Bitcoin, Litecoin and Polkadot are shaking off a few of their latest losses heading into the weekend
The cryptocurrency market sustained huge losses this week, with Bitcoin dropping under the $50,000 stage for the primary time in weeks. Elon Musk’s remark may very well be one of many causes that prompted a market downturn. Nevertheless, Bitcoin, Litecoin and Polkadot are all performing effectively forward of the weekend, and so they might shed off a few of the latest losses sustained earlier than subsequent week.
#Bitcoin doesn’t want Elon, however he’s nonetheless investing.
No level in taking pictures him down, he nonetheless owns billions of #Bitcoin and sees the longer term.
Subsequently, I feel we’re fairly near a backside and the escalated sentiment is pointless.
— Michaël van de Poppe (@CryptoMichNL) May 14, 2021
BTC value outlook
Bitcoin stays the main cryptocurrency regardless of sustaining large losses this week. Its price dipped by 10% prior to now week. Nevertheless, the BTC/USD 4-hour chart exhibits that the cryptocurrency is recovering after climbing into the $50k area.
BTC/USD 4-hour chart. Supply: Coinalyze
If the development continues, Bitcoin might goal its 100-day easy shifting common at $55,864. Nevertheless, it might want to break the psychological resistance level at $51k earlier than it will get an opportunity to rally in direction of $55k.
Failure to construct and keep upward momentum might see the bears regain management and trigger BTC to crash to the $48,550 help stage. Regardless, bulls ought to be capable of defend this help stage until there may be one other huge sell-off.
LTC value outlook
Litecoin’s technical indicators, such because the MACD and RSI, are within the bearish zone. LTC is simply up by lower than 1% towards the USD over the previous 24 hours. LTC/USD must surpass the 331 resistant level if the cryptocurrency is to have any possibilities of erasing its latest losses and reaching its weekly excessive of $413 once more.
LTC/USD 4-hour chart. Supply: Coinalyze
LTC is at present buying and selling above its 100-day SMA ($316). Nevertheless, if there’s a market sell-off, the cryptocurrency’s value might slip under $316 and head in direction of the $307 area. Litecoin will need assistance from the broader market to shrug off any bearish sentiment this weekend.
DOT value outlook
Polkadot is essentially the most bullish of the three heading into the weekend. The cryptocurrency is up by 8% towards the USD prior to now 24 hours, eliminating most of its latest losses. If the bulls proceed to regulate the market, the DOT/USD pair might quickly cross the $43 psychological barrier and attain the $45 mark.
DOT/USD 4-hour chart. Supply: Coinalyze
Within the occasion of a market sell-off, the DOT/USD pair might slip under the $39 stage. Additional bearish development might see the bulls defend the main help level at $37.