Bitcoin Traders Wait for Next Move

FXOpen

Bitcoin traders are waiting for the next move in prices before jumping on-board. We are still range-bound with no clear direction. Litecoin is in a similar predicament , likely waiting for its big brother to make the first move.

Bitcoin Higher by 90 Cents

Bitcoin is trading barely changed compared to the prices seen seven days ago. We’re now quoted at $608.69 per coin. Last Tuesday, we recorded the price of $607.79 in our previous BTC article. The high-to-low range was a bit higher with BTC/USD topping out at $611 and hitting a low of $598. But both of those moves fizzled out quickly and the prices withdrew back inside the range. The rectangle below shows the price action during the past seven days.

BTCUSDH4-oct4 - Copy

The two important levels to watch are $614 on the upside and $590 on the downside. A decisive break above $614 could spark a new rally. Above here, we find a weak resistance at last month’s high of $629. Higher up we have a stronger resistance at the $650 round figure. This is followed by more levels at $670, $687 and $700 per coin.

On the other end, a clean break below $590 could start a new downtrend. As we said last week, due to the spikes issue on the MT4 platform, it’s a good idea to confirm any break lower with prices on other major BTC/USD exchanges. This problem has subdued in the past 10 days but it’s still a good exercise to check where other markets are trading.

Below $590 we have a support at the $566 swing low followed by $556 and $550 per coin. A break of the $550-$556 support area could lead to extended losses. Both the medium-term and long-term trends for Bitcoin are bullish.

Litecoin Waits for Direction

Alternative cryptocurrency Litecoin is waiting for a direction. Although we’re currently trading about 1.5% below last week’s price, no major levels have been taken out yet.

LTCUSDDaily-cot4 - Copy

The key levels for LTC/USD are $4 on the upper end and $3.69 on the lower end. A decisive breakout above $4.02 per coin could start a new rally in prices. Resistance levels above here can be found at the $4.07 swing high, followed by $4.15. Higher up we have a potential resistance area from $4.43 to $4.52 per coin. A clearing of this area could intensify the gains.

A move below $3.69 could usher in a new LTC downtrend. Below here we find a support area from $3.50-$3.53. A clearing of this area could extend the gains toward the five-month low at $3.22. More support lower can be found at the $3.12 double bottom closely followed by the $3 round figure.

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.