Technical Analysis on BTC/USD and LTC/BTC Cryptocurrency Pairs


BTC/USD analysis

  • BTC/USD broke support zone
  • Next sell target – 8000.00

BTC/USD continues to decline after the earlier breakout of the support zone lying at the intersection of the following support levels: 38.2% Fibonacci retracement of the previous medium-term upward impulse (1) from February and the support level 9430.00 (which stopped the short-term A-wave of the active medium-term ABC correction (2) from middle of February. The breakout of this support zone strengthened the already strong bearish pressure on this instrument – which is indicated by the accelerating downward movement on the daily Momentum indicator.


BTC/USD is expected to continue the downward movement toward the next sell target at the round support level 8000.00 (which is the target price for the completion of the active impulse wave C).

LTC/BTC analysis

  • LTC/BTC reversed from support area
  • Next buy target – 0.2000

LTC/BTC recently reversed up from the support area lying at the intersection of the major support level 0.018 (former strong resistance from January, acting as support after it was broken by the previous minor impulse wave (i), as can be seen below), lower daily Bollinger Bands and the ascending support trendline from December. This support zone was further strengthened by the Fibonacci cluster made out of the 38.2% Fibonacci correction of the previous upward impulse from December and the 61.8% Fibonacci retracement of the earlier upward price impulse from February.


LTC/BTC is likely to rise further toward the next buy target at the next resistance level 0.2000 (former multi-month resistance level from December which stopped the earlier minor correction (a) in February).

Open a Crypto account with FXOpen broker.

By: Dima Chernovolov

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 crypto CFD trading 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.

Latest from Cryptocurrencies

Cryptocurrency Prices Rise on SEC Rumours Market Analysis: Bitcoin Sets September High BTC/USD Analysis: Bulls Lose Progress Amid SEC Defeat Bitcoin Trading Volumes Fell to a Minimum of 4 Years BTC/USD Price Analysis: RSI Drops to Lowest Since March 2020

Latest articles

Forex Analysis

Market Analysis: The Yen and European Currencies Headed to New Lows

The main currency pairs began the last five-day trading period of September with a new wave of growth for the American currency. Changes in the Fed's point forecast for next year provided powerful support to the dollar, which, in turn,

Forex Analysis

Market Analysis: US Federal Reserve Contemplates Future Interest Rate Hikes Amid Economic Resilience

In an intriguing turn of events, the US Federal Reserve has hinted at the possibility of yet another interest rate hike in the near future, keeping financial markets on their toes. During its September 2023 meeting, the Federal Reserve chose

Forex Analysis

USD/JPY Analysis: For the First Time This Year, the Rate Exceeds 149 Yen Per Dollar

The reason for the stable trend, as we have repeatedly pointed out, is the difference in the monetary policy of the USA and Japan. Inflation in Japan has been above 2% for more than a year, and the media are

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.