If you’ve been following our cryptocurrency lessons and videos, you would’ve remembered us talking about the Bitcoin fork and how it wasn’t important. What was important was Bitcoin consolidating for some time.
Understanding Bitcoin’s Move
What we know from the daily chart is that a move basically went from June to August, a multi-month range right at that $3000 mark. Finally, it exploded through. This is what starts the next leg on these things. When a currency is under resistance, it just becomes stuck in a range. It gets hard to day trade. You don?t have any action that you trade. But when you break over resistance, not only can you take longer term trades, but also the day trading action gets a lot better. Now you have trends and the wind at your back.
Ethereum, Bitcoin’s Main Sympathy Play
Bitcoins breakout has also help other coins break through certain levels. Ethereum has a lot of room to go and has started breaking out. I’ve been long this thing for about a week and it’s just starting to get going now. We’re going to see if it can reach the hold high here of $320.
Litecoin?s Impending Pop
Litecoin currently looks like it’s pretty much ready to go. After this initial thrust LTC is building a flag. Litecoin has held its MAs for a period of time and now you’re starting to build a range. Also, LTC has never crashed back like the other ones. So this has potential to get out of this range.
Here is video detailing everything.
Kunal Desai is an American day trader (stocks and cryptos) and founder of Bulls on Wall Street and Bulls on Crypto Street, two online trading academies and informational publications. He has been featured in many high profile publications like Inc, Forbes, Buzzfeed, and Fortune. He has spoke at trading and business events all across the World.