Litecoin Rally Intact, Bitcoin Stuck

FXOpen

The rally in Litecoin prices continues unabated. In the past seven days since our last update, LTC/USD rallied 15 cents or just under 10 percent. Meanwhile big brother bitcoin has been stuck in a quagmire after the break lower didn’t go anywhere.

Bitcoin Claws Back Losses

Bitcoin managed to claw back most of the losses accrued last week. This wasn’t much of a feet, considering that the virtual currency only lost $7.77  dollars after the break of $230. We are currently quoted at $227.99, after yesterday’s bounce at the $230 mark.

BTCUSDDaily-june9

What’s next for bitcoin? The downtrend is still technically in place until the bulls push prices above $240 dollars per coin. But the momentum on the downside has been lost. To rejuvenate the move lower, the bears will need to take out the $222 swing low. Further down, we have important support in the form of a double bottom formation at $210. This level is closely followed by the round $200 figure.

On the higher end, while a break above $240 would end the downtrend, a move past $250 is needed for a sustainable rally. Important levels above here include $270 and $300. In between these we have the April 6th swing high at $258 but this will likely be weak resistance. As we’ve noted numerous times in the past, the round $300 figure will be very important. This level stopped 2 previous bitcoin rallies and will likely be a major hurdle for the bulls. A breakout above it should accelerate the gains.

Litecoin Rally Intact

The LTC rally is intact. Last week prices got close to taking out the important support at $1.60 but they didn’t quite manage to clear the area. The brief dip below the level was quickly bought up by the bulls. In sharp contrast, this week saw the resumption of the rally with prices up close to 10 percent.

LTCUSDDaily-june9

We are currently quoted at $1.789, right below the $1.80 resistance level. In the past 24 hours this figure has been tested twice already. A break above it could open the door towards the May 22nd spike high at $1.93. Higher up, we have an important resistance area stretching from $2 to $2.05. If the bulls manage to clear it, LTC/USD may pick up the pace of the gains. On the lower end, a break below the $1.578 swing low will end the uptrend.

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.

*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.

Stay ahead of the market!

Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.

Latest articles

The Nikkei Index Has Risen To a Two-Month High
Indices

The Nikkei Index Has Risen To a Two-Month High


As we reported on 26th June, analysing the Nikkei 225 chart (Japan 225 on FXOpen):

→ The price is in a significant upward trend (shown by the blue channel);

→ The price may continue to rise along the median line.

Since then,

The Price of Bitcoin Today Is Once Again Above $60k
Cryptocurrencies

The Price of Bitcoin Today Is Once Again Above $60k

Analysing the long-term BTC/USD chart from 16th May, we constructed a "roadmap" for Bitcoin's price, resembling an expanding fan consisting of a median and support levels below it, and resistance levels above it.

Reviewing the BTC/USD chart last

   Weekly Market Wrap With Gary Thomson: GBP/USD, EUR/USD, USD/JPY, XAU/USD, NVDA Stock
Financial Market News

Weekly Market Wrap With Gary Thomson: GBP/USD, EUR/USD, USD/JPY, XAU/USD, NVDA Stock

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.

  • GBP/USD Hits Four-Month
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.