Bitcoin, Litecoin Enter Bullish Territory

After a slow but consistent rally during the past two weeks, both bitcoin and litecoin are now back in bullish territory.

Bitcoin Enters Bullish Territory

Bitcoin is quoted at $7,365 dollars right now, up by $1,060 dollars compared to two weeks ago. Back then one coin was selling for $6,305 dollars. In percentage terms this is a gain of close to 17 percent. The gains seem to be mostly a technical affair, as there were no major positive news during the past few weeks.

The trend on the daily charts has now switched to bullish. A break below $6,570 dollars is needed to end it. A move beyond the $6,000 round figure could re-awaken the bear. More support on the way down can be seen at $7,155, $7,046, $6,864 and $6,800 dollars per coin. A move below $5,700 could easily lead to a test of the $5,000 price level.

Higher up there’s resistance in the $7,700 to $7,800 area, followed by the $8,000 round figure. The area around the top of the last rally at $8,468 dollars is another potential resistance. The weekly chart for BTC/USD is still bearish. The monthly chart barely held on to the bullish bias.

Litecoin Up 25 Percent

Similarly to big brother, LTC underwent a slow but steady rally during the past two weeks. The coin is up by $13.68 dollars or 25 percent during this timeframe.

A break below $55.58 dollars is needed to end the current bullish run. A move below $53.09 dollars could start another bear run. Further down we have more support at the $50 round figure and the recent swing low at $49.10 dollars. The 2013 high at $48.40 dollars is another notable price level. That high wasn’t broken until July of 2017. Due to the cluster of strong support levels at $50, $49.10 and $48.40, conservative bears may wait and see if this area is cleared before jumping in.

Higher up we have resistance at $72.50 followed by $79.57 and $90.40 dollars. The in-between round levels of $80 and $90 could also act as temporary resistance. The top of the last mini-bull trend at $94.34 is an important resistance. A breakout above here could lead to a quick test of the $100 round figure. On the longer-term charts the picture is unchanged, we’re bearish on the weeklies but slightly bullish on the monthlies.

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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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