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Check the price analysis for Bitcoin, Ethereum and Litecoin.
Regardless of the increased volatility over the last few days, the struggle for the $2,300 level did not occur.
Looking at the chart, it can be clearly implied that the price did some retests at $2,300 before going up, which is a rather typical signal for opening long positions. It is relatively low risk.
The following scenarios seem to be plausible for BTC/USD:
In order to effectively and efficiently invest in cryptocurrencies, you should always closely monitor trading volumes. Admittedly, volumes monitoring provides more valuable insights than mere scrutinizing of the order book.
To recapitulate, long positions from the strong levels would be good deals. Never forget about setting stop-losses! As always, risk/return ratio is a crucial indicator for successful traders.
Despite the overall correction of the crypto market, ETH/USD encountered a harsh and severe drawdown. The following pattern is currently persistent with ETH:
Currently, a struggle for $310, which is a highly vital level, could be observed on the market. Although the price is growing and sometimes the signals might seem to be unambiguous, be attentive when opening short positions.
LTC is currently establishing a $36 support zone. Consider the volatility magnitude in proximity to this level - it proves the importance of the retest. If the price merely touches the level and you open the position afterward, stop-loss orders are likely to be executed because of high volatility. However, when the level is tested again, you will be sure about it and the signal will most likely be precise.
Again, the $36 zone is extremely strong. It is very likely that next month a classical $36-$48 channel for LTC/USD will take place.
At the same time, $48 strongly resembles a resistance zone. So, consider the volumes when opening positions from that zone.
In general, everything looks positive for LTC and the news is positive as well. This is also proved by the $2 bln market cap. It appears that in the near future, LTC might become a good hedge instrument.
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