Bitcoin climbs to $ 13,000 – Litecoin with a bullish breakout

Bitcoin (BTC), the key currency, is still bullish this week and closes the week above $ 13,000. The majority of the top 100 altcoins also tend to the north and ensure a friendly atmosphere in the overall market.

The bulls show their horns again this week and ensure a significant price increase of 13 percent to the price target of 13,198 US dollars

The top 10 Altcoins in particular can benefit from this strong price development and, like Litecoin (LTC), have in some cases recorded double-digit price gains. The continuing interest of institutional investors as well as the increasing interest of small investors continue to have a positive effect on the overall market. At the moment, the political and economic uncertainties surrounding the US presidential election seem to be playing into the cards of the crypto market. This shows the increasing decoupling from the development on the traditional financial market this week. However, the first bearish divergences in the 4-hour Bitcoin chart are currently indicating an initial weakness in the bulls,

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After weeks of struggle at the $ 50 mark, Litecoin creates an explosive breakout across the multiple resistance cluster of EMA100 (yellow) and EMA200 (blue). After Litecoin also broke the history high at US $ 51.54 on October 21 and pulverized the supertrend at US $ 52.50, the price rose to a new 30-day high at US $ 60.00. This sets the course for a further increase in the LTC rate in the coming weeks.

The next price target on the upside is now $ 62.06

If the LTC price also overcomes the pink resistance area at 63.50 US dollars at the daily closing price, price targets at 67.79 US dollars and 71.73 US dollars are activated. If the overall market continues to be positive in the coming week, a march through to the resistance zone between US $ 82.29 and US $ 84.97 is possible. The maximum price target for 2020 is in the range of 99 US dollars.

The RSI is already trading above $ 70 in the daily chart, indicating the first overbought tendencies. If the LTC price bounces off the pink resistance area, the support area should initially be retested by USD 52. If Litecoin subsequently falls due to multiple support from EMA100 and EMA200 as well as horizontal support, the bears will immediately regain the upper hand. If the upward trend line at 47 US dollars per day’s closing price is broken, the target prices are 43.11 US dollars and 40.94 US dollars. After the strong bullish breakout, the maximum price target on the downside is 39.20 US dollars. Sales lows from the first half of 2020 can be found here.

Indicators: RSI slightly overbought, MACD with fresh buy signal

The RSI broke out dynamically this week and generated a fresh buy signal. The MACD indicator underpins the bullish trend with a new buy signal. The significant price increase was also able to generate enough momentum to activate a fresh bullish buy signal on both indicators on a weekly basis.