• Litecoin (LTC) has started a steady increase above $78 against the US Dollar.
• The pair could gain bullish momentum if it clears the $88 and $90 resistance levels.
• There is an initial support near the $85 level, and the next major resistance sits near the $95 level.
Litecoin Price Analysis
Litecoin (LTC) has started a steady increase above $78 against the US Dollar. The pair could gain bullish momentum if it breaks through the key resistances at $88 and $90. There is an initial support near the $85 level, and the next major resistance sits near the $95 level.
There was a break above a major bearish trend line with resistance at $85 on the 4-hours chart of LTC/USD pair (data feed from Coinbase). On the upside, there is strong resistance at around $88 and any move past this will push litecoin price towards its next resistance of around $95 which is near 1.618 Fib extension level of downward move from swing high to low.
On the downside, there is an initial support at around 85$ followed by another support at 82$. If litecoin fails to hold these supports then it can accelerate lower towards 75$.
The MACD for LTC/USD pairs are gaining pace in bullish zone while RSI stands above 50 level which indicates that buyers have slight advantage over sellers in short term trading.
The overall trend appears to be bullish for litecoin as long as it holds above 85$ support zone. A clear break above 90$ would indicate further upside movement in coming days otherwise price may correct down towards 75$ support zone.
• Bitcoin price started a fresh increase above the $24,000 zone against the US Dollar.
• There was a break above a crucial bearish trend line with resistance near $21,950 on the 4-hours chart of the BTC/USD pair.
• The bulls gained pace for a move above the $25,000 zone and formed a high near $26,533.
Bitcoin Price Analysis
Bitcoin price started a steady increase from the $20,000 support zone and cleared many hurdles near the $22,500 and $23,500 levels. There was also a break above a crucial bearish trend line with resistance near $21,950 on the 4-hours chart of the BTC/USD pair. The bulls then gained pace for further upside movement above the $25,000 zone and formed a high near $26,533.
An immediate resistance on the upside is seen near the $25,250 level. If there is no clear move past this level then bitcoin price could start to decline below $24,400 and retrace towards its next key support at around $23,000 level which is close to 50% Fibonacci retracement of its upward move from its low of 19$568 to 26$553 high.
The MACD (Moving Average Convergence Divergence) indicator is losing momentum in bullish territory while RSI (Relative Strength Index) is trading slightly higher than 50 indicating that there might be some more upside movement in BTC prices before any downside correction occurs.
On an upside breakout beyond 25$250 level Bitcoin could continue its rally towards first major resistance at 26$000 mark followed by 26$500 mark which if breached could send BTC prices up till 27$800 levels or even 28$000 mark if bulls maintain their strength during this rally phase.
In case of any downside correction due to profit booking or negative news flow traders should watch out for 23$000 as well as 22$000 marks which if broken can lead to further declines in Bitcoin Prices in short term time frame
• Nirmala Sitharaman, Union Finance Minister of India, has commented that crypto regulation must be a group effort across countries.
• The need for crypto regulation has increased since the collapse of the crypto exchange FTX.
• There is a concern that global regulation could take some time to develop and could also introduce middlemen into the mix.
Nirmala Sitharaman on Crypto Regulation
Union Finance Minister Nirmala Sitharaman of India has commented that while there are many countries working on their own crypto regulation plans, it would take a global effort in order to make it successful and secure. During this year’s G20 summit, she mentioned that crypto regulation is likely to be one hot topic discussed by many finance ministers and central bank governors.
FTX Collapse Sparks Need for Regulation
The collapse of the now defunct crypto exchange FTX has sparked an increase in calls for more cryptocurrency regulations. The issue with FTX was its weak accounting procedures which allowed the founder Sam Bankman-Fried to use customer funds to pay off loans for his other company Alameda Research and invest in luxury Bahamian real estate. He is currently awaiting trial at his parents‘ home after being charged with fraud.
Global Regulations Could Take Time
Edul Patel – co-founder and CEO of Mudrex, a crypto trading platform – says he thinks that if global regulation of the crypto space were to come about, it would likely take a very long time due to government standards needing to foster responsible growth and innovation. Rajagopal Menon, VP of Wazir X (a trading platform) also threw his two cents into the mix saying: With India as president, it’s important we have unified regulations across all countries involved so we can protect investors from any potential scams or illegal activities while allowing honest projects to thrive without fear of bad actors trying to exploit them or their users.
Crypto Regulation Challenges
One challenge with widespread crypto regulations is that it goes against what cryptocurrencies stand for; decentralization and lack of control by middlemen or government entities. Additionally, different nations may have varying approaches or opinions when it comes to regulating cryptocurrencies which could create further issues down the line if not addressed properly beforehand.
Overall, it seems as though Nirmala Sitharaman believes strongly in having a unified approach when it comes to cryptocurrency regulations between nations as well as making sure they are enforced properly so as not protect people from potential scams or misuse while still allowing honest projects within this space flourish without fear of exploitation by bad actors.