September 23, 2020 - Litecoin Investor

Bitcoin and altcoins are at risk of a deeper correction if they do not rise above their immediate resistance levels soon.

According to survey data from crypto asset insurance firm, Evertas, institutional investors believe that clearer regulations and better infrastructure in terms of trading, reporting, and custodial services will increase their participation in the crypto market.

About a quarter of the respondents expect that pension funds, sovereign wealth funds, insurance companies, and family offices will also become more involved with digital assets. The survey also found that 32% of the participants expect hedge funds to substantially increase their crypto holdings in the future.

The approval of the world’s first crypto asset exchange-traded fund on the Bermuda stock exchange is a positive step that is likely to entice several institutional investors to add exposure to cryptocurrencies. The ETF is a partnership between Nasdaq and Brazilian fund manager Hashdex and is expected to trade on the BSX by the end of 2020.

Daily cryptocurrency market performance. Source: Coin360

After the 2018 bear market, even a minor fall in Bitcoin (BTC) turns investor sentiment bearish as many instantly fear that a sharp fall is on the cards.

However, on-chain analytics provider Santiment has found that crypto assets tend to bounce sharply when uncertainty and fear are high.

With Bitcoin price still trapped below the $11K level, traders will want to know if the current technical picture supports a rebound or further downside.

Let’s analyze the charts of the top 10 cryptocurrencies to find out.

BTC/USD

Bitcoin formed an inside day candlestick pattern on Sep. 22, which shows indecision among the bulls and the bears. If the bulls can push the price back above $10,625, the recovery can extend to the 50-day simple moving average at $11,197.

BTC/USD daily chart. Source: TradingView

If the bulls can push the price above the 50-day SMA and the downtrend line, the recovery is likely to pick up momentum and reach the recent highs of $12,460. A break above this resistance will increase the possibility that the uptrend resumes.

However, if the BTC/USD pair turns down from $10,625 or the 50-day SMA, the bears will once again try to sink the price below the $9,835 support. If they succeed, the decline can extend to the 200-day SMA ($9,204).

The 50-day SMA has started to slope down gradually, while the 200-day SMA is moving up slowly. This suggests a balance between supply and demand and points to a few days of range-bound action between the moving averages.

A breakout of either moving average will be a significant event that is likely to start a trending move.

ETH/USD

After the sharp fall on Sep. 21, the bulls are attempting to arrest the decline and start a relief rally in Ether (ETH). However, the small inside day candlestick pattern on Sep. 22 shows a lack of urgency among the bulls.

ETH/USD daily chart. Source: TradingView

If the ETH/USD pair does not break above the downtrend line within the next few days, the bears are likely to intensify their selling. The relative strength index in negative territory suggests that the advantage is with the bears.

If the pair turns down from the current levels or the downtrend line and breaks below the $308.392 support, the decline can extend to the 200-day SMA ($255).

Conversely, if the bulls can push the price above the downtrend line, it will be the first sign of strength. A breakout of the 50-day SMA ($389) will suggest that the correction has ended and a retest of the recent highs of $488.134 may be on the cards.

XRP/USD

XRP closed (UTC time) below $0.235688 on Sep. 21 and since then, the bears have not allowed the bulls to reclaim the level. The bears will now attempt to sink the price below $0.2290 and resume the downtrend.

XRP/USD daily chart. Source: TradingView

If they succeed, the XRP/USD pair could decline to the 200-day SMA ($0.214). The bulls will try to defend this level aggressively because if the price sustains below the 200-day SMA, it acts as a stiff resistance as seen between March and July of this year (marked via ellipses on the chart).

The first sign of strength will be a breakout and close (UTC time) above the downtrend line. This will increase the possibility of a move to the 50-day SMA ($0.269), which could act as a resistance. However, if the buyers can push the price above this resistance, bullish momentum is likely to pick up.

BCH/USD

The bulls purchased the dip on Sep. 22 but could not maintain the buying pressure today. This has renewed the selling and the bears are now attempting to sink Bitcoin Cash (BCH) to the critical support at $200.

BCH/USD daily chart. Source: TradingView

The price is trading below both moving averages that are sloping down and the RSI is in the negative zone, which suggests that the bears have the upper hand.

If the $200 support cracks, the BCH/USD pair might start a new downtrend that can result in a fall to $140.

This bearish view will be invalidated if the pair rebounds off the $200 level aggressively and rises above the 200-day SMA ($243).

DOT/USD

Polkadot (DOT) is witnessing a stiff battle at the $4 support level with the bears attempting to break below it and the bulls trying to defend it.

DOT/USD daily chart. Source: TradingView

The small range day on Sep. 22 and the doji candlestick pattern today shows indecision among the bulls and the bears about the next direction.

