Bitcoin, Litecoin Gain Some Ground

Both Bitcoin and Litecoin are trading higher this week. Big brother BTC is trading up by $16 dollars or 2.1 percent. Its little brother Litecoin is quoted at $3.59 right now, 3.5 percent higher compared to last Tuesday.

Bitcoin Higher by 2.1 Percent

Like we said above, Bitcoin is up by 2.1 percent during the past seven days. The bulls managed to clear the $745 hurdle and head higher again. Yesterday prices hit a new yearly high of $774.99 on FXOpen/BTC-E. From here we drifted somewhat lower and we’re currently trading at $767 dollars.

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The uptrend is still in place for BTC/USD. To end it the bears will have to make a decisive break below the previous resistance now turned support at $745 dollars per coin. A move below $740 will be needed to achieve this. The $723 swing low is the new threshold for starting a downtrend. A clean break below here could shift the trend from up to down. Lower still we find potential support at $715, closely followed by the $700 round figure.

It’s harder to pinpoint notable resistance levels to the upside because, like we said above, we’re trading near multi-year highs. Yesterday’s high near $775 is weak resistance, followed by stronger levels at the $800 and $850 round figures. All three trends for bitcoin (short-term, medium-term and long-term) remain bullish.

Litecoin Retraces From Crash Lows

Litecoin retraces from the crash lows hit last week. We’re now quoted at $3.59, higher by 12 cents or 3.5 percent compared to last Tuesday. Measuring from last week’s low the total recovery is 23 cents or 6.8 percent.

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However, despite these gains, LTC/USD is still in a downtrend on the short-term charts. To end it the bears will have to continue the up-move beyond $3.90. A break above $3.95 would shift the trend to the upside. Notable resistance above here can be found at the $4 round figure, $4.08 and $4.15 dollars. While the short-term trend for LTC is down, both the medium-term and long-term trends are still undecided.

On the other end, we have the crash lows at $3.36 dollars as potential support. This level is followed by the $3.22 swing low, an eight-month low for LTC. Lower still we have more support at the $3 round figure and the $2.89 swing low. We end the levels to the downside with the 2015 August lows near $2.50 dollars per coin.

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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