Bitcoin Nears $20,000 Dollars

Bitcoin Nears $20,000 Dollars

Another week of gains for Bitcoin and Litecoin. Big brother almost hit the $20,000 mark last week while LTC topped out at $370 dollars per coin.

Bitcoin Nears $20,000 Dollars

Bitcoin prices almost hit the $20,000 figure in the speculative frenzy over the listing of CME futures. A high of $19,850 dollars was hit on Sunday shortly after the new futures launched. The CME futures for January delivery topped out at $20,650.

btcusddaily-dec19-copy

From here it was a steady decline on both futures and spot exchanges as ‘sell the news’ mentality prevailed. Earlier today a low of $17,300 was hit on FXOpen. We are currently quoted at $17,651 dollars while the new CME futures are quoted at $18,300. Despite the recent losses the trend on the daily chart remains up. To end it the bears will need to push BTC/USD below the $12,711 swing low. A new downtrend requires a break below the $8,811 swing low. In between here we have the $10,000 round figure as potential short-term support. Above it we find more support in the $17,100 – $17,500 area and at the $15,000 round figure.

Higher up there’s strong resistance around the $20,000 level, starting around the new all-time high at $19,850. A decisive breakout above $20,000 could lead to new BTC gains. On the weekly and monthly charts bitcoin is in an uptrend as well.

New Highs for Litecoin Prices

Litecoin prices hit a new high of $370 dollars today. Then bitcoin-related selling took LTC/USD down to $326.44. We are trading at $347 dollars per coin right now.

ltcusddaily-dec19-copy

Similarly to BTC, Litecoin is still in rally mode on the daily charts. We need to see a break of the $121.45 swing low to end it. A clear breakdown below $73 dollars could start a new downtrend. The $100 round figure should provide some support to falling prices. Higher up we have potential support levels at $150, $200 and $245 dollars. Two weaker resistance levels can be seen around $350 dollars and at the $370 all-time high. On the long-term charts (both weekly and monthly) LTC/USD is still looking bullish.

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