Crypto Market Starts Week Under Pressure – BTC, ETH, LTC Price Analysis, 24 Feb, 2020
On Monday, February 17th, the prominent cryptocurrency bull Max Keiser updated his long-term Bitcoin price target from $100,000 to $400,000 while speaking with conspiracy theorist Alex Jones during a show called "Infowars". In addition, Keiser clarified that "the good news… is that Bitcoin at $10,000 or $9,300 is equally as attractive as it was when it was $100".
On Tuesday, February 18th, BLOCKTV published a video of an interview with Marek "Slush" Palatinus, the core programmer of hardware wallet Trezor. In the interview, he explained that the interest in cryptocurrency is growing steadily and that's why Trezor's main goal for the next couple of years is to onboard new people to the cryptocurrency world.
On Thursday, February 20th, Sveriges Riksbank, Sweden's central bank, announced the launch of a pilot project called "e-krona". The main objective is to create, in an isolated test environment, a digital krona that is simple-to-use and based on the Distributed Ledger Technology (DLT).
And, although the positive sentiment still dominates among the cryptocurrency users, during the first day of the current week the crypto market is under pressure. Most of the cryptocurrencies are trading in the red zone. At the moment, according to Coin360.com, one Bitcoin costs €8,966.50 (-1.94%), one Ethereum—€245.72 (-2.06%), and one Litecoin—€70.15 (-3.03%):
Daily crypto market performance. Source: Coin360.com
On the 6-hour chart (6H), the price of Bitcoin continues to consolidate near the lower line of the «ascending channel»:
We don't expect any significant price increase in the next few days. That's why the most probable scenario is a price consolidation near the lower line of the «ascending channel» (or €9.250) and slightly above the upper level of the support range (or €8,750).
On the 12-hour chart (12H), the price of Ethereum is fluctuating between the starting point of the «descending channel» (or €225) and the level of the last local high (or €265):
In our view, the main part of the ETH/EUR chart will stay within the broad range mentioned above, at least till the end of the week.
In the 4-hour time frame (4H), last week the price of Litecoin stabilized within the support range between €64 and €71 per one digital coin:
As seen in the chart above, LTC/EUR is trying to draw an «ascending channel». It is very likely that the price of Litecoin will continue to hover near the lower line of the channel. Thus, it may advance to the level of the previous local high or €77.50.
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The analysis is purely informational and does not constitute investment, financial, trading, or any other sort of advice and you should not treat any of Bitvalex's content as such. Bitvalex does not recommend that any cryptocurrency should be bought, sold, or held by you. You are solely responsible to conduct your own due diligence and consult an advisor before making any investment decisions.