Bitcoin, Litecoin Back in a Bear Market

Both bitcoin and litecoin are back in a bear market on the daily charts. One bitcoin is selling for $8,683 dollars right now while LTC is quoted at $147 dollars per coin.

Bitcoin Back in a Downtrend

As noted in our previous article, BTC/USD is now back in a bear market. Last week we saw a drop of over $1,000 dollars during which a low of $8,202 was hit. From here we got somewhat of a dead-cat bounce, helped by the Consensus conference.

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But with the event already underway and technicals turning bearish, speculators could start to ‘sell the news’. Weak support on the way down can be found at the $8,202 swing low, followed by the $8,000 round figure. Further down we have more support at $7,821, another notable swing low. A strong support area below can be found in the $6,420 to $6,600 dollars range. This is where we bottomed out during the last selloff. A decisive break below here could open the door for a break of this year’s low at $5,980 dollars.

On the upside there’s resistance at the $9,165 dollars, followed by a strong area of resistance around the $10,000 round figure. A clean breakout above here would both end the downtrend and start a new uptrend. On the longer-term weekly charts BTC/USD is in a range while the monthly chart is looking bullish.

Litecoin Back in a Bear Market

Litecoin continues to follow bitcoin down. The altcoin dropped $39 dollars last week, hitting a low of $130.77 at one point. We are currently quoted somewhat higher as the start of Consensus lifted crypto assets all around.

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But similarly to BTC, this move will likely not last. The daily trend for LTC/USD remains bearish. To end it the bulls will have to push us above this month’s high at $184.74 dollars. Weak support below can be found at the $133.92 and $130.70 swing lows.

Further down we have more support at the $123.50 dollars followed by the the $108.44 swing low. The low for 2018 is close to here at $105.55 dollars, some traders may choose to wait until that milestone is taken out as well. Further down the $100 round figure may also act as weak support although this level is not as strong as the $105.55 – $108.44 support area. On the longer-term weekly and monthly charts LTC/USD is still 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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