Bitcoin Down 2%, Litecoin Lower by 12 Percent


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.


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.


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.


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.

*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

ADA Drops to Last Place in the Top 10 Cryptocurrencies BTC/USD Analysis: Bitcoin Price Rises Ahead of Halving BTC/USD Analysis: Bearish Arguments Become More Convincing DOGE Price Increases by 170% in Less Than 2 Months Bitcoin Price Recovered over the Weekend, But Market Anxiety Remains

Latest articles

Weekly Market Wrap With Gary Thomson: UK100, USD, GOLD, OIL
Financial Market News

Weekly Market Wrap With Gary Thomson: UK100, USD, GOLD, OIL

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of  FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.

  • UK100 Share Index Rises
Trader’s Tools

What Is a Darvas Box Theory and How Does It Work in Trading?

The Darvas Box Theory, pioneered by Nicolas Darvas in the 1950s, has transcended its stock market origins to become a valuable tool for forex traders. This method leverages specific price movements and patterns, known as the Darvas Box, to track


NFLX Stock Price Falls Despite Subscriber Growth

Yesterday, after the close of the main trading session on the stock market, Netflix reported to investors for the 1st quarter of 2024.

The report turned out better than expected:
→ earnings per share: actual = USD 5.28, forecast = USD 4.

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.