Bitcoin, Litecoin Slightly Higher

Both bitcoin and litecoin are trading slightly higher since our last update. Bitcoin is quoted at $7,617 dollars compared to $7,482 back then, a gain of just under 2 percent. Litecoin is trading at $120 dollars right now, up by $3 dollars.

Bitcoin Slightly Higher

Bitcoin has advanced higher by almost 2 percent in a low volatility environment. The high during the past seven days was at $7,775 and the low at $7,270 dollars, a range of $505 dollars or close to 7 percent. This is very low compared to recent price movements. For example the 14 week ATR (Average True Range) is around $1,500 while the 5 week ATR is at almost $1,000 dollars.

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Today we got close to the low from last Wednesday after bitcoin exchange Bitfinex went down. Prices quickly bounced back after the site relaunched. Markets are rightly worried about a Bitfinex outage, back in August of 2016 the exchange said that it lost 120,000 bitcoins to a hack. 

On the technical side things haven’t changed much, which is to be expected during low volatility. We are still in a downtrend on the daily charts. A breakout above the $7,775 swing high is needed to end the bearish trend. A move above the $8,590 swing high is needed for a new rally. A breakout above the $10,000 round figure could accelerate the gains.

On the lower end there’s a large area of support starting from last week’s low at $7,046 to the lows set back in April at $6,420 dollars. A clearing of this area should give us enough momentum to take out the 2018 low at $5,980 dollars per coin. On the weekly charts BTC/USD is range-bound. Prices are still looking bullish on the monthly charts.

Litecoin up by $3 Dollars

Litecoin is trading higher by $3 , from $117 to $120 dollars per coin. Similarly to BTC/USD here too we remain in a bear market on the dailies. A breakout above the $128.80 swing high is needed to end it. A move beyond $140.62 dollars could re-start the uptrend.

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On the lower end there’s a large area of support, starting from the $109.28 low hit last Tuesday and ending with the low for the year at $105.55 dollars. A break of this strong support area could lead to extended losses below. The psychological $100 round figure could also act as temporary support but its not as important as $105.55. On the longer-term weekly and monthly charts LTC/USD is still in an uptrend.

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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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