Bitcoin Struggles to Continue Gains

FXOpen

After the massive $1,200 candle five days ago, bitcoin is struggling to continue the gains. Litecoin is trading mostly range-bound as well.

No Follow-through for Bitcoin

Bitcoin prices are having a hard time making headway during the past five days. We saw a new high of $8,425 on Sunday but this was quickly sold into by the bears. We are currently quoted at $8,097 dollars, only $10 above the highs made during the huge 40 minute candle, read more HERE.

btcusddaily-apr17-copy

Technically little has changed since that article. Bitcoin is still in a range on the daily charts. To end it we need a breakout above $8,425 dollars to the upside. As usual we’re looking for a decisive breakout here not just a brief and shallow spike higher. Higher up there’s more resistance around the $9,000 round figure and the $9,165 swing high. Further up we have the $10,000 round figure, an important psychological barrier. This is followed by more resistance at $10,680, $11,000 and $11,769 dollars.

On the lower end the bears need a break of the support around the $6,420 swing low. A clearing of this strong support area would open the way for a break of this year’s low at $5,980 dollars per coin. On the longer-term weekly charts BTC/USD is range-bound as well. The monthly charts are still looking bullish.

Litecoin Ends Downtrend

Litecoin broke the important resistance at $135.52 today and hit a high of $140.12. Thus the altcoin managed to end the downtrend on the daily charts. We are quoted at $136.73 dollars right now, up by $8 or 6.25 percent.

ltcusddaily-apr17-copy

A new uptrend requires a breakout above $140.12 dollars. Resistance higher up can be found at the $150 and $160 round figures, followed by the swing highs at $169 and $174.22 dollars. A breakout above here could open the door to the $200 round figure.

On the lower end there’s strong support around the $108.44 swing low. But due to the proximity some may choose to wait for a break of the $105.55 swing low as well. This is the year’s low for LTC/USD. The $100 round figure may also act as support to falling prices but it probably won’t be as hard to crack as the two above mentioned levels. On the longer-term weekly and monthly charts Litecoin is still keeping the bullish bias.

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

Coca-Cola Company (KO) Shares Trade Near All-Time High

Stock market charts indicate that from the start of last week’s trading through to its close:

→ The S&P 500 Index (US SPX 500 mini on FXOpen) declined by approximately 3%;
→ Pepsico (PEP) shares dropped by more than

Cryptocurrencies

BTC/USD Analysis: Bulls on the Offensive

In our previous analysis of Bitcoin’s price (14 April), we:

→ constructed a long-term ascending channel (marked with blue lines);

→ highlighted resistance level R, suggesting that the bulls were seizing the initiative in an attempt to pave the way for

Commodities

Market Analysis: Gold Extends Record Run, WTI Crude Oil Rebound in Tandem

Gold price started a fresh surge above the $3,250 resistance level. WTI Crude oil prices climbed higher above $60.00 and might extend gains.

Important Takeaways for Gold and WTI Crude Oil Prices Analysis Today

· Gold price started a

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.