Bitcoin and Litecoin in Range

FXOpen

After some LTC losses last week now both Bitcoin and Litecoin are in a trading range. Bitcoin is quoted at $10,678 dollars right now, up a bit from $10,328 last week. Litecoin is trading at $195, down from 201$ dollars.

Bitcoin Still in Range

Bitcoin continues to trade in a trading range. During the last seven days, we saw some gains that temporarily lifted prices to test the previous resistance. We got as high as $11,686 yesterday, slightly below the previous major resistance at $11,769 dollars. A breakout above here was needed to trigger a new BTC rally.

btcusdh4-mar6-copy

Instead, prices took a nosedive as we got close to this level and we’re now trading 9 percent lower. The two important figures to note are $11,769 on the upside and $9,211 on the downside. A break of either of these boundaries should trigger a new trend higher/lower. Below support can be found at the $10,000 round figure, followed by the several support levels around $9,211 dollars. Further down we find more support at the $7,705 and $7,536 levels. Last month’s low at $5,980 dollars is another notable price level.

Higher up there’s resistance at $11,686 and $11,769 dollars. A breakout above this double top pattern should lead to an extended move higher. Further up there’s some resistance at $12,161, followed by $12,629 and $13,000 dollars per coin. Bitcoin is range-bound on the weekly charts but the monthlies are keeping the bullish bias.

Litecoin Back in a Range

Litecoin prices are back in a range after some losses this week. The ‘numbers to beat’ are now at $251.76 and $180.85 dollars. The new range is marked with a yellow rectangle on the chart below. A breakout outside these bounds should start a new trend.

ltcusdh4-mar6-copy

On the upside, we find some weak resistance at the $196.22 and at the $200 round figure. The swing high at $231.16 could act as resistance as well, followed by $235.15 dollars. Stronger levels can be found at the $250 round figure followed by last month’s high at $251.76 dollars per coin. A clean breakout above here could lead to more gains. Higher still we have the $300 round figure and of course the all-time high at $370 dollars as another notable resistance level.

On the lower end, we have support at $180.85, followed by the $168.13 and $173.25 swing highs. There’s more support further down at the $150 and $160 round figures. While range-bound on the dailies, on the longer-term weekly and monthly charts litecoin is looking bullish.

Try risk-free bitcoin demo trading account or real CFD Crypto account with FXOpen.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — 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

Ethereum Price Falls after Exceeding $3,000 Ethereum Price Exceeds $2,800 Bitcoin Price Exceeds Psychological Level of $50k Bitcoin Recovers to January 11 Prices When ETFs Were Approved A Major Network Outage in Solana Had Little Impact on the SOL/USD Exchange Rate

Latest articles

Shares

NVDA Share Price Soars 11% after Report

The signs of concern we wrote about yesterday have largely subsided. After three days of declines, the price of E-mini Nasdaq 100 futures bounced off the lower boundary of the channel (see yesterday's chart) and rose, led by NVDA stock.

Cryptocurrencies

Ethereum Price Falls after Exceeding $3,000

We previously wrote about the reasons for the positive sentiment in the ETH/USD market. Optimism was added by a post on X (Twitter) by Vitalik Buterin about the so-called Werkle trees. This technology, which should (according to the information

Indices

S&P 500 Inches Down After Long Rally as FOMC Minutes Approach

Aside from the performance of a national currency, a popular yardstick by which to gauge anticipation or reaction to an economic event or announcement is the market sentiment surrounding the top listed stocks on premier exchanges. Today, as market participants

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. 65.68% 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.