Bitcoin lost 1.9% to 3,776 USD on Monday, continuing its price correction after the strong on February 24, when the cryptocurrency reached its highest value since the beginning of the year. Thus, the Bitcoin price lost the key support of 3,800 USD and 3,760 USD support levels.
The Altcoins are also down with Ethereum and EOS registering the highest decrease of 4.2% and 8.26%, respectively. Litecoin also performed bad with a decrease of over 4%, while Ripple decreased by 2%. Bitcoin Cash and Stellar were into the red with a drop of 5.2% and 4.1%, respectively.
Following today’s depreciation, the total value of the cryptocurrency market dropped by 126.459 billion USD.
Bitcoin price analysis
Bitcoin declines are unstoppable on Monday. The asset has traded highs of 3,804.72 USD and touched lows of 3,672.33 USD.
Last week, we saw many rejections near the 3,900 USD and 3,860 USD resistances in Bitcoin price, which topped near the 3,860 USD level and later started a downward move. It broke the 3,800 USD and 3,760 USD support levels to move into a bearish zone. The recent decline was crucial as the price settled below the 3,800 USD level and the 100 hourly simple moving average. The decline was such that the price even broke the 3,720 USD support level.
Moreover, there was a break below a declining channel with resistance at 3,800 USD. Finally, a new intraday low was formed near 3,692 USD. In the short term, there could be a minor upside correction towards 3,760 USD or 3,750 USD. The 50% Fib retracement level of the recent decline from the 3,805 USD high to 3,692 USD low is near the 3,748 USD level to act as a resistance. However, the main resistance is near the 3,800 USD level and the channel upper trend line.
An intermediate resistance is near the 3,775 USD level. It coincides with the 76.4% Fib retracement level of the recent decline from the 3,805 USD high to 3,692 USD low. Therefore, if the price corrects higher, it could struggle to clear the 3,760 USD, 3,775 USD and 3,800 USD resistance levels. The main hurdle for buyers remains near 3,860 USD, above which the price may move into a bullish zone.
Bitcoin price is slowly declining towards the 3,680 USD and 3,650 USD support levels. If sellers remain in action, there are even chances of more losses below the 3,640 USD level. The key support is at 3,600 USD, where buyers are likely to take a stand. On the other hand, to start a decent uptrend, the price must clear the 3,800 USD and 3,860 USD resistance levels.
Litecoin price forecast
Forecast for Litecoin in 2019: Set sail to break the 50 USD iceberg and swim as far as 230 USD.
Given Bitcoin’s path, Litecoin seems to be on the rise. It becomes quite popular among investors and is slowly rising. There is a very high probability that the crypto traded over 30 USD all year round.
Although it seems that the bearish period is over, the crypto market is still highly volatile. That is why making short-term forecasts is quite difficult.
According to publications of various crypto sites, Litecoin has enough potential to reach the 1,000 USD limit. Some articles mention the number of 2,000 USD – this seems far from reality.
However, these estimates are on a par with the forecasts of some experts. For example, George Tung, a crypto-analyzer analyst, claims that Litecoin will reach 1,500 USD by the end of 2019. Brian Kelly, head of BK Capital Management (LLC), is sure that Litecoin can reach 500 USD or even 600 USD by the end of the year. Though conservative, this forecast seems to be close to reality.
In November 2017, Litecoin was traded at 100 USD, and investors were able to benefit from a 25x ROI. If the market is again hit by the upward wave, the scenario can be repeated: The LTC may jump from its current 48 USD to 1,200 USD.
The analysts forecast that Litecoin could reach the range of 150-230 USD by the end of 2019.
In August 2019, a block cutter fee will be reduced by 50%, which may provoke an increase in demand in the long-term.
A range of factors can push the Litecoin up:
– The speed of acceptance of Litecoin on stock exchanges and online sites will gradually increase. One example of acceptance is the Surf Air store, which began accepting LTC payments;
– The growth of Litecoin is partly defined by Bitcoin’s performance. Currently, Bitcoin is on the rise. However, Litecoin seems to recover from the bearish period much faster and better.
– As Bitcoin gains traffic, users are beginning to complain about rising transaction fees and slower performance. Then their attention turns to Litecoin with their lower commissions and better speed.
Thus, Litecoin attracts more media attention, which only contributes to its growth. Some Internet users are sure they have to reach 50 USD to “get back on track” and start earning. This event is definitely going to happen.