Bitcoin and Litecoin Analysis for 2019-10-30 [Premium]

Bitcoin Price Highlights

• The Bitcoin price has found resistance at the 100-day moving average (MA).
• Resistance is found at $9500 and $9800.
• There is support at $8600-$8700.
• Bitcoin is trading inside a symmetrical triangle.
• The price has possibly made a triple bottom.

Moving Averages

The upward move of October 25 ended once the Bitcoin price reached the 100-day MA. We have slightly adjusted the main resistance area at $9500 to account for closing prices instead of wicks. The price has not yet reached a close above it. Also, the BTC price is consistently making smaller candles — with yesterday’s one being engulfed in the body of the prior day’s bearish candle.

Symmetrical Triangle

Since reaching the high, BTC has been trading inside a symmetrical triangle. We have slightly adjusted the support and resistance lines to account for yesterday’s movement. Short-term resistance and support areas are found at $9800 and $8600-$8700, respectively. One bullish development is the creation of what looks like a triple bottom at $9200. However, there is no bullish divergence to confirm this pattern.

Litecoin Price Analysis

The Litecoin price has broken out from a descending wedge it had been trading in since July 8. The breakout began once the price dropped to $50, which is a previous support level and the 0.786 fib level of the entire upward move. However, there is some bearish divergence developing after the breakout. Therefore, we could see a drop that would validate the previous resistance line — a very common movement after a breakout. However, the long-term outlook for Litecoin looks bullish.  Good luck and happy trading! For yesterday’s analysis click here.

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Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.

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