Slow Bitcoin Rally Continues

FXOpen

The slow rally in bitcoin prices continues. In the past seven days everyone’s favorite crypto-currency advanced by $10 dollars or 2.2 percent. This is having a positive impact on most of the altcoin market. Litecoin for example is up by 32 cents or over 8 percent.

Slow Bitcoin Rally Continues

The slow rally in BTC/USD continues. Like we mentioned above the gains are not very large at around 2 percent this week, from $445 to $455 dollars per coin. On the technical front not much is changed. The small percentage move hasn’t broken any major levels. The short-term trend is bullish as is the medium-term trend. The long-term trend (monthly charts) is still in neutral mode.

BTCUSDH4-may11

The key resistance area remains at $461-$465 on Fxopen and $470-$475 on other bitcoin exchanges. A decisive breakout above this important resistance may lead to sharp gains toward the $500 round figure. This was last year’s high for BTC on most major exchanges. A clean break above it could intensify the rally.

On the other end, a breakdown below $440 may end the current uptrend. Weak support below here can be found at the recent swing low at $435 dollars. A clean break of this low may switch the short-term trend to the downside. Resistance turns to support and the breakout point for the rally near $426 dollars may give a helping hand to the bulls.

More levels on the downside include the $412 swing low and the round $400 figure. These are followed by $394 dollars (weak level) and $374 dollars per coin. This year’s low for bitcoin is at $349.82, another potential support.

More Gains for Litecoin

Litecoin continues to gain ground. This week the altcoin is up by 32 cents or 8.5 percent. The crypto has outperformed bitcoin since its breakout around $3.26 dollars per coin. Similarly to big brother, for LTC both the short-term and medium-term trends are up while the long-term trend is neutral.

LTCUSDDaily-may10

The first notable resistance lies at the $4.19 dollars swing high. Above here we have the round $4.50 figure, followed by the $4.85 swing high. Higher up we have another round figure at $5 dollars. From here we find a large gap to the next level at $8.64 dollars (last year high) but as we’ve written previously, some resistance levels are likely to emerge in-between. Potential candidates here include the round figures at $6, $7 and $8 dollars per coin.

On the downside, a decisive break below the latest swing low at $3.61 dollars would end the current rally. You can see more support levels on the chart above.

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.

*Important: At FXOpen UK, Cryptocurrency trading via CFDs is only available to our Professional clients. They are not available for trading by Retail clients. To find out more information about how this may affect you, please get in touch with our team.

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.

Stay ahead of the market!

Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.

forex

Crypto CFD Trading with FXOpen

Crypto CFD Trading with FXOpen

Experience ECN technology for deep liquidity and light-speed trade execution

  • Access over 40 markets 24/7
  • Trade with tight spreads and low commissions
  • Choose from 3 trading platforms: MT4, MT5, or TickTrader
Learn more

Latest articles

Forex Analysis
Financial Market News
Forex Market Insights

AUD/USD Consolidates Gains While NZD/USD Dips

AUD/USD is consolidating gains near the 0.6420 zone. NZD/USD is trimming gains and struggling to stay above the 0.5945 pivot zone.

Important Takeaways for AUD/USD and NZD/USD Analysis Today

· The Aussie Dollar started a

An Important Bullish Pattern Forms on the NIO Share Price Chart
Shares

An Important Bullish Pattern Forms on the NIO Share Price Chart

Today, the share price of NIO Inc. (NIO), a Chinese manufacturer of "smart" electric vehicles, is trading above $4 – a development that may be viewed as an optimistic scenario following the drop to $3 in the first half of April,

S&P 500 Chart Analysis Ahead of the Busiest Week of Earnings Season
Indices

S&P 500 Chart Analysis Ahead of the Busiest Week of Earnings Season

Despite the fact that President Trump’s earlier decision to impose tariffs (at higher rates than expected) shook the stock markets, the S&P 500 index (US SPX 500 mini on FXOpen) could still end April without significant losses

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.