Fundamental analysis and financial markets. Bitcoin News and Talking Points – The cryptocurrency market continues to steadily re-coup recent losses but price action is slowing.
– Bitcoin’s price chart still looks positive but needs to take stock ahead of any further move higher. After a positive week for a range of cryptocurrencies, chart patterns are pointing to a period of consolidation as traders look to the next move.
Market heavyweight Bitcoin’s chart is the most positive with a series of higher lows only just broken in the last 24-hours. With a cluster of technical support levels near, any downside in BTC is expected to be limited before the strong uptrend – from the February 2 low – continues but at a slower pace. Bitcoin (BTC) Price Chart Showing Higher Lows and Support (September 2017 – February 21, 2018) The next three digital market heavyweights are also showing signs of exhaustion and need to close above the support levels we highlighted in today’s webinar (attached).
Again a lack of negative news should limit any downside but traders should not expect to see any explosive rallies in the near-term as the market tries to find an equilibrium. Litecoin (LTC) has drifted lower after the recent Litecoin Cash (LCC) hard-fork and we discussed how holders of LTC should claim their new windfall and the problems they may face.
The new LCC currently changes hands at $7.50 although only a couple of exchanges currently support the token. If you are interested in trading Bitcoin, Bitcoin Cash or Ethereum we can offer you a wide range of free resources to help you. Read more from dailyfx.com…
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