Bitcoin, Litecoin End Uptrend

FXOpen

In the past week both bitcoin and litecoin have ended their uptrend. Bitcoin bears barreled past the important $410 swing low, pushing prices to a low of $393.99 before a rebound occured. Litecoin fell to a low of $3.125 before stabilizing somewhat.

Bitcoin Breaks $410 Dollars

Bitcoin broke below the important $410 swing low last Saturday. In the selling that followed, a low close to $394 dollars per coin was hit. We have since rebounded somewhat with prices trading around $410 dollars at the moment.

BTCUSDH4-mar8

Despite the strong recovery from the lows, this doesn’t classify as a new uptrend. For this, the bulls will have to push BTC/USD above the $450 round figure. Higher up more resistance can be found in the $460/$470 area. A clearing of this resistance area could propel bitcoin toward the $500 round figure. This was the highest high for BTC on most exchanges last year. It will be a strong resistance to any upward momentum.

On the lower end, the $400 round figure will present only a minor problem for the bears. This level has been broken several times in the recent past so don’t expect it to present a meaningful challenge. However a decisive breakdown below the Saturday lows at $394 may spark a new downtrend. To start a new downmove, we’re looking for a decisive break of this swing low, not just a brief and shallow spike below. Potential support levels below here include $374 and $350 dollars per coin.

Litecoin Breaks Uptrend as Well

Prompted by bitcoin, the litecoin uptrend broke last Saturday as well. Prices fell below the $3.25 dollars level noted in our previous LTC article. From here the selling intensified until LTC/USD bottomed out at $3.125 dollars. We are currently quoted at $3.20 dollars per coin.

LTCUSDH4-mar8

With the uptrend now over, prices are back into range-bound territory. The two key levels are now at $3.12 on the downside and $3.50 on the upside. A decisive break of either of these price extremes should exacerbate the gains/losses. Below $3.12 dollars we have support at the round $3 level, followed by a strong support area around $2.90 dollars. A clearing of this area may lead to more LTC losses towards $2.70 and even $2.50 dollars per coin.

On the upside, above $3.50 we have resistance at the $3.65 dollars swing high, followed by $3.82 dollars. Then we have the two round figures at $4.00 and $4.50 dollars. At $4.85 dollars we find the highest point for LTC/USD during bitcoin’s rally last November, followed by another round figure at $5 dollars. Higher still we find last year’s high for litecoin at $8.64 dollars per coin.

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*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.

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