The crypto market is seeing some gains across the board. Bitcoin is up to $6,700 from $6,315 dollars and LTC is at $97 dollars, up from $93 dollars last week.
Bitcoin Higher but Downtrend Remains
Bitcoin is up 6 percent by since our last update. Prices bottomed out at $6,129 dollars last week, very close to the all-time low for BTC/USD at $5,980 dollars.
However despite the gains the downtrend on the daily charts remains. To end it the bulls will have to take us above the $7,775 swing high. A move above here would also restart the rally. Higher up there’s more resistance at $8,590 and 8,880 dollars per coin. The $10,000 round figure is another notable resistance level. A clear breakout above could lead to further gains.
On the downside we have double bottom support around the 2018 low at $5,980 dollars. A decisive breakdown below this area of support could see us test the next important level at $5,000 dollars. A clean break below here would exacerbate BTC losses. We have no change on the longer-term charts again, which is to be expected given the lower volatility seen during the preceding week. We are still range-bound on the weeklies and bullish on the monthlies.
Litecoin up by 4 Percent
Litecoin is trading higher by 4 percent, from $93 to $97 dollars per coin. But similarly to BTC, LTC too is still in a downtrend.
A breakout above $121 dollars is needed to end the current bearish trend. But a new rally requires a move above the swing high at $128.80 dollars. Resistance higher up can be found around the round figures of $140 and $150 dollars, followed by the $152.80 swing high. As you can notice the important levels for both BTC and LTC haven’t changed much since last week as the market stayed relatively calm.
On the lower end there’s weak support around $89 dollars but the first major level can be seen around the $70 dollars mark. Further down the 2013 high at $48.40 dollars together with the $50 round figure form the next area of notable support. Of course its possible that prices will stop/stall before we hit $70 or $50 dollars. But those are the important levels that we see on the charts right now. On the longer-term charts LTC/USD is mixed, bearish on the weeklies but bullish on the monthly charts.
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