Bitcoin, Altcoins Surge Higher


It’s been a good day for almost all crypto-currencies today, especially vs the U.S. Dollar. The gains were driven higher by a surge in the value of bitcoin. As usual, litecoin followed BTC higher and closed the day up by 13 percent.

Bitcoin Back in Range After Spike

Bitcoin prices surged from $6,859 to $8,069 dollars today, a gain of 17.64 percent. We are currently quoted a bit below the highs at $7,897 dollars per coin. But what’s even more astounding is that the spike happened during the span of forty minutes. No major news can be pinned to the sudden buying as of yet.


While the shocking gains today may tempt some to ‘FOMO‘ back in, bitcoin is now only in a range on the daily charts. A new bullish trend requires a breakout above the $9,165 swing high. Below we find weaker resistance levels at $9,018 and $9,000 dollars. Above there’s the $10,000 round figure, an important psychological barrier. This is followed by more resistance at $10,680, $11,000 and $11,769 dollars.

On the way down there’s a strong area of support around $6,420 to $6,600 dollars. A clearing of this support and a move below $6,420 would re-start the downtrend in BTC/USD. Further down we have this year’s low at $5,980 dollars. A breakdown below here may lead to more losses. Lower still the area around the $5,000 round figure is another notable support. On the weekly charts bitcoin is also range-bound but the monthlies are keeping the bullish bias.

Litecoin Higher but Still in a Downtrend

As is usually the case, litecoin followed BTC higher, with prices hitting a high of $131.03 earlier today. However unlike in BTC/USD here the gains weren’t enough to kill the downtrend. For that we need to see a break above the $136.31 dollars level. This is where the latest swing high and swing low meet. A breakout above would end the bear on the dailies but a new uptrend requires a break above the $169 dollars level as well.


Higher up there’s more resistance at the $174.22 swing high, followed by $181 dollars and several levels around the $200 round figure. A decisive breakout above here could lead to more gains. On the lower end there’s support in the $105.55 – $108.44 area. A clearing of this area could lead to a break of the $100 round figure as well. This round level is also potential support for LTC/USD but it’s not as strong and it’s more on the psychological side compared to the double bottom around $105.55 dollars. On the longer-term weekly and monthly charts, LTC/USD is still looking bullish.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage, 30% margin call, 0.01 lot minimum transaction size with no maximum — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.

*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules respectively. They are not available for trading by Retail clients.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Cryptocurrencies

Bitcoin Cash Analysis: Promising Resistance Breakout Cryptocurrency Prices Rise on SEC Rumours Market Analysis: Bitcoin Sets September High BTC/USD Analysis: Bulls Lose Progress Amid SEC Defeat Bitcoin Trading Volumes Fell to a Minimum of 4 Years

Latest articles

Financial Market News

US Government Shutdown: Assessing Economic Impact and Recession Risks

The recurring spectre of a government shutdown has once again loomed over the United States, prompting concerns about its potential economic consequences. The shutdown may occur this weekend unless lawmakers agree on spending levels and whether to give more aid


S&P 500 Analysis: Price Reaches The Edge of Abyss

Investors in the US stock market have serious reasons to worry: → The likelihood of a shutdown of government agencies is becoming more and more real. It could happen as early as next week if a budget agreement is not reached


Bitcoin Cash Analysis: Promising Resistance Breakout

Yesterday, the head of the SEC regulator, Gary Gensler, answered questions for 4 hours before the Financial Services Committee of the US House of Representatives, which, among other things, related to cryptocurrencies. What has become known: → on the eve of

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.