Bitcoin Nears 2018 Lows, Litecoin Breaks $100

Another week of red for the crypto-currency market. Bitcoin prices are nearing the lows set early this year. Litecoin barreled through the $100 mark and is currently quoted at $93 dollars per coin.

Bitcoin Nears Yearly Lows

Bitcoin hit a low of $6,129 earlier in the day, only $149 dollars away from the 2018 low at $5,980. The strong support around the $6,400 level seems to be cleared now although a short-term dead-cat bounce is not out of the question. We are currently quoted at $6,315 dollars.

btcusddaily-june13-copy

The trend on the daily chart remains down. To end it we need a breakout above the $7,775 swing high. A move above here would also start a new rally in prices. Higher up there’s more resistance at $8,590 and 8,880 dollars per coin. The $10,000 round figure is another notable resistance level. This is where the last major push up died. A clear break above could lead to further gains.

On the downside, there’s weak support around the 2018 low at $5,980 dollars. A stronger level of support is the $5,000 round figure. A decisive breakdown below it would exacerbate the losses. On the longer-term charts, the picture is unchanged. We are still range-bound on the weeklies and bullish on the monthlies. But as noted many times before, these timeframes take a long time to turn.

Litecoin Breaks the $100 Mark

Litecoin decisively broke the important support around $105 dollars yesterday. This was the 2018 low for LTC/USD. Today we broke below the $100 round figure too, bottoming out at $89.04 dollars. We are trading at $93 dollars at the moment.

ltcusddaily-june13-copy

Similarly to big brother, LTC is in a downtrend, too. To end it, we need a break above the most recent swing high at $128.80 dollars. A move above here would also start a new uptrend. Resistance higher up can be found around the round figures of $140 and $150 dollars, followed by the $152.80 swing high.

On the lower end, the first major support level that can be seen on the charts is around the $70 dollars mark. Further down the 2013 high at $48.40 dollars together with the $50 round figure form the next area of notable support. Of course, this doesn’t mean that prices can’t stop/stall before we hit $70 or $50 dollars. With the break to new yearly lows, the weekly trend in LTC/USD shifted from up to down. The monthly charts are keeping the bullish bias.

MT4 Bitcoin trading on FXOpen Crypto accounts.

How useful was this post?

Click on a star to rate it!

Average rating / 5. Vote count:

No votes so far! Be the first to rate this post.

We are sorry that this post was not useful for you!

Let us improve this post!

Tell us how we can improve this post?

Latest posts by Petar Kotevski (see all)
with No Comments 1486
Scroll Up