Bitcoin Stuck in Range

The price of bitcoin is still stuck in a range. We are quoted at $6,557 dollars at the moment.

Bitcoin Still Stuck in Range

As noted above bitcoin is still stuck in a range for 23 days now. The top of this range is at $6,825 dollars while the bottom is at $6,116 dollars.

On the chart above this range is clearly marked with a yellow rectangle. There will be no clear trend on the daily chart until we get a decisive breakout beyond the top or bottom. Similarly to the price action, things have been slow on the news front too.

Weak support below can be found at the $6,000 round figure followed by the last major swing low at $5,883 dollars. We have a much stronger level at this year’s low of $5,790 dollars.

The $5,700 to $6,000 area is a triple-bottom for BTC/USD. This year we already got three bounces here in February, June and August. A clearing of this area could stop-out a lot of people and thus quickly lead to a test of the $5,000 round figure.  There’s no change in trends on the longer-term charts either. Bitcoin is slightly bearish on the weeklies and slightly bullish on the monthlies.

Litecoin Back in Range

After a sizeable bounce Litecoin ended the downtrend and is now back in a range. The coin is quoted at $59.18 dollars at the moment. A breakout above $65.16 dollars is needed for a new uptrend. A move below this year’s low at $47.03 would re-start the downtrend. In the altcoin world a lot depends on what happens with big brother bitcoin, so make sure to follow price developments over there as well.

Weak support on the way down can be found at $53.09 dollars followed by the $50 round figure. The area around $50 dollars is expected to be a major battling ground between the bears and the bulls. The 2013 high for LTC/USD was at $48.40 dollars, a level that wasn’t broken until last year. This year’s low at $47.03 is another notable level. A clean break below here could lead to extended LTC losses.

Higher up there’s resistance at $65.16 dollars followed by $69.34 and $72.50 dollars. On the longer-term charts Litecoin is bearish on the weeklies and neutral on the monthlies.

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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