Bitcoin, Litecoin Back in Bull Market

Both bitcoin and litecoin are back in a bull market. Bitcoin is quoted at $9,354 dollars right now, a gain of almost 6 percent since our last update. Litecoin is trading higher as well, quoted at $161 dollars at the moment.

Bitcoin Rally Continues

The rally in BTC/USD continues with more gains during the past few days. As noted previously, with the break above the $8,425 dollars swing high we’re back in a bull market on the daily charts.

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There’s weak resistance higher up at $9,887 dollars followed by a stronger level at the $10,000 round figure, an important psychological barrier. This is followed by more resistance at $10,680, $11,000 and $11,769 dollars. Fundamentally no major news have been released to trigger the current bull market in cryptos. The several smaller news events have been both bullish and bearish for the price.

The current rally may end if we get a decisive break below the $7,821 swing low. A new bearish trend needs a break of the support around the $6,420 swing low. A clearing of this strong support area would open the way for a break of this year’s low at $5,980 dollars per coin. On the longer-term weekly charts BTC/USD is range-bound but the monthly charts are keeping the bullish bias.

Litecoin Joins the Bull Trend

With the break above the swing high at $140.12 dollars, LTC/USD entered a new bullish trend on the dailies. With prices at $161 dollars are already a fair amount above this level. This is a gain of close to 19% in a week and a gain of 15 percent when measured from the breakout level. Resistance higher up can be found at the swing highs of $169 and $174.22 dollars. A breakout above here could open the door to the $200 round figure.

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On the lower end there’s strong support around the $108.44 swing low. But due to the proximity some may choose to also wait for a break of the yearly low at $105.55 dollars . Further down the $100 round figure may also act as support to falling prices but it probably won’t be as difficult as the two above mentioned support levels. On the longer-term weekly and monthly charts Litecoin is still looking bullish.

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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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