The value of bitcoin is in the descending channel while the intraday upward trend has been capped below the $7,500 mark. Bitcoin – the largest digital currency base on market cap – is trading marginally over $7,450.
The IMF (International Monetary Fund) continues to advocate for digital currency adoption in the mainstream financial sector. The IMF has encouraged central banks before to consider beginning central banks governed cryptocurrencies. It stated that bitcoin, as well as other cryptocurrencies, are highly volatile as a result of the speculative nature of their prices.
Litecoin Price Today: Current Price of LTC
Nevertheless, IMF believes that digital currencies outdo fiat currencies when it comes to time and cost of sending money, especially when making cross-border payments. If bitcoin rises above the resistance at the $7500 mark, the upward movement will be limited by the bearish trend line as indicated in the charts.
The present support level at $7400 is weak, but $7300 is a great entry point. A break beneath this level will see the value of bitcoin against the US dollar test the demand and buy position at $7,250.
The value of Litecoin has loomed the breakout at $18, and a bullish trend is currently in progress. The LTC/USD pair is testing the short-term resistance at the 50 percent Fibonacci retracement level with the previous swing from $127 high to $110.5 low. The digital currency is still trading beneath the ascending trend line, nevertheless, indicators are pointing towards a short-term breakout.
EOS Price Analysis Today
EOS is one of the largest gainers in the market today with its value increasing by 4 percent. The digital currency has breached the resistance from the 38.2 Fibonacci retracement level with the previous swing from the high of $15 and the low of $11.87.
The buyers of EOS are pushing the value of the coin towards the breakout position at $15, however, they must first over the resistance at the $14.5 level.