After a slow but consistent rally during the past two weeks, both bitcoin and litecoin are now back in bullish territory.
Bitcoin Enters Bullish Territory
Bitcoin is quoted at $7,365 dollars right now, up by $1,060 dollars compared to two weeks ago. Back then one coin was selling for $6,305 dollars. In percentage terms this is a gain of close to 17 percent. The gains seem to be mostly a technical affair, as there were no major positive news during the past few weeks.
The trend on the daily charts has now switched to bullish. A break below $6,570 dollars is needed to end it. A move beyond the $6,000 round figure could re-awaken the bear. More support on the way down can be seen at $7,155, $7,046, $6,864 and $6,800 dollars per coin. A move below $5,700 could easily lead to a test of the $5,000 price level.
Higher up there’s resistance in the $7,700 to $7,800 area, followed by the $8,000 round figure. The area around the top of the last rally at $8,468 dollars is another potential resistance. The weekly chart for BTC/USD is still bearish. The monthly chart barely held on to the bullish bias.
Litecoin Up 25 Percent
Similarly to big brother, LTC underwent a slow but steady rally during the past two weeks. The coin is up by $13.68 dollars or 25 percent during this timeframe.
A break below $55.58 dollars is needed to end the current bullish run. A move below $53.09 dollars could start another bear run. Further down we have more support at the $50 round figure and the recent swing low at $49.10 dollars. The 2013 high at $48.40 dollars is another notable price level. That high wasn’t broken until July of 2017. Due to the cluster of strong support levels at $50, $49.10 and $48.40, conservative bears may wait and see if this area is cleared before jumping in.
Higher up we have resistance at $72.50 followed by $79.57 and $90.40 dollars. The in-between round levels of $80 and $90 could also act as temporary resistance. The top of the last mini-bull trend at $94.34 is an important resistance. A breakout above here could lead to a quick test of the $100 round figure. On the longer-term charts the picture is unchanged, we’re bearish on the weeklies but slightly bullish on the monthlies.
Trade cryptocurrencies with FXOpen broker.
FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage, 30% margin call, 0.01 lot minimum transaction size with no maximum — at your service. Open your trading account now or learn more about making your money go further 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.
