Bitcoin Higher, Litecoin Breaks Support

Bitcoin is quoted at $751 right now, $20 dollars higher compared to last Tuesday. It’s little brother isn’t doing well however, with prices down by close to 10 percent in the same timeframe. Let’s start with BTC and we’ll get back to Litecoin later in the article.

Bitcoin Higher by $20 Dollars

Everyone’s favorite crypto-currency is trading $20 dollars or 2.7 percent higher. But it hasn’t been a smooth ride this time with prices first rallying to a high of $773, only to fall back down to $743 dollars.

btcusdh4-dec6-copy

As you can see on the chart above, bitcoin is just above the previous resistance now turned support at $745. The first test traded as low as $743 but here the bulls finally managed to repel the attack. A break below here could sap the upward momentum.

Still the trend will remain in place until the bears manage to take out the $720 figure as well. And a new downtrend requires yet more work from the bears, as they will need to clear the $695 level too. On the upside, resistance can be found at $773 swing high followed by the $800 round figure. All three trends for bitcoin (short-term, medium-term and long-term) are still bullish.

Litecoin Drops by 10 Percent

The multi-month range for LTC/USD is finally over after prices plunged close to 10 percent yesterday. A low of $3.36 was hit before the bulls finally managed to stop the bleeding. We are now quoted at $3.475, 9.9 percent lower compared to one week ago.

ltcusdh4-dec6-copy

With the break of the $3.64 support Litecoin is now in a downtrend. Below the current market price weak support can be found at yesterday’s low at $3.36 dollars followed by the $3.22 swing low. Further down the $3 round figure and the $2.89 swing low are two more potential support levels.. We end the levels to the downside with the 2015 August lows near $2.50 dollars per coin.

Above current prices we have weak resistance at the $3.50 round level. Higher up, a break of this month’s high at $3.90 is needed to end the new downtrend. The trend would shift from down to up if the move continues a bit higher and takes out $3.95 as well. Above here we have resistance at the $4 round figure, $4.08 and $4.15 dollars. While the short-term trend for LTC is down, both the medium-term and long-term trends remain undecided.

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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