Bitcoin, Litecoin Back in Downtrends

Both Bitcoin and Litecoin are back in a downtrend after recent losses. Since our last update, BTC/USD declined by over $2,000 and is currently quoted at $8,290 dollars per coin. Litecoin is down by $30 dollars to $165 dollars.

Bitcoin Falls Over 20 Percent

Bitcoin has lost over 20 percent of its value during the last ten days. With the break below the $9,211 level, BTC re-entered a bear market on the daily charts. After that breakdown, we saw a substantial decline to $7,656 dollars yesterday. Since then prices bounced back a bit but this seems to be a dead-cat rally.

btcusddaily-mar15-copy

A breakout above $11,769 dollars is needed to end the current downtrend. A move above here would also turn the trend from down to up. Support on the way down can be found at $7,656 (weak) followed by the $7,536 swing low. Last month’s low at $5,980 is another notable support level. A break below here could lead to more losses. On the weekly charts, BTC/USD is range-bound. The monthlies are still keeping the bullish bias. But as we’ve said previously, an eventual change of trend on this time-frame could take many months.

Litecoin Falls by $30 Dollars

Litecoin fell by $30 dollars since our last update. Back then the altcoin was quoted at $195 dollars while currently prices are trading around $165 dollars.

ltcusddaily-mar15-copy

With the break below $180.85 dollars, LTC joined bitcoin in the downtrend. During the crypto sell-off yesterday a low of exactly $150 dollars was hit on FXOpen. From here a bounce transpired that took litecoin to a high of $166.24 dollars. We are currently quoted slightly below the highs at $164.54 dollars.

The altcoin will remain in a downtrend until the $231.16 swing high is taken out. A new rally requires a break of the $251.76 swing high as well. Below here we have weak resistance at $196.22 and the $200 round figure.  Stronger levels can be found at the $250 round figure followed by last month’s high at $251.76 dollars per coin. A clean breakout above here could lead to more gains. Further up we have the $300 round figure and the all-time high at $370 dollars as another notable resistance level.

On the lower end, there’s strong support at $150 dollars. This is yesterday’s low as well as an important round figure for LTC/USD. A break below here could lead to more losses. On the longer-term weekly and monthly charts litecoin is looking slightly bullish.

Open a live Crypto bitcoin account and start cryptocurrency trading with FXOpen.

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.

More Posts

By with No Comments 0 1672