Update on Major Cryptocurrencies, August 6

Update on Major Cryptocurrencies, August 6

Cryptocurrency keeps everyone on their toes constantly. First they drop drastically, only to break records soon enough. Bitcoin, for example, finally surpassed $12K again this year. Though earlier this summer we saw a huge jump, traders ended up really disappointed after BTC fell beyond the $9K support.

The bulls are doing their best to keep Bitcoin high up, while the bears keep watching the market skeptically. Regardless, other currencies also felt some changes during the last couple of days.

Ethereum

Ethereum is expected to break away from altcoins, and join Bitcoin in the independent cryptocurrency leagues. Still, with the BTC price jumps, Ethereum seems to be quite bothered. When we say bothered, we mean it in a good way. When bitcoin pierced the $12k resistance, Ethereum followed, piercing the $230 resistance.

The major support remains at the $200 mark, since if it falls below that point it will affect the market gravely. Even though Ethereum is not as big as BTC, it still has quite a loyal trader-base. If they lose hope in this coin, which might happened after dropping below $200, the effects will be graver than imaginable.

LiteCoin

Ethereum is not the only one feeling the bitcoin changes. As of right now, Litecoin is at $94.92, falling below the $100 mark as expected. Though Litecoin has been doing quite well in the past several months, compared to the beginning of this year.

Still, the major resistance is seen as $105. If the price manages to pierce that resistance, it is only expected to keep going up. On the chart the head-and-shoulders pattern is visible, signaling for a bearish trend.

Overall, crypto keeps becoming the safe haven of the market. Soon enough it is expected to take over gold as well. Of course, the recent news about regulations and Libra release, crypto currencies are feeling a little bit of tightness. We can only wait and see, for now.

Comments Rating 0 (0 reviews)