If the bears can sink the price below $3.90, the DOT/USD pair may decline to $3.5321. This is an important support to watch out for because if it cracks, the drop can extend to $2.60 and below it to $2.00.

Contrary to this assumption, if the bulls can push the price above $4.50, an up-move to $4.921 is possible.

BNB/USD

Binance Coin (BNB) plunged below the 50-day SMA ($23.78) on Sep. 21 but the bears could not sustain the selling pressure and the bulls reclaimed the level on Sep. 22. Currently, the bulls are attempting to sustain the price above the 50-day SMA.

BNB/USD daily chart. Source: TradingView

A breakout of the downtrend line will be the first sign that the correction might be over. Above this level, a relief rally to the $25.82–$27.1905 resistance zone is possible.

However, the bears are likely to defend the downtrend line aggressively. If they can again sink the BNB/USD pair below the 50-day SMA and the $22 support, the decline may extend to the 200-day SMA ($17.95).

The bulls are likely to buy the drop to the 200-day SMA and the strength of the rebound will suggest whether the downtrend is over or not.

CRO/USD

Crypto.com Coin’s (CRO) pace of decline has slowed down near the critical support at $0.144743, which shows that the selling pressure is reducing. However, any recovery attempt is likely to face resistance at the downtrend line.

CRO/USD daily chart. Source: TradingView

A weak relief rally from the current levels will suggest a lack of confidence among the buyers that the correction is over. That could attract selling by the aggressive bears who will then try to sink the price below $0.144743.

If they succeed, the CRO/USD pair can decline to the 38.2% Fibonacci retracement level of $0.12749 but if this support also cracks, the next major support is $0.11, just above the 200-day SMA ($0.107).

This bearish view will be invalidated if the pair turns up from the current levels and rises above the downtrend line.

LTC/USD

Litecoin (LTC) plummeted below the 200-day SMA ($46) on Sep. 21. If the bulls do not push the price back above this moving average quickly, the possibility of a fall to the next support at $39 increases.

LTC/USD daily chart. Source: TradingView

The three previous declines to $39 had proven to be a good buying opportunity, hence, the aggressive bulls might once again attempt to arrest the decline at this level. Any pullback is likely to face stiff resistance at the 200-day SMA.

If the LTC/USD pair turns down from the 200-day SMA, it will increase the likelihood of a break below $39. If that happens, the decline may extend to $32. Conversely, if the bulls can push the price back above the 200-day SMA, the pair can move up to $51.

LINK/USD

Chainlink (LINK) broke below the $8.908 support on Sep. 21 and has continued its journey towards the next critical support at $6.90, which is just above the 200-day SMA ($6.62).

LINK/USD daily chart. Source: TradingView

The RSI is close to the oversold levels for the first time since March, which suggests that the decline has been overdone in the short-term. Therefore, as the price nears the critical support at $6.90, the bulls might buy the dip.

If the rebound off this level can rise above the downtrend line and the $8.908 resistance, it will be the first signal that the downtrend may be over.

However, this does not mean that a new uptrend will start immediately because, after such a sharp fall, the price usually forms a bottoming pattern before turning bullish.

BSV/USD

The bulls purchased the dip below $146.20 on Sep. 22 but they could not push Bitcoin SV (BSV) above the downtrend line. This shows that the bears are selling on pullbacks to this resistance.

BSV/USD daily chart. Source: TradingView

The downsloping moving averages and the failure of the RSI to rise above the 40 level suggests that the bears are in command.

If the BSV/USD pair turns down and breaks below the $146.20–$135 support zone, a new downtrend might start. The first support on the downside is $100 but if the bears sink the price below it, the decline can extend to $77.

Contrary to this assumption, if the bulls can push the price above the downtrend line, the pair could rise to the 200-day SMA ($185).

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Original Article
Author: btcethereumadmin

Idle games are brilliant at soaking up your time and leaving you with nothing in return. But what if you could earn LTC in the process?

Among the many current and upcoming blockchain-enabled gaming titles, LiteBringer promises something different. It claims to be the first game running entirely on the Litecoin blockchain.

But can it live up to its name, and bring players Litecoin (LTC)? There was only one way to find out…

Pay to play

The first thing to note about LiteBringer is that it really is played directly on the Litecoin blockchain. Every move that you make is a transaction and will require a mining fee (currently around 0.0014 Lites).

You will also need to get a subscription for every character that you wish to play with. Subscription fees are available for an initial period at a 90% discount, meaning that you currently pay just 2 Lites ($0.10) for around a month’s worth of blocks.

I started the game with around $0.50 worth of LTC and have subscriptions on four characters, with plenty of change to spend on as many quests as I can manage.

An idle-clicker RPG

The game has an RPG theme – think wizards, warriors, and thieves – but the quests don’t actually require much input, and LiteBringer is in essence a bit of an idle-clicker.

