Bitcoin Flatlines, Litecoin Still in Range

It’s been eight uneventful days for Bitcoin. After the surge on October 10th, BTC/USD stayed basically flat. It’s little brother Litecoin isn’t doing much better either. Prices here have been stuck in a range for the past few weeks.

Bitcoin Flatlines Above $630

Bitcoin hasn’t made much progress during the past week. We are currently quoted at $634.10, somewhat under the $642 Monday. The uptrend for BTC is still in place.

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The bulls will have to make a move soon or the lack of momentum may sink prices. A decisive break of the $610 figure would end the current trend. But a move below $598 is needed to begin a new downtrend.

Weak support can be found bit lower at $590. Below here we have an area of support that starts with the $566 swing low and is followed by $556 and $550 per coin. A decisive break below $550 could lead to more losses.

Above current price we have weak resistance at last week’s high of $642. But a stronger level is the $650 round figure. This is followed by more resistance at $670 and $687. We end the near resistance levels with another round figure at $700 per coin. As noted last week, all three trends for bitcoin are now pointing upward.

Litecoin Stuck in a Range

Alternative crypto-currency Litecoin is still stuck in range. Last Wednesday the bulls tried to make a run for it. Prices rallied as high as $3.92 but the move quickly fizzled out with the hourly candle closing below the $3.90 level. Thus we didn’t get a decisive break above the figure but a brief spike that was later retraced.

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We’re now trading at $3.81 dollars per coin. A break below $3.76 may start a new trend lower. Close to here we have important support at the $3.69 swing low. This is followed by a support area from $3.50-$3.53. A clearing of this area could extend the LTC losses toward $3.22 dollars.

On the other end, a break above $3.93 could start a new uptrend for Litecoin. For extra conviction, look for a break of the $4 round figure as well. Above here we find resistance at the $4.07 swing high, followed by $4.15 and a resistance area from $4.43 to $4.52 per coin. Unlike BTC, all three trends for Litecoin (short-term, medium-term and long-term) are neutral.

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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