Bitcoin Little Changed, Litecoin Tests $1.66

Bitcoin is little changed since our last update on Thursday. The virtual currency ended the rally last week and it’s been trading in a range between $250 and $266 for the past five days. Litecoin on the other hand, never had its rally. The altcoin tested the low of its range at $1.66 but failed to break lower.

Bitcoin Traders Wait for Next Move

Bitcoin prices have been stuck trading aimlessly up and down during the past few days as traders are waiting for the next big move. The winding down of the rally took out any momentum from the moves.

BTCUSDDaily-mar24

The important levels for bitcoin are $300 on the high end and $243 on the low end. Due to the closeness of $243, a break lower is more likely. In case this occurs, notable support below here can be found at $225 and $208. This is followed by weak support at the round $200 figure. On the top, the key figure is still $300. A breakout above here could spark a new rally in BTC prices. Notable resistance levels include $334 and $350. As we can see on the chart above, the $300 resistance stopped three previous BTC rallies. This not only demonstrates its importance but also shows that if we break the level, we may get a sizable move higher.

Litecoin Bounces Off $1.66

Alternative cryptocurrency Litecoin bounced off the low of its range on Thursday. The crypto was unable to decisively break the high of its congestion area so it didn’t participate in the latest bitcoin rally. This means that LTC/USD has been effectively trading in range for almost two months now.

LTCUSDDaily-mar24

The important levels remains at $1.66 and $2.05. A clearing of the range’s low may spark a downtrend in prices. Important support levels below here include $1.50 and $1.05. On the high end, LTC will need to decisively break above $2 dollars to generate a new rally. A move above $2.05 should accomplish the same goal. As usual, whenever trading Litecoin you should keep one eye on bitcoin. While altcoins largely didn’t participate in the latest BTC rally, once bitcoin prices reversed they were quick to join the downtrend. For example, since the BTC peak on March 10th, prices fell $44 dollars or 14.7%. Litecoin fell by a comparable amount of 15.6 percent. The bitcoin knock-on effect is still there.

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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