Bitcoin, Litecoin Rallies Stall

FXOpen

The rally in both bitcoin and litecoin is stalling. One BTC is selling for $9,289 right now, down from $9,764 dollars last Tuesday. Litecoin is trading lower by $4 dollars to $157 per coin.

Bitcoin Rally Stalls

As noted above, the rally in BTC/USD is somewhat stalling. Prices topped out at $9,987 dollars five days ago and since then it’s been a slow ride down. Early this morning we dipped below the $9,000 round figure briefly but recovered quickly for a second time. However the bulls may not be so lucky the third time around, another retest may lead to a breakdown lower.

btcusddaily-may9-copy

The potential trend-ending support stands at the $8,815 swing low although not far from here there’s more decent support at the $8,650 swing low. A new downtrend may commence on a decisive break below the $8,000 round figure. Further down there’s some support around the former swing low at $7,287 dollars.

But a stronger area to watch out for is the $6,420 to $6,600 range. This is where we bottomed out last time. This year’s low at $5,980 dollars is another notable level. A clearing of these support levels may open the door to the $5,000 round figure. There’s no change on the longer-term charts. Here the weekly is still range-bound with the monthly keeping a bullish bias.

Litecoin Down $4 Dollars

Litecoin is again following big brother, this time lower. Prices are quoted at $157 dollars right now, down by 2.5 percent in a week. The sentiment on the daily charts is similar to BTC/USD. The bullish trend remains but the momentum has been lacking during the past few days. Litecoin topped out at $184.74 dollars four days ago and it’s been drifting lower ever since.

ltcusddaily-may9-copy

The bears need a break below the important $142 swing low to end the bullish trend. A clean break below the $136 figure could re-start the downtrend. Further down there’s more support at $123.50 followed by the the $108.44 swing low. The yearly low is quite close from here at $105.55 dollars, so some may wait until that milestone is taken out as well. Further down the $100 round figure may also act as weak support. On the longer-term weekly and monthly charts LTC/USD is still looking bullish.

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