Since our update last week both BTC and LTC continue to lose ground. One bitcoin is selling for $7,482 dollars compared to $8,290 last Tuesday. Meanwhile one LTC is quoted at $117 versus $133 dollars back then.
Bitcoin Down by 10 Percent
Bitcoin prices are trading lower by 10 percent. Most of the losses transpired on May 23rd when we dropped from $8,102 to 7,580 dollars per coin. Since then we’re stayed mostly flat.
While the momentum to the downside has decreased a bit, the overall down trend remains in force. To end it the bulls will have to push us above the $8,590 swing high. A breakout above $9,100 is needed for a new uptrend. Higher up there’s strong resistance around the $10,000 round figure. This is where the last large rally stopped ($9,987 to be exact). A breakout above the $10,000 mark could lead to more gains.
On the lower end there’s a large area of support starting from this week’s low at $7,046 to the April lows at $6,420 dollars. A clearing of this support area should give us enough momentum to take out this year’s low at $5,980 dollars per coin. On the weekly charts BTC/USD is range-bound. Prices are still looking bullish on the monthly charts. But like we’ve said before, the changes in the monthly charts take a long time to transpire.
More Losses for Litecoin
Similarly to BTC, litecoin saw more losses since last Tuesday. The altcoin is down by $16 dollars or 12 percent. We are currently trading at $117.88 dollars per coin.
While no large moves have been seen during the past few days, the trend is still down. To end it we need a breakout above the $140.62 swing high. A move beyond $160 dollars is needed for a new uptrend.
On the lower end there’s a large area of strong support, starting from the $109.28 low hit on Tuesday and ending with the low for 2018 at $105.55 dollars. Notice how the situation here looks very similar to what’s going on with BTC/USD. Both coins are sitting on top of a large support area, a break of which could lead to extended losses below. On the longer-term weekly and monthly charts LTC/USD is still in an uptrend.
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 making your money go further 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.
