Bitcoin Price Weekly Analysis: BTC Could Rebound To $4,000

bitcoin price formed a significant support near the $3,345 level and jumped sharply against the US Dollar.
There was a break above a crucial bearish trend line with resistance at $3,380 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The pair rallied above the $3,400 and $3,500 resistance levels to move into a bullish zone.

bitcoin price surged higher recently above the $3,550 barrier against the US Dollar. BTC/USD might continue to move higher towards the $3,800 and $4,000 resistance levels in the near term.

bitcoin Price Analysis

This past week, bitcoin price retested the $3,345 and $3,320 support levels against the US Dollar. The BTC/USD pair formed a strong base near the $3,345 level and later started a solid upward move. Buyers pushed the price above many resistances such as $3,380, $3,400, $3,460, $3,500 and $3,600. There was even a close above the $3,500 resistance and the 100 simple moving average (4-hours). Clearly, there was a support base formed for a much needed recovery, which could extend above $3,700.

During the rise, there was a break above a crucial bearish trend line with resistance at $3,380 on the 4-hours chart of the BTC/USD pair. The pair rallied above the $3,600 and $3,700 levels. A high was formed at $3,745 and later the price corrected lower. It traded below the 23.6% Fib retracement level of the last wave from the $3,346 low to $3,745 high. However, there are many supports on the downside, starting with $3,575. The next major support is near the $3,550 level. It represents the 50% Fib retracement level of the last wave from the $3,346 low to $3,745 high.

Looking at the chart, BTC price is clearly forming a consolidation pattern above the $3,575 support. There could be a few swing moves, but later the price might rally further above $3,750. The next key stops for buyers could be $3,800, $3,880 and $4,000 in the coming days.

Technical indicators

4-hours MACD – The MACD for BTC/USD is currently reducing its bullish slope.

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 70 level.

Major Support Level – $3,550

Major Resistance Level – $3,750

Published at Sun, 10 Feb 2019 05:08:59 +0000

April 6, 2017

Litecoin Price Tops $11 Amid SegWit Euphoria, Coinbase Support

With Litecoin’s price rallying and SegWit activation around the corner, bitcoin’s baby brother may soon be added to Coinbase.

Litecoin on Coinbase

Litecoin is the currently on the center stage of the blockchain sphere as the activation of SegWit becomes imminent and the price rallies to heights not seen since 2014. Now, it seems like Litecoin may become the second alternative cryptocurrency to be added to Coinbase, following Ethereum.

A recent Twitter conversation between Charlie Lee, founder of Litecoin and Brian Armstrong, co-founder and CEO of Coinbase, reveals that both want to see Litecoin added to Coinbase so that users can easily buy the altcoin with national currencies.

@SatoshiLite @GDAX @coinbase I'm in – lets do it!

— Brian Armstrong (@brian_armstrong) April 6, 2017

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Although Litecoin trades on the GDAX exchange which belongs to Coinbase, adding it to the main Coinbase platform is a much more relevant step for LTC given that Coinbase is meant for the mainstream audience that is now entering the cryptocurrency scene, while GDAX is a platform for experienced traders. The addition of Litecoin to Coinbase will, as so, make it much easier for users to acquire it with fiat currencies.

Earlier this month, Coinbase received an approval by the Securities and Exchange Commission (SEC) to offer its customers the option of trading both Litecoin and Ether, making it the first NY-based exchange to offer both Litecoin and Ethereum markets.

SegWit may be coming for Litecoin

The argument used by Charlie Lee to get Litecoin into Coinbase is that Litecoin’s trading volume in GDAX was above $10M for the day, which was caused by the rally experienced yesterday in which Litecoin gained over 20% in value, going as high as $12.70.

The reason for the surge in value is connected to the imminent activation of SegWit. Miner approval went as high as 65% yesterday (on the last 576 blocks at the time) and it’s currently sitting at 68%.

Once (if) the 75% mining approval threshold for SegWit activation is reached, miner approval will need to stay above this figure for two weeks (8064 blocks) in order to be activated. If SegWit is in fact activated in Litecoin, the following days/weeks could prove crucial for bitcoin’s future, as Litecoin leads the way as a scalability testbed for bitcoin. If the price increases tremendously, miners may be tempted to support SegWit with an increase in the mining revenue in mind.

Who is and Isn’t Signaling SegWit?

While some of the biggest Litecoin mining pools are signaling their support for SegWit, like F2Pool (34%), Batpool (11.6%), HappyChina (9.8%) and others, some refuse to change their position. Most notably, LTC1BTC which is the second biggest Litecoin mining pool in the market.

Jiang Zhuoer, founder of LTC1BTC said in an interview that LTC1BTC would not signal SegWit approval and he added that no other primary Litecoin pool would, which turned out to be incorrect.

Currently, only LTC1BTC (11.8%),BW (11%), Antpool (2.6%), LTC.top (2.4%) and Prohashing (1.4%) are not signaling for SegWit. It seems unlikely that Antpool and Prohashing will change to support SegWit, given their opposition to SegWit and support for bitcoin Unlimited.

Now, it all comes down to BW. Although it’s unclear what BW’s position on the matter is, we can expect an update to be released according to a recent tweet by the pool:

@stevepartos this is currently under consideration. An update will be announced in the near future. Thanks for your interest in BW.

— bw.com (@www_bw_com) April 5, 2017

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With BW’s 11% share of the Litecoin mining network, SegWit will most likely be activated.

Will BW move to activate SegWit, allowing Litecoin to be the first SegWit-enabled cryptocurrency? Would this help bitcoin’s case for SegWit? Let us know what you think in the comment section.

Images courtesy of CryptoCompare, Segwit.co, Litecoinpool, Shutterstock

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