Bitcoin, Chainlink & Litecoin – American Wrap: 12/7/2020

Bitcoin Price Wants To Break Past $20,000 While Sidelined Investors Wait For 30% Correction

Bitcoin has been trading inside a tight range between $18,500 and $20,000 for the past week, trying to create a clear breakout or breakdown. It seems that many on-chain metrics are in favor of Bitcoin price, while patient investors still wait for a potential 30% correction.

Chainlink Price Forecast: LINK Looks Poised To Rebound Towards $18 If This Crucial Support Level Holds

Chainlink (LINK) is hovering at $13. It is the seventh-largest digital asset with a current market capitalization of $5.1 billion. The coin has gained 1.5% in the recent 24 hours and lost nearly 5% on a week-to-week basis. LINK hit bottom at $11.28 on November 26 and attempted recovery. However, the upside momentum stopped short of $15, while the price entered another consolidation phase.

Litecoin Price Is Stuck Between Two Massive Walls While On-Chain Metrics Lean Bearish

Litecoin is currently trading at $83.71 inside an ascending triangle pattern on the 4-hour chart. Several on-chain metrics show that large LTC investors are selling, which adds selling pressure to the market and shifts the odds in favor of the bears. 

Image sourced from Pixabay

© 2021 Benzinga does not provide investment advice. All rights reserved.