Bitcoin Poised for More Losses

FXOpen

After Sunday’s break below $480, bitcoin has been pushed back on the defensive. For the past 3 days, BTC/USD has slowly been losing ground. Prices are currently knocking on the $470 level and look poised to break lower.

The first level of support for BTC stands at $450. Below here, the round $400 figure may provide some support. But the real battle that will determine bitcoin’s medium-term trend will likely take place in the $330 to $350 area. This was the stopping point for the August 18th flash crash. Lot of traders will place their pending bid orders here in anticipation of another selloff.

btcusdh1

 

On the high end, the $480 figure broken on Sunday may provide some resistance. But BTC will need to both climb and stay above $500 before we can safely call this latest down move over. Higher up, the $530 swing high may provide resistance to the bulls. And to top it all off, we have the $550 level, a triple bottom that held out bearish attacks for two and half months. This figure will likely turn into strong resistance on the way up.

Litecoin bounces off $4.66

Litecoin bounced off the $4.66 support mentioned in our previous article. Bitcoin’s silver is currently quoted at $4.84. If LTC manages to takeout $4.66, prices could quickly fall to the $4 round figure. Lower still, at $3.40 the August 18th swing low will provide some support. The notable support levels for Litecoin end with the yearly low at $3.05 reached back in June of this year.

ltcusdh4

On the top end, LTC/USD will need to break $5 to reverse its fortunes. Higher up, the area around $6 per coin will provide resistance. This area starts with the August 27th swing high at $5.89 and ends with the August 21st swing high at $6.17.

Peercoin back to painting red

Peercoin is back to painting more red. After breaking the $0.80 level on Sunday, PPC/USD fell to a low of $0.755. Since then, the losses have intensified and PPC hit a low of $0.68 yesterday. The next level of support for the altcoin stands at the August 13th swing low of $0.626. But the real hurdle for the bears with be at the $0.565 low reached on August 18th.

ppcusdh4

On the top end, Peercoin needs to climb back above $0.80 per coin to get some reprieve from the losses. A breakout above parity may lead to a short-term boost in prices.

Trade global forex with the Innovative Broker of 2022*. Choose from 50+ forex markets 24/5. Open your FXOpen account now or learn more about trading forex with FXOpen.

* FXOpen International, Innovative Broker of 2022, according to the IAFT

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 Forex Analysis

EUR/USD, GBP/USD, USD/JPY Analysis: US Dollar Weakens after Fed Chairman's Comments EUR/USD, GBP/USD, and USD/JPY Analysis: US Dollar Growing Against Euro and Pound Market Analysis: The USD/CAD Rate Drops to Its Minimum of 2 Months Market Analysis: AUD/USD Trims Gains While NZD/USD Extends Increase European Currencies at Strategic Levels

Latest articles

Shares

5 Stocks To Consider in December 2023

As we approach the curtain call for 2023, it's time to reflect on a year filled with market-shaping events. From the resurrection of tech stocks to the fall of financial institutions, the capital markets sector has been anything but dull.

Cryptocurrencies

Market Analysis: Bitcoin Surpasses $40,000 Per Coin

December begins extremely optimistically for the cryptocurrency market, resembling: → December 2020, when bitcoin grew by 46.9%; → December 2017, when bitcoin grew by 38.9%; → December 2016, when bitcoin grew by 30.8%. If there are psychological patterns in the

Forex Analysis

EUR/USD, GBP/USD, USD/JPY Analysis: US Dollar Weakens after Fed Chairman's Comments

Today, investors are assessing the speech of US Federal Reserve Chairman Jerome Powell, who indicated that the interest rate is currently at a restrictive level, but the regulator allows for the possibility of another increase if necessary. The manufacturing business

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.