Bitcoin, Ripple and Litecoin – American Wrap: 5/5/2020

Bitcoin Price Analysis: Is There Still Buying Conviction at These Levels?

Bitcoin stutters at the 9K level as there appears to be a lull in the cryptocurrency market on Tuesday. The volume looks subtle and the candles are doji of an indecisive nature. The price also fell below the 76.4% retracement zone, which is very close to the psychological level of 9K.

In a more positive light, the price is still above the 200 and 55 moving averages. This is considered to be bullish, but they appear to be getting closer to each other and could cross bearishly. The relative strength index indicator is also in an extremely overbought position, this could mean there may be a short-term pullback, but the trend is still an uptrend.

Ripple Price Analysis: The break of the trend line failed to sustain the bullish momentum

Ripple is trading lower on Tuesday, but all hope is not lost as there are some key support zones in close proximity that could stem any losses. The market hit a higher low on the hourly chart below, but the last time the price hit the red trendline it failed to sustain the bullish momentum and retreated.

The 0.21 level is the main support zone and the price has now bounced twice from the level. The bulls need to muster some strength and try to break out of 0.2225. The good news is that the price is holding above the simple moving average of 200 but the 55 and 200 are very close and could cross (negatively).

LTC / USD: Litecoin moves towards greater privacy

Litecoin is moving towards greater privacy. The project’s lead developer and creator of the cryptocurrency Grin, David Burkett, wrote in a recent blog post that he had “built a functional test framework that creates valid headers, blocks and transactions.”

The project progressed on integrating MimbleWimble (MW) with Litecoin Codebase, which is expected to increase the privacy of Litecoin transactions. Burkett started with ConnectBlock logic, which is responsible for validating blocks without errors and adding blocks to the chain.

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