The range in BTC/USD continued during the past week. This wasn’t much of a surprise considering that the period included the Christmas and New Year Holidays. Litecoin is trading little changed, currently quoted at $257 from $263 dollars last week.
Bitcoin Range Continues
After ending the rally on December 22nd bitcoin remained in a range. The top of this range is at $19,850 all-time high while the low is at the latest major swing low of $10,680. A break beyond either of these price extremes could usher in the new trend. For now we remain in ‘wait and see’ mode.
On the upside, we have weak resistance at the $15,000 round figure, followed by the latest swing high at $16,470 dollars. Higher still we have two weaker levels at the former swing highs of $17,147 and $17,547 dollars. A major resistance area can be found near the all-time high at $19,850 extending to the $20,000 round figure. A decisive breakout above this important milestone should lead to a new bullish trend on the daily chart.
Support on the way down can be found at $12,711 followed by $11,591 dollars. As noted above the $10,680 swing low is a potential downtrend starter. Further down we have the $10,000 round figure, which may act as support to falling prices. On the longer-term weekly and monthly charts, BTC remains in an uptrend.
Yesterday’s Gemini auction had a volume of only 0.07 BTC, signalling that most of the market checked out for the holidays. As market participants slowly return from the festivities we should see a pick up of volume and hopefully some directional moves.
Litecoin Trading Flat
Litecoin is trading mostly flat as well. It’s currently quoted at $257 dollars, down from $263 dollars during our last update. This is a drop of 2.2 percent, a negligible amount for a crypto-currency.
Unlike bitcoin, LTC/USD remains in an uptrend on the daily. To end it the bears will have to push prices below the latest swing low at $194 dollars. Slightly above here we have more support at the $200 round figure and the $245 level.
Resistance can be found at the $300 round figure, followed by the $347.50 swing high and $350 dollars. Naturally the all-time high at $370 dollars is another potential resistance. A breakout above it may accelerate the gains. Similarly to BTC, on the longer-term weekly and monthly charts LTC is looking bullish.