Both Bitcoin and Litecoin traded mostly flat since our last update seven days ago. Bitcoin is quoted at $3,920 dollars per coin right now, down from $3,974 last Tuesday. Its little brother is trading at $52.71, down by 3.1 percent.
Bitcoin Mostly Flat
Bitcoin prices are down by $54 since our update last week. In percentage terms, this is only 1.36%. This calming follows a period of high volatility during which prices fell over $1,200 in three days, only to recover most of the losses in the next four days. Since then we bounced back and forth between the $3,500 and $4,000 handles.
Regardless of the range during the past week, the trend on the daily charts remains down. The bulls need a breakout above the $4,103 swing high to definitively end the downtrend. A move beyond $4,681 dollars per coin could start a new rally and open the door to the $5,000 handle. A breakout above this important round figure could see accelerated gains in prices.
On the lower end, we have support at the $3,500 round figure. This is where the bulls halted the few tries of the bear squad. A decisive break of this level could lead us to the second important support around the $3,000 handle. A move below this month’s low at $2,970 should lead to further BTC losses. Despite the downtrend on the daily, on the longer-term weekly and monthly charts, BTC/USD is still in an uptrend.
Little Change in Litecoin Prices
Similarly to bitcoin, we’re seeing little change in the price of LTC/USD this week. The altcoin is only down by $1.7 dollars or 3.1 percent since last Tuesday. This is a negligible amount in the volatile cryptocurrency world. The lack of news from China certainly helped to calm things down a bit.
Litecoin remains in a downtrend as well. A break above the $57.28 swing high is needed to end it. A move beyond $82.91 dollars per coin could re-start the rally. Support on the way down can be found at the $50 round figure, followed by the $44.47 and $40.74 swing lows. A break below the $40 round figure could open the door to the crash lows at $32.35 dollars. On the weekly charts, LTC/USD is range-bound. The monthly chart is still showing a bullish bias.
Open a bitcoin crypto account is easy 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?