Bitcoin, Litecoin Float Over Yearly Lows

Both bitcoin and litecoin are trading only a few percentage points above the 2018 lows. Bitcoin is quoted at $6,075 dollars right now, down by $625 dollars or 9.3 percent. Litecoin is trading at $77.31 dollars, down by $20 and almost 21% in percentage terms.

Bitcoin Floats Above 2018 Lows

Bitcoin hit a new yearly low of $5,766 on Sunday but we got a fairly quick rebound from here. In the next few days the dead-cat bounce took us to $6,326 dollars but as you can see on the chart below a lot of those gains have since faded.

btcusddaily-june27-copy

We are still in a downtrend on the daily charts. To end it we need a breakout above $6,840 dollars per coin. A new rally, however, requires a break of the $7,775 resistance as well. Higher up there’s more resistance at $8,590 and 8,880 dollars per coin. The $10,000 round figure is another notable resistance level.

On the lower end, there’s weak support around the new 2018 low at $5,766 dollars. A much stronger level is the $5,000 round figure. Besides being a major round level, $5,000 was also a former swing high that stalled the 2017 bubble by one month. It’s unlikely that this support level will be decisively broken on the first try. When and if $5,000 breaks, however, the losses could intensify.

On the longer-term charts, the picture is mixed. The weekly charts have now moved in a downtrend. The monthlies are keeping the bullish bias.

Litecoin Down by 21 Percent

Litecoin had a dramatic drop since last Tuesday. The altcoin is down by $20 to $77.31 dollars, a decline of close to 21 percent.

ltcusdh4-june27-copy

Similarly to BTC/USD, here too we are in a downtrend. To end it a breakout above the $101.49 swing high is needed. A move beyond $124 dollars could start a new rally in prices. Resistance higher up can be found at $128.80 dollars, followed by the round figures of $140 and $150 dollars. Higher still we have the $152.80 swing high as another notable resistance.

On the lower end, there’s some support stretching from $70 to $73 dollars. The latter figure is the 2018 low for LTC/USD. Below this area of support, the next major level is around $50 dollars. Here we have the 2013 high at $48.40 dollars coupled with the $50 round figure. On the longer-term charts, litecoin is bearish on the weeklies but bullish on the monthly charts.

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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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