It’s been a good week for both bitcoin and litecoin with both cryptos making nice gains. Bitcoin hit new highs today and LTC/USD broke out to the upside.
Bitcoin Hits $8,347 Dollars
Bitcoin hit a new all-time high of $8,347 dollars today. We are currently trading a bit below the highs at $8,320 dollars per coin. Earlier in the day there was a large dip to $7,769 dollars on news about Tether being hacked. The company issued a post (later removed) in which they say that they will do a software update to prevent the stolen tethers from ‘entering the ecosystem’. This helped to calm market fears and prices were soon trading at all-time highs again.
Tethers are a digital currency used on many crypto exchanges, so it’s not a surprise to see a large fall in BTC/USD (and LTC/USD) on this news. Some market observers following the creating/redemption of Tethers say that there is a clear connection with the price of bitcoin.
Back to the charts! With the break of the $7,887 level BTC is back in an uptrend on the daily charts. To end it the bears will have to push bitcoin below the $5,426 swing low. A decisive breakdown below here would shift the current trend from up to down. On the longer-term weekly and monthly charts BTC/USD is still looking bullish.
Litecoin Finally Breaks Out
Litecoin finally managed to stage a successful breakout. After last week’s failed push higher the bulls gave it another try and this time they made it. We got a clean breakout above the new swing high at $66.69 dollars per coin, thereby starting a new uptrend on the dailies.
In the aftermath of the tether hack news a low of $67.51 was hit, almost re-testing the breakout point. But similarly to BTC/USD here too the lows were quickly bought up. We are currently quoted at $71.60, only $1.68 dollars from the most recent highs. Resistance higher up can be found at $73.28 followed by the $82.91 swing high and the all-time high at $93.60. The $100 round figure is another notable resistance level.
On the lower end the bears need a break below $55.58 dollars to end the current uptrend. A move below $49 dollars could start a new downtrend. No change on the long-term charts for LTC/USD. The weekly is still range-bound while the monthly is in rally mode.
Open your btc forex account with FXOpen broker.
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.
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.
