Bitcoin fell a large $1,026 dollars from the highs reached last Thursday. Litecoin also dropped by a massive 56 percent during the three days of bitcoin decline last week. Both coins have now recovered about 40-50% of the losses.
Bitcoin Falls $1,026 Dollars From Highs
Bitcoin prices fell by a whopping $1,026 dollars from the highs to the lows reached on May 27th. Prices got very close to the potentially trend-ending level of $1,700 on FXOpen but narrowly missed it by bottoming out at $1,710 dollars. We are currently quoted around the 50 percent retracement mark at $2,230 dollars per coin.
This means that despite the losses, the daily trend remains up. To end it the bears will need to make a decisive push below the $1,700 figure. As usual with these levels we’re looking for a sustained movement not just a brief and shallow spike. A new downtrend needs a move below the $1,583 swing low.
Weak resistance higher up can be found at today’s high of $2,293 followed by the $2,500 round figure. But a much stronger level will be the all-time high at $2,736. A breakout above here could lead to more gains. On the lower end, we have support at the $2,000 round level followed by $1,710, $1,583 and $1,500 dollars. The February swing high at $1,269 should now turn from resistance to support. On the long-term charts (both weekly and monthly) the trend remains up.
Litecoin Trend Turns Bearish
Litecoin followed big brother lower, falling by a large 56 percent in three days. Prices have entered a bearish trend on May 27th with the drop below the $20 round figure. Prices have since bounced back somewhat and LTC/USD is now trading at $25.20 dollars per coin.
Despite the bounce, the daily trend remains down. A breakout above the $34.50 level is needed to end it and shift us into rally mode. On the longer-term weekly and monthly charts LTC is still bullish.
Support below can be found at the $20 round figure, followed by previous resistance now turned support area around $16 dollars. Further down the low of the most recent crash low at $15 is another notable level. A drop below here could exacerbate the losses. Higher up we have resistance at $30 round figure followed by the $34.48 swing high and the multi-year high at $36.25. A breakout above here may lead to an extended move higher.
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