Daily Crypto Analysis - February 24th, 2021

Trading | 6 months ago

Daily Crypto Analysis - February 24th, 2021 - tradeglobalmarket

After the two days of intense bearish move in the crypto currencies market, today we get to see a bullish influence. Cryptocurrencies are highly speculative financial assets. In the Daily Crypto Analysis segment, we discuss about the latest happening in the crypto currencies like Bitcoin, Ethereum and Litecoin.



BTCUSD - Daily Crypto Analysis

A fresh start of the day saw Bitcoin rise to an early morning intraday high of $51398.0. Just last week the Bitcoin made a new all-time high of $56,000 against the US dollar. Bitcoin is the world's number one digital currency and its market capitalization crossed $1 trillion recently.

From last two days, Bitcoin was consolidating and hence on Monday it fell by almost 6% and on Tuesday it fell by 9.68%. This consolidation provided the opportunity for buying Bitcoin at little lesser value. Due to this on Wednesday Bitcoin was up by 4% in the early morning trade. Bitcoin has been doing extremely well from last two months. Bitcoin is on a very good momentum hike, and from the perspective of an investor, it does not look like any kind of bubble.

Many investors are investing in Bitcoin as of today. Financial services outfit Square has purchased approximately 3,318 bitcoins at the price of $170 million. One must look for buying opportunities in Bitcoin as near-term bullish trend of Bitcoin is intact despite of the current week reversal.


Ethereum (Ether)

ETHUSD - Daily Crypto Analysis

Ethereum saw a 30% price correction in a matter of just three days. Today Ethereum is consolidating at 1605 level. Ethereum usage is rocking this year. Ethereum gained by 3.01% on Wednesday after finding support from the retail investors.

Digital-asset investment firm CoinShares has just launched an Ethereum based exchange traded product. One must look for buying opportunities in Ethereum.



LTCUSD - Daily Crypto Analysis

It is a slightly bearish start for the Litecoin. Litecoin rose by 2.37% on Wednesday after a major price correction of almost 15% on Tuesday.

The first major support level of Litecoin is at $170 while the major resistance is at $191.00. One must observe the price of Litecoin between these two levels and make use of the breakout strategy which may happen anytime.


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