Bitcoin Nears Psychological $10,000 Mark

FXOpen

Both bitcoin and litecoin continued their rallies this week. Bitcoin got close to hitting the psychological $10,000 mark today and LTC/USD broke to new all-time highs.

Bitcoin Nears $10,000 Mark

Bitcoin prices hit a high of $9,960 dollars today, narrowly missing the psychological $10,000 level. We are currently quoted just slightly off the highs at $9,921 dollars per coin.

btcusddaily-nov28-copy

Naturally the rally is still in place, to end it the bears will have to push BTC/USD below the $7,769 swing low. Support above here can be found at the $7,887 and $8,369 swing highs. Somewhat weaker support levels are the round figures at $8,000 and $9,000 dollars per coin. A new downtrend requires a breakdown below the $5,426 swing low. Further down we have strong support at the $5,000 round figure.

Given that we’re at close to all-time highs there are no previous resistance levels to note above current prices. It’s hard to say where prices may stop/pause if the $10,000 level is decisively broken. Other round figures like $10,500, $11,000 etc may act as resistance, at least temporarily. On the longer-term charts (both weekly and monthly) bitcoin still looks bullish.

Litecoin at New All-time High

Litecoin prices hit a new all-time high of $94.47 dollars, surpassing the previous high at $93.60 dollars. We are currently trading a bit below here at $93.55 dollars per coin.

ltcusddaily-nov28-copy

Similarly to bitcoin, LTC/USD remains in an uptrend.  In order to end it we need to see a clearing of the area around the $66.69 level. Here we have the former swing high at $66.69 and the swing low at $67.51 dollars. A decisive breakdown below here could open the door to the the next support area around $60 dollars. A new downtrend needs a break of the $55.58 swing low.

On the upside we are currently in a potential resistance area. The 87 cents move above $93.60 doesn’t quit ‘clear’ this former resistance. We need to see a deeper and more decisive breakout here. If that occurs the next resistance to watch out for is the $100 round figure. Like the $10,000 mark in bitcoin, this is a psychological level that may be used for profit taking by some market participants. On the longer-term charts litecoin is now in rally mode on both the weekly and the monthly charts.

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