Bitcoin Higher, Litecoin Little Changed

FXOpen

Bitcoin is trading higher while Litecoin is little changed. This is a repeat of what has become a familiar pattern during the past few weeks. One bitcoin is now selling for $735 dollars, up 5.5 percent since our last update. Litecoin is quoted at $3.92. This is higher by 2.6 percent but well below any important resistance levels.

Bitcoin Up 5.5 Percent

It’s another week of gains for BTC/USD. We’re now up by 5.5 percent compared to last Tuesday and close to 20 percent since the start of this rally back in October.

btcusdh4-nov22-copy

Although we haven’t seen any sizable gains during the past five days, the uptrend is still in place. To end it, the bears will have to push prices back below the $685 swing low on FXOpen. This corresponds to around $683 dollars per coin on other exchanges. A break of the spike low at $671 is needed to start a new downtrend.

On the other end, we have this month’s high at $744.69, slightly above the yearly high at $744.39. This forms a double-top pattern. A decisive break above here may lead to more gains. However, some caution is advised. For one, on other exchanges these levels are different. On BitStamp for example, we topped out this month at $755 but this year’s high was way above here at $778. The second point of caution would be length of the current rally. We’re now one-and-half months into this uptrend. If history is any guide, new entrants would be coming late to the party.

Litecoin Little Changed

Another range-bound week for bitcoin’s little brother LTC. While the altcoin is up 2.6 percent since last Tuesday, no clear momentum can be seen on the chart below.

ltcusdh4-nov22-copy

We are well below the crucial resistance level at $4.08 and well above the important support near $3.64. No trend will emerge until the altcoin decides to break above/below these points. Litecoin is range-bound on the weekly and monthly charts as well.

Below $3.64 we have support at the $3.50 round figure followed by the $3.22 swing low. Further down we have more levels at the $3 round figure, the $2.89 swing low and the last August lows near $2.50 dollars per coin. Above $4.08, more levels can be found at $4.15, followed by a resistance area from $4.43 to $4.52 per coin. A clearing of this area could extend the rally.

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

Bitcoin Price Recovered over the Weekend, But Market Anxiety Remains Correction in Crypto Markets: BTC/USD Rate Drops to $60,000 BTC/USD Analysis: Bears Have Become More Active Near the $70,000 Level Today Is an Ethereum Update. ETH/USD Is Above $4,000 After Updating the Historical High, the Price of Bitcoin Collapsed by 14%

Latest articles

Weekly Market Wrap With Gary Thomson: NIKKEI-225, USD/JPY, GBP/USD, USD/CAD, Gold
Financial Market News

Weekly Market Wrap With Gary Thomson: NIKKEI-225, USD/JPY, GBP/USD, USD/CAD, Gold

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.

  • NIKKEI-225 Analysis Indicates Possibility

Forex Analysis

Commodities and European currencies Test Key Supports

On the eve of the Easter holidays, the main currency pairs have slightly slowed down the development of the main trends and are consolidating near key ranges, the breakdown of which could provoke a change in the vectors of medium-term

Shares

Stock Market Analysis: NVDA Losing Leadership?

Since the start of the week, the S&P-500 Index (US500) is up about 0.58% while NVDA's share price is down about 3.8%. This is a worrying sign for Nvidia stock investors — could it be a sign

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.