Bitcoin Hits $408 as Crypto Rally Continues

FXOpen

Bitcoin’s rally continues and we are now in the fourth day of straight gains. After yesterday’s move up from $367 to $382, today BTC/USD briefly broke the $400 round figure to hit an interim high of $408.20 per coin. We are currently trading somewhat weaker at $392.01.

oct14

More gains are likely going forward. The levels to watch on the high side are $400, followed by the post-PayPal high at $446 ($450 really). Further up the psychological round figure at $500 may provide some resistance. This is followed by the August 21st swing high at $530.

On the lower end, the $343 figure is the number to watch. Bitcoin prices skirted right above the $343-$350 support area for several days before catapulting higher. A move lower should give the bulls some pause. Below this, the $300 round figure may provide some support. Lower still, we find two more potential support levels, the October 5th swing low at $285 quickly followed by $266. The $266 level was the high during most of 2013 and will be the key number to watch on the downside. A break below may lead to prolonged losses for bitcoin.

Litecoin Clears $3.95 Resistance

Alternative cryptocurrency Litecoin cleared the $3.95 level mentioned in our previous article. The move up was greatly helped by bitcoin’s rally however, as the first test above $4 per coin only went as high as $4.06 before reversing. As the BTC/USD rally intensified in the last two days, we saw LTC/USD follow suit and break $3.95 again and then move all the way up to $4.22 before falling back. We are currently trading at $4.10.

oct14-2

The rally in LTC prices may continue but it will be highly dependent on what bitcoin does going forward, as we have seen in the last few days. Potential resistance levels on the way up include $4.50 and $4.66, followed by the round figure at $5 dollars per coin. On the lower end, LTC/USD is now sitting on a strong support area that goes all the way down to $3.95 and includes the $4 round figure and the weak support at $4.10. A clearing of these levels may lead to an end in the LTC/USD rally.

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.

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 Forex Analysis

Commodities and European currencies Test Key Supports EUR/USD Analysis: The Price Today Has Set Its Minimum Since the Beginning of March Market Analysis: GBP/USD Dives While USD/CAD Gains Bullish Pace The US Currency Corrects After Recent Growth USD/JPY Price Analysis: Consolidation ahead of US News

Latest articles

Forex Analysis

Commodities and European currencies Test Key Supports

On the eve of the Easter holidays, the main currency pairs have slightly slowed down the development of the main trends and are consolidating near key ranges, the breakdown of which could provoke a change in the vectors of medium-term

Shares

Stock Market Analysis: NVDA Losing Leadership?

Since the start of the week, the S&P-500 Index (US500) is up about 0.58% while NVDA's share price is down about 3.8%. This is a worrying sign for Nvidia stock investors — could it be a sign

Forex Analysis

EUR/USD Analysis: The Price Today Has Set Its Minimum Since the Beginning of March

As the EUR/USD chart shows at the start of the European session today, the exchange rate has dropped below EUR 1.08 per US dollar.

Tuesday's news contributed to this. According to Nasdaq.com, on March 26, 2024, The

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. 65.68% 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.