More Losses for BTC and LTC

FXOpen

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.

btcusddaily-may31-copy

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.

ltcusddaily-may31-copy

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 — 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

Bitcoin Price Recovered over the Weekend, But Market Anxiety Remains Correction in Crypto Markets: BTC/USD Rate Drops to $60,000 BTC/USD Analysis: Bears Have Become More Active Near the $70,000 Level Today Is an Ethereum Update. ETH/USD Is Above $4,000 After Updating the Historical High, the Price of Bitcoin Collapsed by 14%

Latest articles

Forex Analysis

Commodities and European currencies Test Key Supports

On the eve of the Easter holidays, the main currency pairs have slightly slowed down the development of the main trends and are consolidating near key ranges, the breakdown of which could provoke a change in the vectors of medium-term

Shares

Stock Market Analysis: NVDA Losing Leadership?

Since the start of the week, the S&P-500 Index (US500) is up about 0.58% while NVDA's share price is down about 3.8%. This is a worrying sign for Nvidia stock investors — could it be a sign

Forex Analysis

EUR/USD Analysis: The Price Today Has Set Its Minimum Since the Beginning of March

As the EUR/USD chart shows at the start of the European session today, the exchange rate has dropped below EUR 1.08 per US dollar.

Tuesday's news contributed to this. According to Nasdaq.com, on March 26, 2024, The

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. 65.68% 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.