What is coming after last weekend's red wave – BTC, ETH, LTC price analysis, 17 Feb, 2020
On Friday, February 14th, former Steemit CEO and co-founder Ned Scott announced in his Twitter account, that he sold Steemit, Inc. to Justin Sun from TRON:
Back in 2016, Scott and Dan Larimer (currently CTO of Block.one, a company involved with the development of EOS) founded Steemit, Inc. and created Steemit—the largest decentralized blockchain-based social media and blogging ecosystem.
Nowadays, Steem is a blockchain with over 1.3 million registered users, on which many dApps are built. Those dApps are considered to be blockchain-based alternatives for major social media websites and platforms like Facebook, YouTube, Instagram, Twitter, Reddit, etc. For instance, Steemit is seen as an alternative to Facebook, DTube—an alternative to YouTube, Appics—an alternative to Instagram, etc.
The Steem ecosystem is a real example of how blockchain technology is starting to challenge the centralized model of the social media industry.
Many cryptocurrency enthusiasts share the idea of decentralization of the current model of the global economy. For instance, during "Closing Bell" on CNBC, Michael Novogratz, CEO of Galaxy Digital, reiterated again that the adoption of cryptocurrencies will continue to grow and therefore they will become part of the economic structure of the world.
Although in the long run crypto may become an integral part of the global economy and prices of digital coins may skyrocket one day, a red wave covered the crypto market during the weekend. The price decline continues even during the first day of the current week. At the moment, according to Coin360.com, one Bitcoin costs $9,797.44 (-1.83%), one Ethereum—$250.82 (-7.42%), and one Litecoin—$71.95 (-8.40%):
Daily crypto market performance. Source: Coin360.com
On the 12-hour chart (12H), on Tuesday, February 11th, the price of Bitcoin reached the upper line of the «ascending channel» and it stayed there for almost two days. However, during the weekend, the bears took back control of the market and BTC dropped below the psychological level of $10,000 once again:
In our view, the current price decline can be considered as a correction within the «ascending channel». Therefore, the most probable scenario is price stabilization near the lower line of the «ascending channel» or at levels close to $9,500-$9,600 per one Bitcoin.
On the 12-hour chart (12H), last week ETH/USD surpassed the level of the starting point of the «descending channel» or $252.90 and reached $288.31. However, during the weekend, the price of the cryptocurrency started to decline and now ETH/USD is in a correction phase:
In the next few days we foresee a price consolidation in the range between the support level (S1) or about $231 and the $252.90—the level of the starting point of the «descending channel».
In the 12-hour time frame (12H), last week the major part of the chart of LTC/USD remained in the range between $71 and $80 as we predicted in our previous analysis:
As seen in the chart above, at the moment LTC is in a correction phase, because of the strong positive correlation with BTC.
We don't expect a renewal of the bullish sentiment in the next couple of days. That's why a consolidation of LTC/USD above the upper line of local high «H1» or $66.75 is our main scenario.
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