Bitcoin, Litecoin Gain Some Ground


Both Bitcoin and Litecoin are trading higher this week. Big brother BTC is trading up by $16 dollars or 2.1 percent. Its little brother Litecoin is quoted at $3.59 right now, 3.5 percent higher compared to last Tuesday.

Bitcoin Higher by 2.1 Percent

Like we said above, Bitcoin is up by 2.1 percent during the past seven days. The bulls managed to clear the $745 hurdle and head higher again. Yesterday prices hit a new yearly high of $774.99 on FXOpen/BTC-E. From here we drifted somewhat lower and we’re currently trading at $767 dollars.


The uptrend is still in place for BTC/USD. To end it the bears will have to make a decisive break below the previous resistance now turned support at $745 dollars per coin. A move below $740 will be needed to achieve this. The $723 swing low is the new threshold for starting a downtrend. A clean break below here could shift the trend from up to down. Lower still we find potential support at $715, closely followed by the $700 round figure.

It’s harder to pinpoint notable resistance levels to the upside because, like we said above, we’re trading near multi-year highs. Yesterday’s high near $775 is weak resistance, followed by stronger levels at the $800 and $850 round figures. All three trends for bitcoin (short-term, medium-term and long-term) remain bullish.

Litecoin Retraces From Crash Lows

Litecoin retraces from the crash lows hit last week. We’re now quoted at $3.59, higher by 12 cents or 3.5 percent compared to last Tuesday. Measuring from last week’s low the total recovery is 23 cents or 6.8 percent.


However, despite these gains, LTC/USD is still in a downtrend on the short-term charts. To end it the bears will have to continue the up-move beyond $3.90. A break above $3.95 would shift the trend to the upside. Notable resistance above here can be found at the $4 round figure, $4.08 and $4.15 dollars. While the short-term trend for LTC is down, both the medium-term and long-term trends are still undecided.

On the other end, we have the crash lows at $3.36 dollars as potential support. This level is followed by the $3.22 swing low, an eight-month low for LTC. Lower still we have more support at the $3 round figure and the $2.89 swing low. We end the levels to the downside with the 2015 August lows near $2.50 dollars per coin.

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 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 Cash Analysis: Promising Resistance Breakout Cryptocurrency Prices Rise on SEC Rumours Market Analysis: Bitcoin Sets September High BTC/USD Analysis: Bulls Lose Progress Amid SEC Defeat Bitcoin Trading Volumes Fell to a Minimum of 4 Years

Latest articles


Top 5 Stocks to Watch in October: Bank on the Backfoot, No Thirst for Coca-Cola, Tech Giant Takes Dip and Electric Vehicle Volatility

October is here, and as the markets enter a new month, we take a closer look at five stocks that could be of significant interest to investors. 1) Bank of AmericaBank of America stock has taken a dive over the

Forex Analysis

Market Analysis: The American Currency Resumes Growth

The beginning of October turned out to be favourable for continued growth in the US dollar. From the data published yesterday, it follows that in September, the US manufacturing business activity index (PMI) rose to 49.0 against the forecast

Forex Analysis

EUR/USD Analysis: The Rate Updates Its Multi-month Low

Never in its history has the euro fallen for 11 weeks in a row against the dollar, but it happened. The minimum has been set for 2023. The reason seems to be that in an environment where central banks are

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. 60% 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.