Cryptocurrencies: Litecoin declines sharply while Bitcoin stays bullish [Video]

Kiana Danial, CFP Invest Diva

Litecoin was one of the unluckier cryptocurrncies on Monday as it saw sharp declines towards a key support level at 47, as traded versus the USD. Meanwhile, Litecoin’s cousin, Bitcoin, enjoyed yet another day of bullish sentiment, reaching our profit target of 4631, aiming for the next resistance level of 4915. With this, Bitcoin solidified its position as the cryptocurrency market’s most valuable, secure, and widely utilized blockchain network. However, there are still countries who are quite unsure about the future of cryptocurrencies. Malaysia, for example, where Bitcoin is currently unregulated, will make a decision on whether to ban the cryptocurrency by the end of this year, according to the governor of the country's central bank. Other pessimists include Harvard economist Kenneth Rogoff who said on Monday that Bitcoin price bubble ‘will collapse’ while the tech that underpins it lives on. From a technical point of view, however, we could see further gains in Bitcoin towards the all-time high zone of $5,000, and above towards the end of the year. Litecoin, on the other hand, remains a good purchase for those interested as it’s approaching lower levels. Thanks for watching, invest responsibly, and I’ll see you with more updates tomorrow.

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Author

Kiana Danial, CFP

Invest Diva

Kiana Danial is an award-winning, internationally recognized personal investing and wealth management expert.

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