Bitcoin price is rising within a descending channel while the intraday upside movements have been capped below $7,500. The largest virtual asset by market capitalization is trading marginally above $7,450. Similarly, it is up a subtle 1% on Tuesday.
The International Monetary Fund (IMF) continues to advocate for the adoption of digital assets in the mainstream financial sector. The financial institution has once before encouraged central banks to consider starting central bank governed digital assets. It states that Bitcoin and other virtual currencies are volatile because of the speculative nature of their prices. IMF, however, believes that digital assets outdo the fiat currencies when it comes to cost and time used to send money especially cross-border payments.
That aside, if Bitcoin breaks above the short-term resistance at $7,500, the upside will be limited by the bearish trendline as observed on the chart. The 100 SMA will also hinder movements slightly below $7,600. The breakout for BTC/USD is at $7,600, which will pave the way for retracements heading to $7,700, before attacking the psychological $8,000.
A weak bullish trend is forming, similarly, the moving averages gap shows that the bulls are regaining control. The MACD, on the other hand, is dipping slightly into the negative to show that bear pressure is still looming. A weak support is seen at $7,400, but $7,300 is a good entry position. A break below this level will see BTC/USD test the demand and buy position at $7,250.
Litecoin (LTC) Price Analysis
Litecoin price has approached the breakout at $18.00 and there is a bullish trend in progress. LTC/USD is testing the short-term resistance at the 50% Fib retracement level with last swing high of $127 and a low of $110.5. The price is still trading below the ascending trendline, however, indicators are pointing towards a short-term breakout.
The 50 SMA is closing in towards the longer term 100 SMA to signal that the buyers are gaining momentum. Moreover, the MACD momentum indicator is pointing upwards signaling for more buy entries in the short-term. On the upside, $120 is a key resistance and the next target is at $122 which could open the door towards the major resistance at $122. Litecoin price support is at the 61.8% Fib retracement level around $118 – $116.
EOS price analysis
Eos price is one of the biggest gainers on the day surging by over 4%. The crypto has breached the resistance from the 38.2% Fib retracement level with the last high leg at $15.1 and a low of $11.87. The buyers are pushing the price towards the breakout position at $15.00 but first, they must overcome the resistance at $14.50.
Both the moving averages and the MACD indicators are showing bullish signals, besides the 50% Fibonacci level with the last swing high of $15.1 and a low of $11.87 at $13.50 is offering immediate support. If declines precede the 50 SMA will also offer support above $13.00. However, EOS/USD major support area lies at $12.50 – 12.00. EOS price has been lagging reaction to the mainnet, however, a break above $15.00 could allow it to find the momentum to attack the major resistance at $18.00.