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Positive Mood Returns: Bitcoin, Litecoin, Monero, NEO Establish HH and HL

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  • Andrew Strogoff
    📈 Price Predictions

    Higher highs and higher lows for cryptocurrencies indicate possibility of upside channels

Positive Mood Returns: Bitcoin, Litecoin, Monero, NEO Establish HH and HL
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

ByBit

Bitcoin, Litecoin, Monero and NEO seem to change their mid term tendencies as they establish higher highs and higher lows. There are some signs of future upside channels on the charts, but it is too early to draw them for now.

BTC/USD

Bitcoin followed the third scenario as the price fluctuated along the ascending trend line. BTC/USD started a correction a couple of hours ago and reached the next support area at $8,527. The price is testing this area at the time of writing. The Ichimoku cloud is almost invisible here and there is no need to pay attention to the indicator’s signals.

The possible scenarios for BTC/USD are the following:

  1. The currency pair will bounce off the support area at $8,527 and go towards the resistance area at $8,703. There, the price may break through this level and jump above the local ascending trend line.

  2. BTC/USD will break through $8,527 area and fall further to the next support at $8,366 area.

  3. Bitcoin will fluctuate close to the current levels without significant changes.

LTC/USD

Litecoin followed Bitcoin in its fluctuations as the currency pair stayed close to the ascending trend line and the support area at $146. However, it started to decline several hours ago indicating the beginning of a correction. The currency pair has almost reached the support area at $138, but was unable to test it. The Ichimoku cloud is almost invisible here and currently there is no need to consider it during the analysis.

The possible LTC/USD scenarios for the nearest future are:

  1. Litecoin will start to grow towards the closest resistance area at $146. There, it will test the line and depending on the results, will be able to rise above the ascending short term trend line or decline again.

  2. LTC/USD will test the support area at $138 and break through it. In this case, the bears will be able to develop their progress and target new lows.

  3. Litecoin will stay close to the current levels with no significant changes.

 

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XMR/USD

The currency pair fluctuated below the local ascending trend line and above the support area at $214. However, several hours ago we have seen a Shooting Star candlestick pattern, indicating the beginning of a decline. Monero went below the support area at $214 and moved towards the next support at $204, where it is fluctuating at the time of writing.

The Ichimoku cloud is very thin here, meaning there will be no signals from this indicator for a while. The possible scenarios for XMR/USD are:

  1. Monero will bounce off the support area at $204 and start to grow towards $214 to test this area. There the price may jump over the line and develop an uptrend, or decline if testing results will be negative for bulls.

  2. XMR/USD will test the descending mid term trend line (green) and the support area at $204 and then will develop its downside progress.

  3. The currency pair will stay close to the current levels without significant changes.

NEO/USD

The currency pair declined below the mid term descending trend line (green) trying to reach the support area at $62. However, bears don’t seem to have enough power to push it lower and bulls are likely to establish a new local support area here at $65. The Ichimoku cloud is thin here and there are currently no signals from this indicator.

Possible NEO/USD scenarios are the following:

  1. NEO will start its local growth aiming to test the mid term descending trend line (green). If successful, bulls will have opportunity to develop their progress above the trend line targeting the resistance area at $68.

  2. NEO will develop its decline towards $65 support area.

  3. The currency pair will stay here without any significant changes.

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About the author

Andrew Strogoff is a skilled Forex trader and technical analyst from Limassol, Cyprus. He started cryptocurrency trading three years ago, and now is fond of blogging, swimming, cars, new technologies. Loyal blockchain adopter.

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Bitcoin Can Be Stopped by Governments Simply, Crypto Expert Says, Here’s Why

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  • Yuri Molchan
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    While replying to a utopian tweet of a crypto trader about how the government can stop BTC, Alex Kruger suggests a method that he believes is simpler

Bitcoin Can Be Stopped by Governments Simply, Crypto Expert Says, Here’s Why
Cover image via 123rf.com
ByBit

Bitcoin was designed as a decentralized alternative to the current financial system offered by banks and governments. The recent examples of this system on the march are the Tron CEO Justin Sun and a venture capitalist Roelof Botha getting their accounts frozen by the Bank of America.

This is impossible with crypto assets unless they are stored on a centralized crypto exchange obedient to the governments. Still, gradually, crypto experts are starting to imagine a state of things in which government would indeed be able to stop Bitcoin from becoming popular. ‘A prevention is better than cure’ principle is working here for them, perhaps.

Bitcoin can be stopped by lack of financial surveillance

This theory was suggested by the crypto trader, Bitcoin lover, @Rhythmtrader. He logically believes that people would choose to give up BTC if the governments would even care to offer them something much better – lack of financial surveillance, elimination of capital controls, no inflation. Sounds quite sarcastic. 

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Bitcoin Price Should Get Bullish Structure Forming Today/Tomorrow, Crypto Trader Says

Bitcoin can be stopped if the governments short it

Another crypto expert, a trader Alex Kruger, believes that in theory there is a much simpler way to stop Bitcoin – a method based on lack of interest from investors. The majority of the crypto community, most likely, is looking forward to the day when they can buy a Lambo or a new house with their BTC yields.

Kruger believes that for the governments to reduce people’s interest here it is enough to short BTC permanently and keep the price below $1,000 for a long while.

Some disagree with the first trader, saying that there is no need for the governments to stop Bitcoin and naming things that prevent a global BTC adoption from happening.

BTC unstoppable
Image via Twitter

 

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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