Bitcoin, Litecoin Back in Bull Market

FXOpen

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.

btcusddaily-apr24-copy

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.

ltcusddaily-apr24-copy

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.

Open bitcoin trading demo account with FXOpen.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.

*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules respectively. They are not available for trading by Retail clients.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Cryptocurrencies

BTC/USD Analysis: Bears Have Become More Active Near the $70,000 Level Today Is an Ethereum Update. ETH/USD Is Above $4,000 After Updating the Historical High, the Price of Bitcoin Collapsed by 14% BTC/USD Price Exceeds $60,000 Per Coin Bitcoin Price Risks Not Staying above $50k

Latest articles

Forex Analysis

US Dollar Shows Record Weekly Gain Since Mid-January

The US dollar strengthened on Friday ahead of a series of highly anticipated central bank meetings next week, including the US Federal Reserve. The dollar rose 1.3% for the week, its biggest gain since mid-January, after a mixed batch

Shares

Tesla Stock Hits a Low Point as Musk Sues Openai - Is This Year a Total Write-Off?

Occasionally during the course of industrial progress, there is a maverick; a voice that is known for continual disruption and maintaining a high-profile position whilst engaging in such disruption. The figure of this decade is Elon Musk, a self-starter whose

Trader’s Tools

Analytical Forecasts: How Much AAPL Stock May Cost in the Next 10 Years

In today’s tech landscape, Apple Inc. has consistently been at the forefront, shaping the future with its innovative products and services. As investors and enthusiasts alike ponder the future value of Apple stock, particularly looking ahead to the next

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65.68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.