Bitcoin, Litecoin, Ethereum: When They Move, They All Move Together

Bitcoin, Litecoin, Ethereum: When They Move, They All Move Together

..iCoQuet..

 

After long weeks of mostly just going sideways, Bitcoin and its cryptocurrency friends finally made a move and it was upward. Definitely upward. Each one enjoyed a different gain percentage, but it’s clear that when the buying comes in, all of the big name cryptos participate in the fun.

 

Bitcoin’s daily price chart looks like this now:

Bitcoin daily price chart

STOCKCHARTS.COM

After making the move up from the mid-March bottom and rallying significantly into May, the crypto stayed within in a narrowing price range for about 3 months. Lower highs and higher lows shows up as a classic flag pattern again.

Among technical analysts this used to be known as “building cause” although it’s been some time since I’ve heard that phrase. The idea is that as price compresses in that narrowing range, when it finally breaks out of it, the move can be substantial. That seems to be the case here.

Ethereum’s weekly looks like this:

Ethereum weekly price chart

STOCKCHARTS.COM

If you look closely, there’s lots here. The first thing is: Ethereum is back above the 2019 high. So this is unlike Bitcoin which has yet to take out that level. From this standpoint, it could be said that this is the stronger crypto.

On the other hand, note that it has a long, long way to go before it can even approach the April/May 2018 high. One other item: Ethereum has moved back above its Ichimoku cloud which had been downtrending since the beginning of 2018.

Litecoin’s daily price chart looks like this:

Litecoin daily price chart

STOCKCHARTS.COM

It’s moving upward again but it’s not as strong as the other 2 cryptos. You can see that, even with the breakout on the daily chart, Litecoin remains well below the earlier-in-the-year high. Note also it’s inability, so far, to close above a declining Ichimoku cloud.

Of these 3 well-known, big name cryptocurrencies, it’s clear that while all had good moves, Ethereum managed to show a better looking price chart. Who knows if this will continue? Past performance does not guarantee future results, as you may have heard.

I do not hold positions in these investments. No recommendations are made one way or the other.  If you’re an investor, you’d want to look much deeper into each of these situations. You can lose money trading or investing in stocks and other instruments. Always do your own independent research, due diligence and seek professional advice from a licensed investment advisor.

.. iCoQuet..