Bitcoin Little Changed, Litecoin Tests $1.66


Bitcoin is little changed since our last update on Thursday. The virtual currency ended the rally last week and it’s been trading in a range between $250 and $266 for the past five days. Litecoin on the other hand, never had its rally. The altcoin tested the low of its range at $1.66 but failed to break lower.

Bitcoin Traders Wait for Next Move

Bitcoin prices have been stuck trading aimlessly up and down during the past few days as traders are waiting for the next big move. The winding down of the rally took out any momentum from the moves.


The important levels for bitcoin are $300 on the high end and $243 on the low end. Due to the closeness of $243, a break lower is more likely. In case this occurs, notable support below here can be found at $225 and $208. This is followed by weak support at the round $200 figure. On the top, the key figure is still $300. A breakout above here could spark a new rally in BTC prices. Notable resistance levels include $334 and $350. As we can see on the chart above, the $300 resistance stopped three previous BTC rallies. This not only demonstrates its importance but also shows that if we break the level, we may get a sizable move higher.

Litecoin Bounces Off $1.66

Alternative cryptocurrency Litecoin bounced off the low of its range on Thursday. The crypto was unable to decisively break the high of its congestion area so it didn’t participate in the latest bitcoin rally. This means that LTC/USD has been effectively trading in range for almost two months now.


The important levels remains at $1.66 and $2.05. A clearing of the range’s low may spark a downtrend in prices. Important support levels below here include $1.50 and $1.05. On the high end, LTC will need to decisively break above $2 dollars to generate a new rally. A move above $2.05 should accomplish the same goal. As usual, whenever trading Litecoin you should keep one eye on bitcoin. While altcoins largely didn’t participate in the latest BTC rally, once bitcoin prices reversed they were quick to join the downtrend. For example, since the BTC peak on March 10th, prices fell $44 dollars or 14.7%. Litecoin fell by a comparable amount of 15.6 percent. The bitcoin knock-on effect is still there.

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

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 BTC/USD Price Analysis: RSI Drops to Lowest Since March 2020

Latest articles

Forex Analysis

Market Analysis: US Dollar On the Rise Despite Weak PMI Data

EUR/USDThe euro fell against the US dollar on Friday as economic data showed a contraction in economic activity, which could prompt European Central Bank hawks to soften their policy stance. Preliminary data indicates a contraction in economic activity in

Financial Market News

Economic calendar: NASDAQ 100 May Keep Falling, High Volatility in Oil Markets, Potential Appreciation of the US Dollar

The US, Japan and the UK may have kept interest rates on hold last week, but with the Federal Reserve indicating that rates will stay higher for longer, there is turmoil in the equity markets. The NASDAQ 100 fell 500

Financial Market News

Financial Markets Waking Up after a Turbulent Week: Important News

The main event of last week was information from the Fed. Jerome Powell once again demonstrated his determination to maintain a tough political stance, which caused: → increase in bond yields. Yields on 10-year securities reached their highest since 2009; → the

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.