Both Bitcoin and Litecoin are trading barely changed compared to one week ago. Bitcoin is at $608 right now, only $3 above last Tuesday’s price. Its little brother Litecoin is quoted at $3.82 per coin, just 2 cents above the $3.80 price noted in our last LTC update.
Bitcoin Barely Changed
As we mentioned above, Bitcoin is trading barely changed this week. Prices have been locked between $600 and $610 on most exchanges.
On FXOpen (and BTC-E) we traded to a low of $581 last Wednesday, but this was on a short illiquid spike. In our last BTC article we warned our readers about these spikes. Until liquidity improves or this problem is rectified, it’s a good idea to confirm FXOpen and BTC-E prices with other exchanges like BitStamp and OKCoin. Even using the prices from BTC-E main exchange should help filter out these spikes as this appears to be a problem on their MetaTrader accounts. To get BTC-E chart, you can go here and type in BTCE:BTCUSD in the search box.
With that out of the way, let’s take a look at some levels. While we’re still in a short-term uptrend, the momentum has been completely lost. To resume the upward momentum, we need to see prices break above the $628 high. A strong resistance can be found at the $650 mark. This is followed by more resistance levels at $670, $687 and $700 per coin.
A decisive break below $590 could end the uptrend. A new downtrend requires a break of the $566 swing low as well. Support below here can be found at $556 and $550 per coin.
Litecoin up by 0.52%
Litecoin is trading higher by 0.52%, from $3.80 to $3.82 per coin. Similarly to the big brother, no important levels have been breached during the past seven days. Unlike BTC, Litecoin is still without a clear trend in short-term charts.
A decisive break below $3.77 could start a new LTC downtrend. Below here we find a weak support at the $3.70 level. This is followed by the $3.53 swing low and the $3.50 round figure. A clearing of this area could see us test the $3.22 lows hit in the aftermath of the Bitfinex hack. We have more support levels below at the $3 round figure, followed by this year’s low at $2.89 and the twelve-month low at $2.50 per coin.
On the other end, the $4 round figure remains to be key. A move above here is needed to spark a new short-term rally. Resistance levels above the round figure can be found at the $4.07 swing high, followed by $4.15 and the resistance area from $4.43 to $4.52 per coin.
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