The slow Bitcoin recovery continues with the market making new highs. We hit $1,085 recently on FXOpen. Meanwhile, Litecoin continues to struggle with prices only up by 3.5 cents or just under 1 percent.
Bitcoin Recovery Continues
The recovery in BTC prices continues for another week. We are currently quoted at $1,085, over $93 dollars higher compared to the price noted last Tuesday. This is a gain of 9.4% in percentage terms. As you can see on the chart below, we’ve been in an almost constant uptrend since the lows at $913 over one month ago.
To end the current rally, the bears will have to push prices below the $963 swing low. Above here the $1,000 round figure could provide some support as well. Below $963 the next notable level is at $913 dollars swing low. On the upside, there are no major resistance levels until the multi-year high at $1,096 on FXOpen and $1,160/65 on other USD exchanges.
Similarly to the daily charts, on the longer-term charts (weekly and monthly) bitcoin remains in a bullish trend as well.
There’s not much on the news front this week. The decision for the bitcoin ETF hasn’t been delivered yet. The final deadline is on March 11th but the SEC decision will likely come before this time. Some prediction markets put the odds for ETF approval in the 20-30% range. In the case of a negative result, prices would fall, so the bulls need to be aware of this potential ‘gray swan’ and plan for it.
Litecoin Trades Flat
There hasn’t been much progress on the Litecoin front since it began a new downtrend back on February 9th. We are now quoted at $3.735, up by only 3.5 cents compared to one week ago. In percentage terms, this is a move of 0.95%.
Despite the lack of progress, we’re still in a bearish trend here. To end it, the bulls will have to push LTC/USD back above the $3.874 swing high. Above here we have several weaker resistance levels at $3.90, $3.93 and the $4 round figure. A new rally requires a breakout above $4.02 dollars per coin.
On the other end, the first major support is at $3.52. This is closely followed by several potential support levels at $3.40, $3.36, $3.31 and $3.22 dollars. A clearing of this support area could lead to more losses. On the longer-term charts, Litecoin continues to be range-bound.
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 making your money go further 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.