Bitcoin Bottoming Action Points To Big Gains Ahead
The cryptocurrency market correction is a month old now and beginning to look like upward pressure is coming back. The correction wiped 25% off the value of BTC/USD which isn’t much, not in relation to past corrections. The good news is that bottoming is becoming evident within many of the individual cryptocurrencies and that points to one thing; big gains are on the way. The 2019 bull market rally may have hit a hiccup but it is not over, the fundamental drivers of the market are still present. The two most pressing drivers of price are the halvening of Litecoin and Bitcoin. While we still have several months until the BTC halvening, the LTC halvening is in less than two weeks.
Bitcoin Price Forecast
Bitcoin hit a new low about two week’s ago and since then has been edging higher. The move up off the low is not strong but it does shows support at the $10,000/$10,500 level. The most promising aspect of the chart is the indicators. Both MACD and stochastic support the idea of bottoming and are set up to fire bullish signals. A move higher in prices may find resistance at the short-term moving average, a move above the EMA would be very bullish and lead the indicators into their signals. Once the move begins, once the EMA is broken, the next targets are $12,400 and $13,000.
Litecoin Price Forecast
Litecoin’s halvening is in less than two weeks. At that time the available supply of LTC will be cut in half, miners will receive half as much block reward as before, and that will have a serious impact on the supply/demand balance. LTC has already been leading the market this year, I expect it will lead into the end of the year too once the halvening is completed. The LTC chart is similar in setup to Bitcoin with one major difference, the indicators are even more bullish. The coin is indicated higher with a strong bullish signal that is sure to take it up to the short-term EMA at least. A move above the EMA at $105 would be very bullish and likely take Litcoin up to $120 or $140 very quickly.
Ethereum Price Forecast
Even Ethereum is exhibiting bullish activity. Ethereum’s price has been lagging the general cryptocurrency market due to delays and uncertainty over the future of upgrades, the switch to proof of stake, and the networks scalability. Regardless, price action is showing signs of a bottom and is indicated higher. Momentum remains bearish at this time but it is close to crossing bullish, the stochastic is showing a bullish crossover and a strong one at that. The token is expected to move up the short-term EMA, a move above that level would be bullish and likely lead ETH/USD up to $280 and $340 in the near to short-term.