Bitcoin Continues Range-bound Trading

Bitcoin continues the range-bound trading this week. We’re quoted at $10,328 dollars right now, down from $11,211 last Tuesday. Litecoin is also trading lower but keeping its bullish bias.

Bitcoin Continues Range-bound Trading

The high but directionless volatility continues in BTC/USD. During the past seven days we traded as low as $9,270 and as high as $11,054 dollars. While bitcoin is down this week it hasn’t broken any important support levels yet.

A new downtrend requires a break below the $7,705 swing low. Above here we find support at the $10,000 round figure, followed by $9,280 swing low. Further down we have the previous resistance now turned support at $9,049, closely followed by the $9,000 round level.


Higher up there’s resistance at yesterday’s high of $11,054 but a new uptrend needs a breakout above the $11,769 swing high as well. The swing high at $12,161 dollars is another notable resistance level. We have more levels higher up at $12,629, $12,982 and the $13,000 round figure. On the weekly charts BTC is range-bound as well but the monthly charts are still in an uptrend.

Litecoin Trading Lower

Litecoin is trading lower compared to last week, quoted at $201.81 dollars right now. This is a loss of just over 11 percent since our last update.

Despite the losses LTC/USD remains in rally mode. To end it the bears will have to push us below the $180.85 swing low. A break below $136 dollars is needed to trigger a new downtrend. In between these levels support can be found at the $150 and $160 round figures, followed by the $168.13 and $173.25 swing highs. Higher still there’s more support at the former resistance now turned support at $196.22 and at the $200 round figure.


On the upside we find resistance at the last swing high of $231.16 (weak) followed by $235.15 dollars. Stronger resistance levels can be found at the $250 round figure followed by this month’s high at $251.76 dollars per coin. Higher still we have the $300 round figure and of course the all-time high at  $370 dollars is another notable resistance level. On the longer-term weekly charts and monthly charts LTC is also looking bullish.

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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  • Eddie Zapatero

    Care in the market of cryptocurrencies, is a very difficult market to operate due to its volatility and in addition to that, it is full of subjects like Philippe Ballesio, who is posing as broker agent and what he does is swindling unsuspecting people who trust him what does it say. Philippe Ballesio: swindler!