Bitcoin is trading lower compared to Thursday. Prices fell by $23 dollars last Friday, from $407 to $384 dollars. Since then we have been moving up slowly and one coin is selling for $394 dollars right now. Litecoin had a similar few days, falling by 14 cents on Friday and recouping some of the losses in the past four days. But as usual, let’s start with big brother bitcoin first.
Bitcoin Trading Lower
The swings for everyone’s favorite crypto-currency continue. Two weeks ago prices fell by almost $100 dollars, from $443 to a low of $349.82 dollars. From here we rallied all the way to an interim high of $425.50 dollars, only to surrender most of those gains in the later part of last week. We are currently trading at $394.67 dollars. On the chart above you can see the recent swings in the BTC price.
Looking beyond the day to day fluctuations, bitcoin is still in a downtrend. To end it, the bulls will need to stage a rally above the $425.50 swing high. On the lower end there is some support at $375-$380 dollars per coin, but the first strong support level can be found near this month’s low at $350 dollars. A break of this figure could open the door to the support area near $300-$310 dollars.
On the top side, above $425 we find strong resistance at the $455 swing high. A decisive breakout above this figure could restart the BTC rally. More resistance levels above can be found at $470 and $500 dollars per coin.
Litecoin Follows Big Brother
Litecoin continues to mimic the movements seen in bitcoin to a large degree. We are currently quoted at $3.14 dollars, down by 11 cents or around 3.3 percent since last Thursday.
Litecoin is still in a downtrend as well. To threshold to its possible end stands at the Thursday swing high at $3.43 dollars per coin. But to start a new rally, the bulls will need to push LTC/USD all the way up and above $3.65 dollars.
On the downside some support can be found around $2.88-$2.89 dollars per coin. Prices bounced off this support on three separate occasions, on October 19th, November 12th and most recently, on January 16th. A decisive breakdown below this important level could open the door to more losses. More levels on the downside can be found at $2.70 and $2.50 dollars. These levels are followed by the swing high at $2.40 dollars and the strong support area near $2-$2.10 dollars per coin.