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.

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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.

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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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