryptocurrencies, continued its bull run with 55.80% in market dominance. The digital gold coin was priced at $8,546.52. As BTC crossed the $8,500 mark, it added value to most altcoins, recording noteworthy increases. BTC’s 24-hour trade volume was $24.36 billion and held a market cap of $151.56 billion market after hiking 2.91% over the day.

Litecoin [LTC] was valued at $113.77 at press time, after hiking 5.71%. The coin held a 24-hour trading volume of $4.38 billion and held a market cap of $7.05 billion.

1-Day BTC

BTC saw two uptrends, first started at $4,147.92 and ended at $8,235.36. The second uptrend was from $8,309.67 to $8,792.73. The resistance was positioned at $8,811.96 and the support was at $7,218.63.

Source: TradingView

Source: TradingView

Relative Strength Indicator showed that the cryptocurrency was currently overbought in the market as the indicator was at 65.31, above the 50-line.

Awesome Oscillator displayed a consistent growth rate above the zero-line and presented a bullish buying opportunity.

Chaikin Money Flow indicator revealed that money flowing into the market was higher than the outflow.

1-Day LTC

LTC saw resistance at $117.32 and the uptrends were from $39.13 to $91.78, from $91.39 to $102.08 and between $103.26 – $115.93. The support was positioned at $108.14.

Source: TradingView

Source: TradingView

Bollinger Bands showed an increase in market volatility as the bands were diverging.

Parabolic SAR indicator presented a bullish trend in the market as the dotted markers were below the candles.

MACD indicated a strong bullish presence as the moving average line was placed well above the signal line.

Conclusion

Bitcoin and its silver counterpart Litecoin seem to be in a bullish territory as the market tries to emulate the 2017 bull run.

Bitcoin

Bitcoin price prediction: BTC/USD stuck between strong levels of support and resistance – Confluence Detector

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  • BTC/USD went down slightly from $8,811.45 to $8,750.50 this Wednesday.
  • BTC/USD has three healthy resistance levels on the upside at $8,800, $8,990 and $9,000.

After suffering a slightly bearish Wednesday, wherein it fell from $8,811.45 to $8,750.50, BTC/USD has had a bullish start to this Thursday and is currently priced at $8,768.85. Since the price is sandwiched between strong resistance and support levels, further growth might be hampered. On the upside, there are three healthy resistance levels at $8,800, $8,990 and $9,000. While on the downside, healthy support levels lie at $8,755 and $8,530.

BTC/USD Confluence Detector

fxsoriginal

Looking at the resistance levels – $8.800 has the one-hour Previous High, 4-hour Bollinger Band middle curve, 15-min Bollinger Band upper curve, one-hour Bollinger Band upper curve, one-day Fibonacci 61.8% retracement level and 100-day Simple Moving Average (SMA 100), while $8,990 has no confluence detected. $9,000 has the 4-hour Bollinger Band upper curve and SMA 10.

On the downside, $8,755 has the SMA 5, SMA 10, SMA 50, SMA 100, SMA 200 and one-hour Bollinger Band middle curve. Finally, $8,530 has the one-month Fibonacci 61.8 retracement level.


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Bitcoin to soon be accepted at 65,000 Swiss Retailers

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  • 65,000 Swiss Retailers will be able to soon start accepting Bitcoin.
  • The new development comes on the back of a partnership between Bitcoin Suisse and Worldline. 

It is reported that a new system will be available for the 65,000 Swiss merchants currently using Wordline’s nationwide payments infrastructure, dubbed SIX Payment Services. 

65,000 Swiss retailers will shortly be able to start accepting Bitcoin as a means of payment. It comes following a partnership announcement between the Swiss broker Bitcoin Suisse and the European payment and transaction services provider Worldline. 

It is reported that local publication Switzerland Global Enterprise has announced that both companies have signed a letter of intent. It covers ground that they promise to offer Swiss traders and consumers the possibility of paying with BTC. In terms of the partnership, it will be allowing the country’s 65,000 retailers who already use Wordline’s infrastructure to accept Bitcoin payments.

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Bitcoin technical analysis: BTC/USD price is consolidating outside of bullish flag

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  • 2Bitcoin price is trading in positive territory, up some 0.50% in the second half of the session. 
  • BTC/USD price action is within consolidation mode, failing to attract commitment. 
  • The bulls must again breakdown and hold above the $9000 price mark for greater upside. 

BTC/USD weekly chart

The price is sitting just on top of a breached weekly flag structure. 

BTC/USD daily chart

Daily price action is also moving within a bullish flag, subject to a potential breakout higher. 

Spot rate:                   8,771.49

Relative change:       +0.50%

High:                          8,838.90

Low:                           8,707.85

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