The combined crypto-currencies market cap fell below $100 billion yesterday as we saw large losses across the board. Bitcoin fell against the US Dollar and almost all altcoins fell versus bitcoin, leading to the market cap declining from a high of over $115 billion last week to ‘only’ $92 billion at the moment.
Bitcoin Remains in Range
Bitcoin is currently quoted at $2,397 on FXOpen, down $280 dollars from last Tuesday. In percentage terms, this is just over 10%. On the chart below we can see that the majority of the losses transpired during the past three days. We had no major news releases during this time so we can chalk up the latest down move to technical reasons.
The move lower doesn’t change the technical picture, not yet anyway. On the daily charts, BTC/USD is still in a range. A new downtrend requires a break below the $2,250 swing low while a new uptrend needs a move above the all-time highs. These are at $2,889 on FXOpen but closer to the $3,000 on other major exchanges.
Below current prices, we find support at the $2,000 round figure and the $1,718 swing low. On the longer-term timeframes, both weekly and monthly, bitcoin fx remains in an uptrend. However, keep in mind that it will take many red weeks/months to change the trend on these timeframes.
Litecoin Falls From Highs
Litecoin didn’t manage to make headway in its most recent breakout. On June 19th a high of $49.47 was hit but we are currently trading at $35.88 on FXOpen, over 27 percent down from the highs.
So far the $34.50 breakout point is holding up prices. Yesterday prices bounced close to this level, bottoming out at $34.35 dollars per coin. A decisive breakout below the $32 dollars level would end the current uptrend. Support below here can be found at the $30 round figure, followed by a ‘double bottom’ support area around $26. A breakdown below here could start a new LTC downtrend.
Given that we’re still trading relatively close to all-time highs, there’s not much in terms of resistance on the upside. Above current prices, there’s some resistance at the $40 round figure and the $47.21 swing high, followed by $49.47. And of course, the $50 round figure will be a major level to watch. A clean breakout above here could lead to extended gains. Similarly to bitcoin, on the long-term charts, LTC remains in bullish mode.
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