Bitcoin, Litecoin Reach All-Time High Levels – Where to Next? : Bitcoin surged to reach a new all-time high on Sunday, just below $12,000 at $11,871 before erasing some of the gains.
The surge happened despite many analysts’ warning of a Bitcoin bubble burst coming about any minute after last week’s volatility. Meanwhile, Bitcoin’s lesser-known competitor, Litecoin, also reached for the all-time high level on Sunday. It broke above the resistance level of 98.40 from back in September, and surpassing Friday high of 104.80, and reached 107.45 before erasing gains again.
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Market participants are no stranger to such volatilities. Based on the Fibonacci retracement analysis, we could see Litecoin pulling back again to the 23%, 38% and even 50% Fibonacci levels at 94.45, $86.60, and $80 respectively, before reaching for new highs again.
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Litecoin has the sixth-largest market cap of all cryptocurrencies, at $4.9 billion, behind bitcoin gold, Ripple, bitcoin cash, Ethereum, and bitcoin. In many ways, Bitcoin and Litecoin are extremely similar. They both have protocols written that limit the number of coins that can be mined, although block time for Litecoin is a bit quicker than bitcoin. This leads to potentially quicker payments — although smaller in most instances — for Litecoin miners. They’re also much older than most virtual currencies, with bitcoin and Litecoin being created in 2009 and 2011, respectively. While some view Litecoin as one of Bitcoin’s main competitors, others believe both cryptocurrencies can coexist. Only time will tell.
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GBP/USD pair starts with a bullish sentiment
This could be the start of yet another volatile week as we are expecting many headlines from political headlines for US equities to Brexit negotiations. The GBP/USD pair started today’s Asian session with a bullish sentiment, although its open price was lower than Friday’s closing price. The pair remains above the daily Ichimoku cloud, and has yet to reach the resistance level of 1.36.
On the economic calendar…
On the economic calendar, we have BOJ Kuroda making a speech in Tokyo at Europlace at 4 AM GMT, followed by Japan’s Consumer Confidence Index (NOV) at 5 AM. Markit/CIPS UK Construction PMI (NOV) will be up next at 9:30 AM GMT. During the New York session, Factory Orders and Durable Goods Orders (OCT) from the US will be out at 3 PM GMT. The dollar volume of new orders, shipments, unfilled orders, and inventories is expected to have dropped -0.4% in the month of October from the previous 1.4%.