Bitcoin, Ripple & Litecoin - American Wrap: 5/5/2020

Bitcoin Price Analysis: Is There Still Buying Conviction At These Levels?

Bitcoin is stuttering at the 9K level as there seems to be a lull in the crypto market on Tuesday. The volume seems thin and the candles are doji like indecisive in nature. The price has also dipped under the 76.4% retracement zone which is very close to the 9K psychological level.

In a more positive light, the price is still above the 200 and 55 moving averages. This is considered bullish but they do seem to be closing in on each other and might cross in a bearish fashion. The relative strength index indicator is also in an extremely overbought position this could mean there might be a short term pullback but the trend is still an uptrend.

Ripple Price Analysis: Trendline Break Failed To Sustain Bullish Momentum

Ripple is trading lower on Tuesday but all hope is not lost as there are some key support zones in near proximity that could stem any losses. The market has made a higher low on the hourly chart below but the last time the price attacked the red trendline it failed to sustain the bullish momentum and pulled back in.

The 0.21 level is the major support zone and the price has now bounced off the level twice now. The bulls need to gather some strength and try and break 0.2225. The good news is the price is holding above 200 simple moving average but the 55 and 200 are very close together and could cross (negatively).

LTC/USD: Litecoin Moves Towards Increased Privacy

Litecoin is moving towards increased privacy. The lead developer of the project and the creator of the cryptocurrency Grin, David Burkett, wrote in a recent blog post that he had “built out a functional testing framework that builds valid headers, blocks, and transactions”.  

The project has progressed on the integration of MimbleWimble (MW) with Litecoin Codebase, which is supposed to increase the privacy of Litecoin transactions. Burkett started with  ConnectBlock logic, responsible for error-free block validation and actually adding the blocks to the chain.

Image sourced from Pixabay