Bitcoin and Litecoin in Range

After some LTC losses last week now both Bitcoin and Litecoin are in a trading range. Bitcoin is quoted at $10,678 dollars right now, up a bit from $10,328 last week. Litecoin is trading at $195, down from 201$ dollars.

Bitcoin Still in Range

Bitcoin continues to trade in a trading range. During the last seven days, we saw some gains that temporarily lifted prices to test the previous resistance. We got as high as $11,686 yesterday, slightly below the previous major resistance at $11,769 dollars. A breakout above here was needed to trigger a new BTC rally.

btcusdh4-mar6-copy

Instead, prices took a nosedive as we got close to this level and we’re now trading 9 percent lower. The two important figures to note are $11,769 on the upside and $9,211 on the downside. A break of either of these boundaries should trigger a new trend higher/lower. Below support can be found at the $10,000 round figure, followed by the several support levels around $9,211 dollars. Further down we find more support at the $7,705 and $7,536 levels. Last month’s low at $5,980 dollars is another notable price level.

Higher up there’s resistance at $11,686 and $11,769 dollars. A breakout above this double top pattern should lead to an extended move higher. Further up there’s some resistance at $12,161, followed by $12,629 and $13,000 dollars per coin. Bitcoin is range-bound on the weekly charts but the monthlies are keeping the bullish bias.

Litecoin Back in a Range

Litecoin prices are back in a range after some losses this week. The ‘numbers to beat’ are now at $251.76 and $180.85 dollars. The new range is marked with a yellow rectangle on the chart below. A breakout outside these bounds should start a new trend.

ltcusdh4-mar6-copy

On the upside, we find some weak resistance at the $196.22 and at the $200 round figure. The swing high at $231.16 could act as resistance as well, followed by $235.15 dollars. Stronger levels can be found at the $250 round figure followed by last month’s high at $251.76 dollars per coin. A clean breakout above here could lead to more gains. Higher still we have the $300 round figure and of course the all-time high at $370 dollars as another notable resistance level.

On the lower end, we have support at $180.85, followed by the $168.13 and $173.25 swing highs. There’s more support further down at the $150 and $160 round figures. While range-bound on the dailies, on the longer-term weekly and monthly charts litecoin is looking bullish.

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Petar Kotevski

Petar is a forex trader and writer with 9 years of experience in financial markets. He has been following bitcoin since 2010. A year ago, as the BTC market matured, he started getting more involved by writing articles on bitcoin and other alternative currencies.

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