On two of the most popular cryptocurrencies – Bitcoin and Litecoin – we do not see too much action. In both cases, there are clear consolidations, which have begun last week. BTC/USD price is 476.91 and LTC/BTC 0.01140.
We cordially invite you to familiarize yourself with today’s crypto analysis prepared by Comparic team.
Bitcoin to American dollar after stronger decrease during end of August (almost 30USD) began to consolidate in a fairly narrow range. At the moment, we should refrain from making any trading decisions and wait for the box breakout (from top or bottom) and further re-test confirmation.
It should be remembered that we are still in downtrend. That is why, defeating the lower limit of our consolidation and any sales signal will be far safer that playing against the trend.
Bitcoin stand still, so no one should be surprised, that Litecoin behaved similar during last few sessions.
It should be noted however, that LTC/BTC crypto pair engaged a upward momentum (early September). Price stopped at the levels recorded last time during the drastic declines in the first half of August (0.01140). Level coincided with 23.6% retracement of the entire dynamic, downward movement, started already in May 2014, which finally stopped on August 18 (0.00816).
Price Action in this vicinity may be extremely important for S/T Bitcoin to Litecoin future. It is worth to look for strong sale signals here (because we cannot forget that we are still in a downward trend). breaking above 0.01140 and decisive movement towards the 38.2% retracement may indicate market forces reversal and slow activation of the bull trend.