Bitcoin fell a large $1,026 dollars from the highs reached last Thursday. Litecoin also dropped by a massive 56 percent during the three days of bitcoin decline last week. Both coins have now recovered about 40-50% of the losses.
Bitcoin Falls $1,026 Dollars From Highs
Bitcoin prices fell by a whopping $1,026 dollars from the highs to the lows reached on May 27th. Prices got very close to the potentially trend-ending level of $1,700 on FXOpen but narrowly missed it by bottoming out at $1,710 dollars. We are currently quoted around the 50 percent retracement mark at $2,230 dollars per coin.
This means that despite the losses, the daily trend remains up. To end it the bears will need to make a decisive push below the $1,700 figure. As usual with these levels we’re looking for a sustained movement not just a brief and shallow spike. A new downtrend needs a move below the $1,583 swing low.
Weak resistance higher up can be found at today’s high of $2,293 followed by the $2,500 round figure. But a much stronger level will be the all-time high at $2,736. A breakout above here could lead to more gains. On the lower end, we have support at the $2,000 round level followed by $1,710, $1,583 and $1,500 dollars. The February swing high at $1,269 should now turn from resistance to support. On the long-term charts (both weekly and monthly) the trend remains up.
Litecoin Trend Turns Bearish
Litecoin followed big brother lower, falling by a large 56 percent in three days. Prices have entered a bearish trend on May 27th with the drop below the $20 round figure. Prices have since bounced back somewhat and LTC/USD is now trading at $25.20 dollars per coin.
Despite the bounce, the daily trend remains down. A breakout above the $34.50 level is needed to end it and shift us into rally mode. On the longer-term weekly and monthly charts LTC is still bullish.
Support below can be found at the $20 round figure, followed by previous resistance now turned support area around $16 dollars. Further down the low of the most recent crash low at $15 is another notable level. A drop below here could exacerbate the losses. Higher up we have resistance at $30 round figure followed by the $34.48 swing high and the multi-year high at $36.25. A breakout above here may lead to an extended move higher.
Trade cryptocurrency with FXOpen broker.
We are sorry that this post was not useful for you!
Let us improve this post!
Tell us how we can improve this post?