More Gains for BTC/USD and LTC/USD

FXOpen

During the past week both bitcoin and litecoin saw extended gains as the daily trend continues to go higher. Bitcoin is currently quoted at $9,764 dollars compared to $9,325 during our last update. Litecoin saw much smaller gains, trading at $162 versus $161 dollars last week.

More Gains for Bitcoin

Since last Tuesday bitcoin prices advanced by $439 dollars or almost 5 percent. Naturally the uptrend on the daily charts is still in place. To end it the bears will have to push us below the $8,650 swing low. A new downtrend requires a breakdown below the next swing low at $7,821 dollars per coin.

btcusddaily-may3-copy

Further down there’s strong 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. Higher up there’s some resistance at the psychological $10,000 figure, followed by more resistance at $10,680, $11,000 and $11,769 dollars. On the weekly charts BTC/USD is range-bound but the monthly charts are still keeping the bullish bias.

Similarly to last week there have been no major news catalyst behind the moves. There has been some chatter from China regarding the legality of some bitcoin trading platforms but so far there hasn’t been any fire, only smoke.

Litecoin Slightly Higher

Litecoin is following BTC/USD higher but at a smaller pace so far. The coin is quoted around $162 dollars at the moment, barely above the $161 level noted last week.

ltcusddaily-may3-copy

Regardless the bullish trend on the dailies is intact here. To end it the bears need to take us below the latest swing low at $142 dollars. A new bearish trend may commence on a breakdown below $123.50 dollars. Going lower there’s strong support around the $108.44 swing low. But due to the proximity some may choose to also wait for a break of the yearly low at $105.55 dollars . Further down the $100 round figure may also act as support.

On the upside we have resistance at  at the swing highs of $169 and $174.22 dollars. A breakout above here could open the door to the $200 round figure. Slightly below here there’s another former swing high and potential resistance at $193.70 dollars. On the longer-term weekly and monthly charts Litecoin is still looking bullish.

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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.

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