Bitcoin Range Continues, Litecoin Flat

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.

btcusddaily-jan2-copy

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.

ltcusddaily-jan2-copy

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.

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 1 3225