Bitcoin Nears $20,000 Dollars

FXOpen

Another week of gains for Bitcoin and Litecoin. Big brother almost hit the $20,000 mark last week while LTC topped out at $370 dollars per coin.

Bitcoin Nears $20,000 Dollars

Bitcoin prices almost hit the $20,000 figure in the speculative frenzy over the listing of CME futures. A high of $19,850 dollars was hit on Sunday shortly after the new futures launched. The CME futures for January delivery topped out at $20,650.

btcusddaily-dec19-copy

From here it was a steady decline on both futures and spot exchanges as ‘sell the news’ mentality prevailed. Earlier today a low of $17,300 was hit on FXOpen. We are currently quoted at $17,651 dollars while the new CME futures are quoted at $18,300. Despite the recent losses the trend on the daily chart remains up. To end it the bears will need to push BTC/USD below the $12,711 swing low. A new downtrend requires a break below the $8,811 swing low. In between here we have the $10,000 round figure as potential short-term support. Above it we find more support in the $17,100 – $17,500 area and at the $15,000 round figure.

Higher up there’s strong resistance around the $20,000 level, starting around the new all-time high at $19,850. A decisive breakout above $20,000 could lead to new BTC gains. On the weekly and monthly charts bitcoin is in an uptrend as well.

New Highs for Litecoin Prices

Litecoin prices hit a new high of $370 dollars today. Then bitcoin-related selling took LTC/USD down to $326.44. We are trading at $347 dollars per coin right now.

ltcusddaily-dec19-copy

Similarly to BTC, Litecoin is still in rally mode on the daily charts. We need to see a break of the $121.45 swing low to end it. A clear breakdown below $73 dollars could start a new downtrend. The $100 round figure should provide some support to falling prices. Higher up we have potential support levels at $150, $200 and $245 dollars. Two weaker resistance levels can be seen around $350 dollars and at the $370 all-time high. On the long-term charts (both weekly and monthly) LTC/USD is still looking bullish.

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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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