Bitcoin Rally Ends, Litecoin Still Up

FXOpen

The slow bitcoin rally has finally ended. The sell-off last Thursday and Friday pushed prices down to the $435 level. Its little brother Litecoin is still in its own uptrend after bouncing strongly at the $3.78 dollars figure.

Bitcoin Uptrend Ends

The long but slow bitcoin rally is finally over. On Thursday prices broke below the lower bound of the triangle pattern. On Friday a low of $434.86 was hit.

BTCUSDDaily-may24

The $435 figure was noted in our previous article as a potential downtrend starting point. Because we didn’t get a decisive break of the level but a shallow move below, the short-term picture remains neutral. The medium-term trend is still up but the long-term trend for BTC is neutral as well.

What’s next for bitcoin? The two major points of interest are $435 on the downside and $465 on the upside. A clean break below $435 could start a new short-term downtrend. Support below here can be found at $426 dollars (the breakout point for the previous rally) followed by the $412 swing low and the round $400 figure.

On the upside, a breakout above the $462-$465 resistance area would resume the BTC rally. The major resistance for bitcoin is the round $500 figure. This was last year’s high for BTC/USD on most exchanges. A decisive breakout above here could intensify the gains.

Litecoin Still in Rally Mode

Alternative crypto-currency Litecoin is still in rally mode. The bitcoin selling lead to a sympathy move lower in LTC/USD. On Fxopen a low of $3.78 dollars was hit last Friday. This is exactly the level we noted last week as a potential trend stopper.  Luckily for the bulls, right at this figure the sell-off ended and a recovery rally took prices to a high of $3.98 dollars on Saturday. We’re currently quoted at $3.95 dollars per coin.

LTCUSDDaily-may24

The technical picture is mostly unchanged for LTC. A decisive break below $3.78 would end the current rally. Both the short-term and medium term trends are up while the long-term trend is still neutral.

A breakout above the highs of ascending triangle at at $4.194 would resume the momentum move higher. Above here we have resistance at the $4.50 figure, followed by the $4.85 swing high and the round figure at $5 dollars. The next potential resistance level is at $8.64 dollars. This was the 2015 high for Litecoin. As we’ve written previously, due to the large price gap between $5 and $8.64 dollars, resistance levels are likely to emerge in between. Potential candidates include the round figures at $6, $7 and $8 dollars, as well as the 50 cents figures at $6.50 and $7.50 dollars per coin.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.

*Important: At FXOpen UK, Cryptocurrency trading via CFDs is only available to our Professional clients. They are not available for trading by Retail clients. To find out more information about how this may affect you, please get in touch with our team.

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.

Stay ahead of the market!

Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.

forex

Crypto CFD Trading with FXOpen

Crypto CFD Trading with FXOpen

Experience ECN technology for deep liquidity and light-speed trade execution

  • Access over 40 markets 24/7
  • Trade with tight spreads and low commissions
  • Choose from 3 trading platforms: MT4, MT5, or TickTrader
Learn more

Latest articles

Shares

UnitedHealth (UNH) Share Price Plummets

UnitedHealth shares crashed by nearly 23% yesterday after the healthcare giant reported weaker-than-expected Q1 2025 results:

→ Earnings per share: actual = $7.20, expected = $7.29
→ Revenue: actual = $109.5bn, expected = $111.5bn

Technical Analysis of UNH Share Chart

As far

Indices

Stock Markets Consolidate Ahead of the Holidays

A lull is expected on the financial markets today due to a shortened trading week related to the Easter holiday celebrations.

It is reasonable to assume that traders will get a “breather” after a news-heavy April, which caused a volatile

Forex Analysis

The Pound and Euro Reach New Yearly Highs

Despite global economic instability and Donald Trump’s tariff policy, the EUR/USD and GBP/USD currency pairs are demonstrating upward momentum, reaching new yearly highs.

Today, market participants are focused on the European Central Bank meeting, where significant statements

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.