Bitcoin is unable to stay sustain gains above $10,000 following the drop experienced last week. In fact, it is as though the price is allergic to $10,000 and now seeking a safe haven towards $9,000.
The correction that breached $10,200 came as an accurate prediction by FXStreet. Moreover, as long BTC fails to hold above $10,000, the risk for losses is dangerously massive. Especially now that the bears have regained control of the price.
Litecoin has lost more than 50% of its value since 2019 high achieved in June this year. A glance at the four-hour chart, we can all jump into the conclusion that LTC is in a dumping phase. However, clearly observing the cryptocurrency, one can tell that Litecoin has not lost its long-term uptrend.
In addition to the long-term uptrend above the long-term trendline, Litecoin declines are almost hitting the reversal point within the falling wedge pattern. The falling wedge pattern is usually interpreted as a trend reversal signal. Therefore, investors should not need to panic and sell as a massive correction is in the offing.
In a Bitcoin bearish market, Ethereum Classic defies the general trend to post impressive gains. In fact, the crypto has been breaking one barrier after another from Monday this week. A glance at the hourly chart shows a new uptrend pushing the limits north.
The recent correction above both the 50 Simple Moving Average and the 100 SMA fueled a surge in an engulfing candlestick. The price action struggled with the intense concentration of sellers at $6.4. A lower leg correction from the resistance dived under $6.0 but rebound occurred on touching the 50 SMA.