Litecoin Prices Go Parabolic


Another good week for crypto-currencies. Bitcoin is continuing its climb higher, now in its fifth week with sizeable gains. Litecoin prices have gone parabolic, up from $99 last Tuesday to $301 dollars today.

Bitcoin Continues Bullish Trend

The bullish trend that started last month is still in play for bitcoin. Yesterday we hit a high of $17,547 dollars per coin, up from $11,712 last week. This is a gain of $5,835 dollars or just under 50 percent. We are currently quoted at $16,473 dollars. If prices close above $14,350 this Sunday, it would be the fifth green week in a row with large gains.


To end the current uptrend the bears will have to stage a decisive break of the $10,000 round figure. A new downtrend requires a move below the support area around $7,874 dollars per coin. Above the important $10,000 round figure support can be found at $10,279 swing low and the swings highs at $11,427 and $11,831 dollars. These are followed by more support at the $12,711 swing low and the $15,000 round figure.

Considering that we’re trading only few percent below all-time highs, there’s not much in terms of resistance above current prices. The all-time high at $17,547 is a notable level as are the $18,000 and $19,000 round figures but these may not provide much resistance. A stronger level can be found at the $20,000 round figure where some market participants may take profit. On the long-term weekly and monthly charts BTC/USD is still looking bullish.

The news cycle has benefited bitcoin. The first futures on traditional markets launched on Sunday at the CBOE. You can follow a delayed price feed for the January contract. Currently, they are trading at $16,870 dollars, a relatively small premium to spot prices. Premiums swung widely since launch, however, nearing $1,500-$2,000 dollars at times.

Litecoin Prices Skyrocket

Litecoin prices have gone parabolic, rallying from $99 dollars to a high of $347.50 in less then six days. The altcoin is currently quoted at $301 dollars.


The near one-month-long uptrend continues. To end it the bears have to push LTC/USD back below the $100 round figure. A new downtrend may commence on a break of the $73 dollars swing low. Some (likely weak) support can be found at the $150, $200 and $300 round figures. We have somewhat stronger support at the $267.67 swing low. The all-time high at $347.50 may act as resistance, backed up by the $350 round figure. Similarly to BTC/USD, litecoin is also bullish on the long-term weekly and monthly charts.

Try Bitcoin MT4 trading with FXOpen broker

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

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 BTC/USD price analysis: The Price of Bitcoin Collapses by about 8% in One Day Market Analysis: XRP/USD Price Rolls Back to Important Support

Latest articles

Forex Analysis

Market Analysis: American Currency Rises Sharply after Fed Meeting

As expected, the decision on the interest rate had a powerful impact on the markets. Thus, the euro/US dollar pair lost more than 100 pp in just a couple of hours and updated its recent low at 1.0630,


Oil Analysis: Finally, A Bearish Reversal?

The policy of OPEC+ countries to voluntarily reduce oil production was one of the drivers thanks to which the price of WTI oil increased by approximately 40% from its low in June. In such cases, it is appropriate to use


Central Bank Week Shakes Up Gold Market

Yesterday, the main event of the week took place — the Federal Reserve meeting, which had a noticeable impact on the market of assets denominated in US dollars. But besides the Fed meeting, there are a number of other events this

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.