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On Monday September 13th, 2021, a rumor that Walmart was partnering with Litecoin spread like wildfire across social media. In the tweet from the @Litecoin page with about 763k followers (which seemed to be legit at first glance) was an article with a headline that read “Walmart Announces Major Partnership With Litecoin (LTC)”.
This post had twitter ecstatic and everyone had the feeling of FOMO. This news caused Litecoin to skyrocket 24.5% and reach a high of $237 which then retraced the entire move about 15 minutes later when it was confirmed that the post was fake!
BEFORE:
AFTER:
Tweet from CNBC confirming the news was false
In last week’s newsletter we pointed out that the $50k support level needed to hold in order for us to tackle the $58k resistance next. $50k did not hold and we ended up retesting the level below that we suspected to be support. ($42k – $45k) Bitcoin had a low of $42,830, bounced from that area, and is currently at $46k right now. If Bitcoin is going to test the $58k level it needs to maintain that $42k – $45k level on a weekly closing basis.
Bitcoin stays above the $42k-$45K area or retests the level without breaking through it, and then goes for the 58K resistance next.
A weekly close below the $45k down to the $42k levels and I will look for $40k – $38k to hold price up. In order for bears not to regain control bulls need to maintain this level.
Last week we also mentioned Ethereum repeatedly knocking on the door of its last resistance before new all-time highs ($4k). To be exact the level of resistance for $ETH/USD was $3984, but $BTC would just not allow $ETH to be great. Ethereum and altcoins tend to perform the best when bitcoin is strong and going up or strong/consolidating and going sideways. For now, we will have to watch Bitcoin and play by its rules.
For bulls to remain in the driver’s seat, price needs to stay over $3.2K and hold that area on a weekly closing basis.
A weekly close below the $3.2k level would lead me to believe that $ETH goes back to the 2.9k – 2.7k area and that would mean more blood for all of our favorite altcoins.
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