The adoption rate of cryptocurrency in Nigeria hits new highs and the price of Bitcoin has hit a more than 60% premium.
Over the last week, there hasn’t been a lot of interest going on. We’ve been trading in the “dumb zone” and there hasn’t been a lot of speculation for Bitcoin price, but there’s always something to look out for in the market. Litecoin, however, has been trading beautifully in an ascending channel.
We want to see Bitcoin break out of the $4000 and then $4140 zone; then it will be breaking through the resistance. Over the next couple of months, we want to see Bitcoin test $4400. For now, however, we really want to see the support stay at $3920, which is the resistance that Bitcoin just broke through. If it could hold this as support for now and we trade sideways, then this is huge and we’re be looking at the next short explosive spike.
For a short-term bullish price recovery, we want to see Bitcoin do this: Break through the resistance, trade sideways for a bit, then break through the next zone. If this happens, it will be a lot more difficult for the bears to break Bitcoin down. Right now, it’s just a matter of being patient and slowly climbing the Fibonacci ladder. Combine this with fundamental trading, and big money coming in later this year, we’ve got some exciting things ahead.
Until Ethereum breaks from the $140 and holds that as support, then there’s nothing to trade. There’s currently not a lot going on from the trading front, but it’s sitting in the dumb zone now. If there’s a further breakdown in Ethereum, I want to see it hold at $125 as support. Anything less is really dangerous. One thing worth noting with altcoins is that their movements are a lot more dramatic, so we need to see more confirmation before making trades compared to Bitcoin.
Litecoin at the moment is bullish, as you can see, it is trading in this ascending channel and has not been rejected since the 10th of February. We want to see between $44 and $50 hold as Litecoin support.
Click here to get a more in-depth analysis for Bitcoin, Ethereum, Litecoin and XRP price.
As always, my advice is trade safely and try and keep your emotions out of it. Trading emotionally is treading dangerously.