Bitcoin Range Continues, Litecoin Flat

FXOpen

The range in BTC/USD continued during the past week. This wasn’t much of a surprise considering that the period included the Christmas and New Year Holidays. Litecoin is trading little changed, currently quoted at $257 from $263 dollars last week.

Bitcoin Range Continues

After ending the rally on December 22nd bitcoin remained in a range. The top of this range is at $19,850 all-time high while the low is at the latest major swing low of $10,680. A break beyond either of these price extremes could usher in the new trend. For now we remain in ‘wait and see’ mode.

btcusddaily-jan2-copy

On the upside, we have weak resistance at the $15,000 round figure, followed by the latest swing high at $16,470 dollars. Higher still we have two weaker levels at the former swing highs of $17,147 and $17,547 dollars. A major resistance area can be found near the all-time high at $19,850 extending to the $20,000 round figure. A decisive breakout above this important milestone should lead to a new bullish trend on the daily chart.

Support on the way down can be found at $12,711 followed by $11,591 dollars. As noted above the $10,680 swing low is a potential downtrend starter. Further down we have the $10,000 round figure, which may act as support to falling prices. On the longer-term weekly and monthly charts, BTC remains in an uptrend.

Yesterday’s Gemini auction had a volume of only 0.07 BTC, signalling that most of the market checked out for the holidays. As market participants slowly return from the festivities we should see a pick up of volume and hopefully some directional moves.

Litecoin Trading Flat

Litecoin is trading mostly flat as well. It’s currently quoted at $257 dollars, down from $263 dollars during our last update. This is a drop of 2.2 percent, a negligible amount for a crypto-currency.

ltcusddaily-jan2-copy

Unlike bitcoin, LTC/USD remains in an uptrend on the daily. To end it the bears will have to push prices below the latest swing low at $194 dollars. Slightly above here we have more support at the $200 round figure and the $245 level.

Resistance can be found at the $300 round figure, followed by the $347.50 swing high and $350 dollars. Naturally the all-time high at $370 dollars is another potential resistance. A breakout above it may accelerate the gains. Similarly to BTC, on the longer-term weekly and monthly charts LTC is looking bullish.

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

Forex Analysis
Financial Market News
Forex Market Insights

AUD/USD Consolidates Gains While NZD/USD Dips

AUD/USD is consolidating gains near the 0.6420 zone. NZD/USD is trimming gains and struggling to stay above the 0.5945 pivot zone.

Important Takeaways for AUD/USD and NZD/USD Analysis Today

· The Aussie Dollar started a

An Important Bullish Pattern Forms on the NIO Share Price Chart
Shares

An Important Bullish Pattern Forms on the NIO Share Price Chart

Today, the share price of NIO Inc. (NIO), a Chinese manufacturer of "smart" electric vehicles, is trading above $4 – a development that may be viewed as an optimistic scenario following the drop to $3 in the first half of April,

S&P 500 Chart Analysis Ahead of the Busiest Week of Earnings Season
Indices

S&P 500 Chart Analysis Ahead of the Busiest Week of Earnings Season

Despite the fact that President Trump’s earlier decision to impose tariffs (at higher rates than expected) shook the stock markets, the S&P 500 index (US SPX 500 mini on FXOpen) could still end April without significant losses

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.