Both bitcoin and litecoin made new all-time highs since our last update. Big brother peaked out at $4,637 dollars per coin while LTC/USD hit a high of $64.84.
Bitcoin Hits New All-Time High
The bull run in BTC/USD continues. After a period of consolidation prices hit a new all-time high today. There was no news catalyst for the most recent gains, so it appears to be a continuation of the segwit pump.
We’re currently quoted only $42 below the highs at $4,595 dollars. The uptrend started last month is still in force. Some support below here can be found at the previous highs in the $4,450 – $4,500 area. This is followed by more support at the $4,000 round figure. To end the current rally the bears will have to break below the $3,600 swing low. A move below $3,282 is needed for a new BTC downtrend.
Because we are near all-time highs, there are no notable resistance levels except the round figures like $4,800, $4,900, $5,000 etc. Out of these $5,000 should act as stronger resistance. On the longer-term weekly and monthly charts, bitcoin is in an uptrend as well.
Litecoin Finally Breaks Out
Litecoin prices finally broke out of a prolonged range. The key $52 dollars level was taken out last Wednesday. Then we got a some stalling in the $50 area before finally proceeding higher. We are currently quoted at $62.81 dollars per coin, a gain of $16.8 or 36.5 percent compared to our update one week ago.
We are now in ‘rally mode’ again. Support below current prices can be found at the previous all-time high of $53.84 followed by the $49 – $52 dollars area. While a breakdown below here should be a cause for worry to the bulls, the uptrend will technically remain in place until the $44.50 swing low is taken out as well.
Similarly to BTC/USD, because we’re near all-time highs there are no previous levels to the upside. The only levels to note are the round figures like $63, $64, $65, $70, $100 etc. Out of these potential resistance figures the most important would be $100, followed by $70 then by $65. You get the idea. Of course this is not a guarantee that price wont randomly stop in between these levels, as it often does. On the long-term weekly and monthly charts LTC/USD remains in the bullish trend started in March of this year.
Try FXOpen crypto account for bitcoin trading