Cryptocurrency Market Update: Litecoin the Outperformer
Bitcoin remains in a bullish posture after pulling back from the $9,100 high printed on May 30th. On a daily time frame, we are holding an up trendline and a bank of moving averages which are serving as a dynamic support.
Shifting our focus to a short time frame we can see BTC bounced from just above the demand zone we had marked out. From there it has cleared a couple of local highs between $8,090 — $8,130. If we can continue to hold these levels we should see BTC move towards the next supply zone between $8,450 — $8,600. Conversely, if we get below $8,090 we could fall back into a trading range.
Turning to Ethereum we can see that it turned from our supply zone and retraced to print a low in the $227 region. That area should now serve as support for any further pullbacks in price.
On a shorter term time frame, the momentum looks good and we can see a retest of the last local high at $290 on the cards. We would need to clear that and more broadly the top of the supply zone at $305 to see a further move up.
Turning our attention to Litecoin, it has outperformed both BTC and ETH over the last couple of weeks. The next significant resistance level comes into play at $184 and we can expect to see support at the upper trendline.
Narrowing down to a short term view we have a couple of demand zones between $126.30 — $128.20 and also between $114.65 — $116.65.