Another week of red for the crypto-currency market. Bitcoin prices are nearing the lows set early this year. Litecoin barreled through the $100 mark and is currently quoted at $93 dollars per coin.
Bitcoin Nears Yearly Lows
Bitcoin hit a low of $6,129 earlier in the day, only $149 dollars away from the 2018 low at $5,980. The strong support around the $6,400 level seems to be cleared now although a short-term dead-cat bounce is not out of the question. We are currently quoted at $6,315 dollars.
The trend on the daily chart remains down. To end it we need a breakout above the $7,775 swing high. A move above here would also start a new rally in prices. 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. This is where the last major push up died. A clear break above could lead to further gains.
On the downside, there’s weak support around the 2018 low at $5,980 dollars. A stronger level of support is the $5,000 round figure. A decisive breakdown below it would exacerbate the losses. On the longer-term charts, the picture is unchanged. We are still range-bound on the weeklies and bullish on the monthlies. But as noted many times before, these timeframes take a long time to turn.
Litecoin Breaks the $100 Mark
Litecoin decisively broke the important support around $105 dollars yesterday. This was the 2018 low for LTC/USD. Today we broke below the $100 round figure too, bottoming out at $89.04 dollars. We are trading at $93 dollars at the moment.
Similarly to big brother, LTC is in a downtrend, too. To end it, we need a break above the most recent swing high at $128.80 dollars. A move above here would also start a new uptrend. Resistance higher up can be found around the round figures of $140 and $150 dollars, followed by the $152.80 swing high.
On the lower end, the first major support level that can be seen on the charts is around the $70 dollars mark. Further down the 2013 high at $48.40 dollars together with the $50 round figure form the next area of notable support. Of course, this doesn’t mean that prices can’t stop/stall before we hit $70 or $50 dollars. With the break to new yearly lows, the weekly trend in LTC/USD shifted from up to down. The monthly charts are keeping the bullish bias.
MT4 Bitcoin trading on FXOpen Crypto accounts.