Bitcoin Trading Pulls Price Below Support
Bitcoin price has fallen below long-term support during a cynical trading session today. Hopes of this downturn being a second wave prior to a rally are still alive but ailing fast as price approaches $270 (BitFinex) and 1660 CNY (BTC-China). Bitcoin Trading Pulls Price Down... Again. Time of analysis: 16h00 UTC. Bitstamp, although back online, does not have a functional ticker in its Tradingview chart, so the BTC-China chart will be analysed. BTC-China 1-Hour Chart. Price has, once again, dropped below the long-term support that held so much promise for halting the decline. A proverbial....
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Litecoin has been bearish this week after failing to push above 1.72. The 1H chart shows ltcusd declining within a falling channel. Litecoin (LTCUSD) 1H Chart April 9th. Also, we can see that price is now trading under the cluster of 200-, 100-, and 50-hour simple moving averages (SMAs). This represents bearish bias. However, the moving averages have been moving sideways, which means there is no prevailing downtrend in the 1H chart and this week's downswing could still be part of a sideways market. If price pulls back but holds under the 1.67-1.68 area, then we would have more evidence....
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