Bitcoin Hits Multi-Year Highs

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Bitcoin hit a new multi-year high across all exchanges during the past seven days. Litecoin on the other hand stayed remarkably stable. One coin is selling for $3.60 right now, very close to the $3.594 price recorded in our last article.

Bitcoin Hits Multi-Year Highs

Everyone’s favorite crypto-currency continues to chug along. The gains have been slow but steady, with BTC/USD rallying from $767 to a high of $783.60 before retracing somewhat. We are currently quoted at $778.80 dollars per coin, not far from multi-year highs.

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The uptrend is still in place. To end it, the bears will have to push bitcoin back below the $750 figure.Below here we have our first notable level at the previous resistance now turned support at $745 per coin.  A new downtrend will require a decisive break of the $723.81 swing low. Lower still we find more support at $715, closely followed by the $700 round figure.

On the upside, the new high at $783.60 may act as weak resistance. But most other exchanges topped out around $795-$800 dollars. The area around the $800 round figure seems to be strong resistance. A breakout above it could lead to more gains. All three trends for bitcoin (short-term, medium-term and long-term) are still bullish.

Litecoin Trades Flat

Litecoin can’t seem to get out of its range-bound funk. Prices stayed mostly flat during last week. The altcoin moved between a high of $3.65 and a low of $3.53, a range of only 12 cents or 3.3 percent. This is very low for seven days of trading in the crypto-currency arena.

ltcusdh4-dec20-copy

Litecoin is still technically in a downtrend. However the momentum lower has been completely lost. To regain it, the bears need to break the $3.50 round figure. We have our first potential support below here at the crash lows of $3.36. This level is followed by the eight-month low at $3.22 and the $3 round figure. Lower still we have more levels at the $2.89 swing low and $2.50 dollars per coin.

To end the current weak downtrend the bulls need a decisive breakout above the $3.68 swing high. A new uptrend requires a break above $3.90 as well. Slightly higher we find another potential resistance at $3.93 dollars. This level is closely followed by the $4 round figure, $4.08 and $4.15 dollars. The short-term trend for Litecoin is down but the medium-term and long-term trends are neutral.

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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.

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