The longer-term picture hasn’t changed since our last update. Bitcoin is still range-bound on the daily charts while LTC continues the downtrend. During the past seven days, however, both coins got a lift with BTC rallying by $17 while LTC is up by 7 cents.
Bitcoin Gains 2.7 Percent
Bitcoin gained $20 this week, from $639 to $656 per coin. This is a move of about 2.7 percent. But as we mentioned above, the daily picture is still undecided as we can see on the chart below.
The two breakout bounds to watch are $688 to the upside and $589 to the downside. These are the levels on FXOpen. On other BTC/USD exchanges the levels are bit higher at $706/707 and $609/610 per coin. As prices on individual exchanges can be volatile (due to panic buying/selling, for example), it’s always a good idea to check where the general Bitcoin market is trading at.
Resistance levels above can be found at the $700 level followed by the $744 swing high and the $800 round figure. On the lower end, if we break $589, the next level to watch is $540-$550 on FXOpen followed by another round figure at $500. The breakout point for the last BTC rally at $460 per coin is likely to be a significant level of support as well. Looking higher up, the trends on both the weekly and the monthly charts remain bullish.
Litecoin Downtrend Continues
The slow downtrend for Litecoin prices continues. However, the altcoin has been saved from major losses this week due to the Bitcoin rally. We’re currently quoted at $4.07 per coin, up by 7 cents or 1.75 percent.
A decisive breakout above $4.16 could end the current downtrend. A move beyond $4.52 per coin could lead to a new LTC rally. Above here we find resistance levels at the November spike high of $4.85, followed by the round figures at $5 and $5.50. This year’s high at $5.86 per coin is another notable resistance level for Litecoin.
On the lower end, we have support at the $4 round figure followed by $3.78 and a support area from $3.50 to $3.61. A breakdown below here could lead to more losses toward $3.30 per coin. Looking at the longer-term picture, the weekly trend for LTC/USD is up while the monthly trend is neutral.
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.
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.
