Bitcoin, Litecoin Wait for Direction

Both bitcoin and litecoin have stayed ranged-bound since their uptrends ended last week. Bitcoin has been moving in a relatively tight range between $408 and $422 dollars. The crypto is currently quoted at $415 dollars per coin, only 1.2 percent higher since last Tuesday. Litecoin moved between $3.20 and $3.36 dollars and is quoted at $3.28 right now.

Bitcoin Waits for Direction

After the end of its rally last week, BTC/USD has traded undecided. Like we said above, since last Tuesday we traded between $408 and $422. But during the past four days we saw this range narrow further to only $10 dollars. With ranges you can never be sure when prices will break out, but it pays to be prepared so let’s take a look at some levels.

BTCUSDH4-mar15

On the upside, a re-start of the uptrend required a decisive breakout above the $440 dollars level. Not far from here we find more resistance at $450 and $470 dollars per coin. A clearing of both of these levels would open the door to the round $500 dollars figure. This was the highest high reached last year on most BTC exchanges.

On the lower end, weak support can be found at $400 dollars round level. But to start a new downtrend, the bears will have to push prices below this month’s lows at $393 dollars per coin. Support levels below here include $374 and $350 dollars.

Litecoin Up by 2.5 Percent

Alternative cryptocurrency Litecoin is up by 2.5 percent since last Tuesday. Prices are trading at $3.28 right now, 8 cents higher on the week.

LTCUSDH4-mar15

Just like big brother, Litecoin is range-bound as well. To break this deadlock, the bulls will have to break $3.50 on the upside. Above here we find more resistance at the $3.65 dollars swing high, followed by $3.82 dollars. This is followed by the two round figures at $4.00 and $4.50 dollars. At $4.85 dollars we find the highest point for LTC/USD during bitcoin’s rally last November, followed by another round figure at $5 dollars. To top it all off, at $8.64 dollars we have last year’s high for LTC/USD.

On the other end, this month’s low at $3.12 dollars level may be key. A decisive breakdown below here could start a new LTC trend lower. Further down we have support at the round $3 level, followed by a strong support area around $2.89/$2.90 dollars. Prices bottomed out here on two separate occasions, in the aftermath of the November rally and back in January of this year. A clearing of this area may lead to more LTC losses towards $2.70 and $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.

More Posts

By with No Comments 0

Related Posts

No posts were found for display