Bitcoin Breaks $245 Dollars, Nears $250

Bitcoin broke the important $245 level just an hour ago. Prices got as high as $247.50 which is exactly where we are trading right now. The bullish BTC push translated into gains for Litecoin as well. Bitcoin’s little brother advanced over 5 cents today, or 1.6 percent.

Bitcoin Breaks $245 Dollars

Bitcoin broke the important $245 handle today. This was the September high for the crypto, as well as the daily high on October 6th and October 11th.  On October 7th and October 12th we got as close as $244.95. We kept bumping up against $245 for the past seven days, so it’s no surprise to finally see this level broken.

BTCUSDDaily-oct13

While this break is significant, right after it we find another important resistance at $250 dollars on Fxopen. On other bitcoin exchanges the bulls already broke the $250 handle but failed to clear it. For example on OKCoin we traded as high as $252.75 before pulling back to $250.55.

To jump start a new trend higher, the round $250 dollars level has to be decisively broken. This was the jumping point for bitcoin’s rally back in June, as well as for the move lower in August. A clean break would open the door to the $269 swing high. Further up, some resistance can be found at $290 but the stronger level is at the round $300 figure. On the lower end a breakdown below the $224 swing low should re-start the downtrend.

Litecoin Breaks $3.12, Nears $3.18

Alternative cryptocurrency Litecoin is following big brother bitcoin higher. Prices today traded as high as $3.1453, beating yesterday’s high at $3.1410. The crypto has already cleared the double top formation at $3.12.

LTCUSDDaily-oct13

But more work remains for the bulls. The key area is right ahead, between $3.17 and $3.1840. At $3.17 we have a previous support level, followed by a former swing high at $3.1799 and another previous swing low at $3.1840. This confluence of three previous swing high/lows should create a strong level. A clean move above $3.19 may start a LTC rally.

On the lower end, we have support at $3 dollars, followed by another round figure at former swing low at $2.50. This was the lowest point reached during the previous LTC downmove back in August. While this level is important, just 10 cents below it we find another important figure at $2.40 dollars per coin, a previous LTC swing high. To establish a new downtrend, a clearing of $2.40 may be needed.

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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