New Highs for Bitcoin

FXOpen

Another green week for bitcoin. The leading crypto-currency managed to break the previous all-time high today to hit $2791 on FXOpen. Litecoin managed to get out of its downtrend after being helped by the BTC recovery.

New Highs for Bitcoin

New highs were reached today at $2791 dollars per coin. This is a gain of $571 or over 25 percent since our last update. It seems that BTC gains are getting close parabolic again, which means either even bigger gains or another sharp correction. As a reminder, the last one took down BTC/USD by $1,026 from the highs.

btcusdh4-june6-copy

Fundamentally there isn’t much to support the new higher valuation. The network remains bogged down with high fees and disagreement between developers and miners on how to solve the problem. But a bubble lifts all boats and that seems to be the case here. The total crypto market cap has now reached 102.9 billion, with bitcoin occupying 47.5 billion of the total, or around 46 percent.

Technically, the daily trend remains up, to end it the bears need to push prices below the $1,855 level. Due to the fact that we’re near all-time highs, there are no previous resistance levels on the upside. Below current prices, we have support at the $2,091 swing low followed by the $2,000 round figure. A move below the $1,700 level is needed for a new downtrend. On the long-term charts (weekly and monthly) BTC/USD remains in bullish mode.

Litecoin Back in Range

Litecoin prices are back in range after a large 100% rally from the $15 lows on May 27th. Yesterday we hit a high of $30.59 on FXOpen. The previous downtrend is now over and LTC/USD is back in range mode.

ltcusdh4-june6-copy

A new cryptocurrency trading rally requires a breakout above the $34.50 level while a new downtrend could commence below $15 dollars per coin. For now, we are in ‘wait and see’ mode here. Weak resistance on the way up can be found at $30.59, followed by a stronger level at $34.50 and even stronger resistance area around the $36.25 all-time high. A breakout above here could lead to extended LTC gains.

On the way down we find support at the $20 round figure. Below here there’s the latest major swing low at $15 dollars, followed by a support area stretching from the $12.55 swing highs to the $13.33 swing lows. A clearing of this area could set us up for an attack on the $10 round level. On the longer-term charts (both weekly and monthly) Litecoin remains 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 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

Sharp Change in BTC/USD Price: Causes and Consequences Market Analysis: Bitcoin Surpasses $40,000 Per Coin BTC/USD Analysis: New High for the Year Shows Bulls Are Indecisive Market Analysis: Results of Black Friday in Financial Markets BTC/USD Analysis: Bulls Preparing New Assault on 37,500 Level?

Latest articles

Forex PAMM

Overview of FXOpen's Best-performing PAMM Accounts of November 2023

According to the results of November, we can single out the most promising PAMM providers for investment and monitoring for the future. First of all, one should consider accounts with good profitability and low drawdowns. In this PAMM-review on the

Forex Analysis

EUR/USD, GBP/USD, and USD/JPY Analysis: Dollar on the Rise amid Good US Employment Data

The US Federal Reserve will publish its interest rate decision on Wednesday, December 13th. The American regulator is not expected to take steps towards tightening or easing monetary policy, given the strong November labour market report published last Friday. Thus,

Commodities

Crude Oil Ends Freefall, but Is It Back in the Black?

In the early stretch of December, the WTI Crude Oil market experienced a sudden and substantial downturn, sending shockwaves through the financial landscape. From a robust $77.71 per barrel on November 29, the value plunged to just over $69.

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.