(WEEKLY NOTION): BTC/USD, ETH/USD, LTC/USD: Bears Are Now Threatening Bulls' Dominance
The bulls of BTC/USD, ETH/USD, and LTC/USD showed resilience this week even as the bears have been putting up a good fight. However, the battle is far from over and the bulls must continue to war to keep their dominance. Let’s take a closer look at how this week has been for these three cryptocurrencies.
BTC/USD (as of Mar 5, 2021, 12.10 p.m., GMT +8)
Source: Yahoo Finance
As the month of March started, the Bitcoin bulls released a roar of power and surged gloriously upwards to $52,426.85. It received a boost following research by Citi stating that Bitcoin is at the ‘tipping point’.
Furthermore, the former chairman of the U.S. Commodity Futures Trading Commission, Christopher Giancarlo and billionaire hedge-fund manager Marc Lasry have made investments in BlockTower Capital, which is a crypto-asset and blockchain investment firm, according to a report on Bloomberg this week.
However, since then, the price has pulled back and moved downwards. At the time of writing, the price stands at $47,243.58. It has now managed to rise above its 50-day Simple Moving Average (SMA). The Relative Strength Index (RSI) is also starting to gradually move up from a low of 15 to its present standing of 58. Analyst John Isige from FX Street believes that the bulls will need to re-take $50,000 before eyeing $58,000.
At the time of writing, the global cryptocurrency market capitalisation stands at $1.45 trillion, out of which Bitcoin dominates 60.6% of it, as per data from Coin Market Cap.
ETH/USD (as of Mar 5, 2021, 12.10 p.m., GMT +8)
Source: Yahoo Finance
ETH/USD has also been surging upwards to hit the week’s high of $1,650.36. Although the bulls experienced a challenge from the bears mid-week, they managed to win the struggle and powered on upwards briefly. However, they could not sustain long and the price started to take a dip.
At the time of writing, ETH/USD stands at $1,480.66, and similar to BTC/USD, but it has now moved above its 50-day SMA. The RSI sits at 50, after having climbed from a low of 15.
According to analyst Anil Panchal from FX Street, the bulls must overcome the hurdles at $1,700, which is a convergence of 21-day SMA, 23.6% Fibonacci retracement, and a 10-week-old previous support line, before moving to $2,000.
LTC/USD (as of Mar 5, 2021, 12.30 p.m., GMT +8)
Source: Yahoo Finance
This week, LTC/USD has been steadily moving upwards and despite a momentary struggle with the bears mid-week, the bulls seem determined to stay and continued on their journey upwards. However, the bears were not ready to give up and fought back. The bulls have been losing their grip and the prices have tumbled downwards.
Presently, the price of LTC/USD stands at $171.92. Isige believes that if the bulls do not give up in their effort to rise above $200, they would then need to overcome buyers’ congestion from $218 to $224. If they are successful, this would open the way to $250 next.
This week, Google Finance added a tab to show the prices of Bitcoin, Ethereum, and Litecoin. Although it may seem like a simple step, the words of Neil Armstrong could be apt here, ‘That’s one small step for a man, one giant leap for mankind.’ He said those profound words as he took his first steps on the moon, which really are the first step of a human on the lunar surface.
Perhaps, an addition of a tab on Google Finance may not seem like much, but it speaks volumes to just how far Bitcoin and the rest of the cryptocurrencies have come. Although resistances against these currencies still prevail, there is a sense of perseverance that seems to emanate from these currencies in these recent days, as they look to make a way in a transitioning world.
FOLLOWME BTC/USD Overall User Sentiment (as of Mar 5, 2021 at 12.40 p.m.)
Short – 60.00%
Long – 40.00%
BTC/USD (as of Mar 5, 2021, 12.10 p.m., GMT +8) - $47,243.58.
ETH/USD (as of Mar 5, 2021, 12.20 p.m., GMT +8) - $ 1,480.66
LTC/USD (as of Mar 5, 2021, 12.30 p.m., GMT +8) - $171.92
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