Bitcoin Down 2%, Litecoin Lower by 12 Percent

FXOpen

Both Bitcoin and Litecoin and trading slightly down since our last update. Bitcoin is down from $286 to 279.50, a fall of 2.7 percent. Meanwhile its little brother recorded a larger loss from $4.93 last Tuesday to $4.33 today, for a total of 12.2 percent.

Bitcoin Nears $270 Dollars

Bitcoin traded as low as $275 dollars in the past seven days. This comes after the week before the crypto hovered near this important mark for several days.

BTCUSDH4-aug4

This level remains to be key to the current bitcoin rally. A clean break below, by taking out $265 dollars, would end the uptrend. Note that while the trend is still technically in place, the momentum higher has been lost long time ago. To regain it, the bulls will need to break above the yearly high at $318 dollars. In fact, starting from the July 12th high at $310.22 to the year’s high at $318.10 we find a large resistance area. A breakout above this area should lead to more gains.

BTCUSDDaily-aug4

Along with the range-bound trading, volatility has plummeted. The 14-day ATR, a popular measure of volatility, is down from $15.50 dollars on July 17th to only $6.50 dollars today. We excluded the July 18th spike because it happened on low liquidity and it’s not an accurate representation of volatility. The crash on that day didn’t replicate on other trading exchanges.

Litecoin Down 12 Percent

Litecoin continues to trade in a range, albeit a very large range. Since last Tuesday, LTC/USD traded as low as $3.85 and as high as $5.06. We are currently quoted at $4.33, down over 12 percent in a week.

LTCUSDDaily-aug4

This altcoin is locked inside a large $2 dollars range, roughly between $3 and $5 dollars per coin. On the lower end, the support area stretches from $3.00 to $3.18 dollars. On the higher end the resistance area is from the July 28th swing high at $5.06 to the July 12th high at $5.2973. We will need to see a clean breakout above $5.30 or below $3 dollars to jump-start a new uptrend/downtrend. Caution should be exercised on the upper side due to the recent LTC crash from $8.64 dollars per coin to a low of $3.18. Unless Litecoin gets a helping hand from big brother bitcoin, it will be hard to make a lot of progress beyond $5.30 dollars.

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.

*Important: At FXOpen UK, Cryptocurrency trading via CFDs is only available to our Professional clients. They are not available for trading by Retail clients. To find out more information about how this may affect you, please get in touch with our team.

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.

Stay ahead of the market!

Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.

forex

Crypto CFD Trading with FXOpen

Crypto CFD Trading with FXOpen

Experience ECN technology for deep liquidity and light-speed trade execution

  • Access over 40 markets 24/7
  • Trade with tight spreads and low commissions
  • Choose from 3 trading platforms: MT4, MT5, or TickTrader
Learn more

Latest articles

Tesla (TSLA) Shares Rebound on Musk’s Comments
Shares

Tesla (TSLA) Shares Rebound on Musk’s Comments

According to media reports, speaking via video link at the Qatar Economic Forum, Elon Musk stated that he plans to:
→ remain Tesla’s CEO for another five years;
→ reduce his focus on politics, saying he feels he has already done

Oil Prices Surge Amid Threat of Strike on Iran
Commodities

Oil Prices Surge Amid Threat of Strike on Iran

As shown on today’s XBR/USD chart, Brent crude oil prices have jumped (as indicated by the arrow) to a one-week high. This surge follows U.S. intelligence reports suggesting that Israel may be preparing to strike Iran’s

European Currencies Strengthen After Corrective Pullback
Forex Analysis

European Currencies Strengthen After Corrective Pullback

The EUR/USD and GBP/USD currency pairs are showing moderate gains following a recent correction, supported by fundamental factors weakening the US dollar. Trade uncertainty, a rising national debt, and declining confidence in US exceptionalism have led to a

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.