Bitcoin Hits Multi-Year Highs

Bitcoin hit a new multi-year high across all exchanges during the past seven days. Litecoin on the other hand stayed remarkably stable. One coin is selling for $3.60 right now, very close to the $3.594 price recorded in our last article.

Bitcoin Hits Multi-Year Highs

Everyone’s favorite crypto-currency continues to chug along. The gains have been slow but steady, with BTC/USD rallying from $767 to a high of $783.60 before retracing somewhat. We are currently quoted at $778.80 dollars per coin, not far from multi-year highs.

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The uptrend is still in place. To end it, the bears will have to push bitcoin back below the $750 figure.Below here we have our first notable level at the previous resistance now turned support at $745 per coin.  A new downtrend will require a decisive break of the $723.81 swing low. Lower still we find more support at $715, closely followed by the $700 round figure.

On the upside, the new high at $783.60 may act as weak resistance. But most other exchanges topped out around $795-$800 dollars. The area around the $800 round figure seems to be strong resistance. A breakout above it could lead to more gains. All three trends for bitcoin (short-term, medium-term and long-term) are still bullish.

Litecoin Trades Flat

Litecoin can’t seem to get out of its range-bound funk. Prices stayed mostly flat during last week. The altcoin moved between a high of $3.65 and a low of $3.53, a range of only 12 cents or 3.3 percent. This is very low for seven days of trading in the crypto-currency arena.

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Litecoin is still technically in a downtrend. However the momentum lower has been completely lost. To regain it, the bears need to break the $3.50 round figure. We have our first potential support below here at the crash lows of $3.36. This level is followed by the eight-month low at $3.22 and the $3 round figure. Lower still we have more levels at the $2.89 swing low and $2.50 dollars per coin.

To end the current weak downtrend the bulls need a decisive breakout above the $3.68 swing high. A new uptrend requires a break above $3.90 as well. Slightly higher we find another potential resistance at $3.93 dollars. This level is closely followed by the $4 round figure, $4.08 and $4.15 dollars. The short-term trend for Litecoin is down but the medium-term and long-term trends 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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