Cryptocurrencies Price Prediction: Bitcoin, Shiba Inu & Litecoin – American Wrap 20 May

Bitcoin price capitulates while whales buy BTC at a discount

Bitcoin price has rallied over 40% from yesterday’s intra-day low to the price at time of writing ($41,728) but remains almost 35% below the all-time high of $64,899 printed on April 14. The substantial rebound has alleviated some of the pain of the past two weeks, but it has not clarified the outlook for the bellwether cryptocurrency moving forward.

Shiba Inu price rebound seems temporary, SHIB to print new lows

110% rebound from the low quickly stalls at critical moving average. SHIB just fell below symmetrical triangle’s lower trend line. Shiba Inu price fell 59% from the descending triangle pattern trigger price in less than two days, pushing SHIB well below the measured move target of $0.00000966. Current price action dictates a test of the lows in the coming days.

Litecoin Price Prediction: LTC targets $500 after the capitulation

Litecoin price lost nearly all the gains incurred since the beginning of the year. It registered a historical market value drop of roughly 60% on May 19. LTC recovered a crucial support level at $195, generating an optimistic outlook to continue the uptrend. Litecoin price continues holding above a crucial support level despite the erratic behavior seen recently. A spike in buying pressure can be expected after most overleveraged traders were flushed out of the market.