Available quests are green, quests you need to power-up for are red, and locked quests are grey. Choose from a loot, xp, or resources quest, and it will tell you how many blocks the quest will take. Then just click, pay the mining fee, and you’re off.

I really don’t like idle-clickers… because they’re so damn moreish.

“My life will surely be complete if I can just unlock the next upgrade.”

In LiteBringer you are levelling up your characters, finding loot to boost your stats, and collecting resources to boost the loot. This is an idle addict’s dream/nightmare.

One thing I thought was really cool was that quest lengths are based on blocks. This really ties the game back to the blockchain and makes you (at least casually) consider the technology that powers it.

I.e. You will be cursing when you are waiting ten minutes for the supposedly two-and-a-half minute block which will complete your quest and allow you to click again.

A trading game

Of course, an idle clicker doesn’t really need a blockchain to run it, and the other element of LiteBringer is its trading marketplace.

This allows players to trade any and all of their in game items: from collected resources, to buffed equipment, to full characters.

Through the skillful purchase of the right equipment at the right price, players can leapfrog the early stages, and avoid some of the grind of levelling up.

However, having an allergy to spending my own money on work assignments, I decided to take the opposite route. Could I level something up in game and then sell it on the marketplace for a profit?

The added bonus is that anyone who wants to buy my gear will be paying in real Litecoin and not some proprietary in-game token that I have to then convert on an exchange.

During my idle-clicking phase, I had inadvertently buffed up some ‘pants of fire’ more than anything else. My challenge then, was to upgrade the pants to the maximum level of 15 (at which point they can still evolve into an even better pant) and try to sell them for more than the $0.50 I’d invested.

Suddenly my clicking wasn’t so idle. I spammed the resource quest with all four of my characters, farming fire for all I was worth. As everything levelled-up, quest lengths became longer and longer and my required input became more and more infrequent.

After a couple of days, I achieved my level 15 ‘pants of fire’ – actually ‘leggings of disarming’ (with a fire elemental) but who’s counting?

Play to earn

I extracted the pants from my hero (which involved sending her on another quest), and created a “sell offer” for them. But how much should I ask for such a fine pair of leggings?

Unfortunately – and this is one element I would like to see changed in a future update – you can’t see what items have sold, only those that haven’t sold. This means that you don’t really have any idea of the value of things, only that certain things might be overpriced.

I had seen a couple of level 15 items listed at 210 Lites when I first looked at the marketplace. They were no longer there, but that didn’t necessarily mean that they had been sold.

I decided to put my pants up at a far more reasonable 120 Lites. Surely that would have the other players snapping? And it was more than 10x my initial stake in the game.

All I had to do now was wait… oh and why not click a bit more, while I’m here.

Winners (and losers)

As mentioned above, I don’t like idle clickers, because I find them horribly addictive and will never get the time invested in them back. But what if I can get paid for my time?

LiteBringer’s clicking is just as compulsive as any other idle-game, although it doesn’t require constant observation. The shortest possible mission takes one block, so even if you have several characters, you might want to be doing something else at the same time.

Before you know it you’ll be going on half-hour quests, but will still sit and watch those blocks tick down when there are only a few left.

Quests become available based on the power required to beat them and unfortunately these power levels tend to be grouped in clusters with big gaps in between.

E.g. After completing the intro quest and putting on some clothes you will have a power of over 200, unlocking the first batch of quests. The second batch of quests however are all grouped at around 2,400 power, which will take several days of grind.

It would have been nice if the quests were spread between these two levels, as it would feel like I was constantly unlocking new content. Although other than the reward gained and time taken, each quest is essentially the same.

So did I sell my pants? At time of writing they have been on the marketplace for nearly a day, and were reduced to an absolute steal at 60 Lites.

My gut feeling says that they will sell at that price eventually (bringing me much profit), but obviously the marketplace is still pretty green and it’s impossible to tell what the situation will be like once it starts to mature.

While I believe it is possible to make a decent return from the game now, this may not be the case once supply and demand find their balance.

Rough price points may start to develop, but the more people who are farming items to sell, the lower this price will be. And of course, the discounted subscriptions won’t last forever.

The market also requires fresh blood coming in with more money (than time), which makes it sound a bit like a ponzi scheme.

Why anybody would want to spend money to avoid the early grind, simply to get involved in the later grind, is another matter entirely.

It’s quite an enjoyable grind however, if you begrudgingly enjoy that kind of thing.

As for me, if the pants don’t sell soon I might just remove them from the marketplace and buff them some more. It would be nice if I could just get one of my power levels to 2,400 to unlock the next bunch of quests… and maybe then 4,600 to unlock the cluster after that?… and…

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.