Bitcoin Up, Litecoin Down

A mixed picture for the two cryptos we cover on Tuesdays. While Bitcoin continued to make gains and ended its downtrend, LTC lost some ground this week.

Bitcoin Downtrend Over

The short-lived bitcoin downtrend is over. Prices broke above the important $4,103 swing high last Wednesday. It’s currently quoted at $4,257 dollars per coin, a gain of $327 dollars or just over 8 percent.

btcusddaily-oct3-copy

We are now trading in a large range on the daily charts. The bulls need to clear the $4,500 round figure before a new uptrend can commence. Aside from the round figure, around here we find two previous swing highs at $4,482 and recently at $4,476. A decisive breakout above $4,500 could open the door to a retest of the $5,000 round figure. The all-time high on FXOpen stands at $4,960 with other major exchanges peaking closer to the $5,000 level. A break of this important round level could lead to stronger gains.

On the lower end, the bears need a break below the $2,970 swing low. A move below here would technically restart the downtrend. Support higher up can be found in the $3,500 – $3,510 area, followed by the $4,000 round figure. The large gap between the two key levels ($2,970 and $4,500) shows just how volatile things have been recently. Due to this, it’s recommended that traders utilize smaller than usual trade sizes. While range-bound on the daily, BTC/USD is still looking bullish on the weekly and monthly charts.

Litecoin Slightly Down

Despite the gains in BTC, Litecoin traded slightly down this week. We’re currently quoted at $51.55 dollars per coin, down by $1.16 since last Tuesday. In percentage terms, this is 2.2%.

ltcusddaily-oct3-copy

While LTC/USD briefly peaked above the $57.28 swing high, the move higher ended at $57.32. This means that the downtrend is still in place. As usual with these levels, we’re looking for a decisive breakout, not just a quick and shallow spike.

The double top at $57.28 – $57.32 is now the now key level to watch. A breakout above here would end the bear market on the daily charts. A move higher up above $63 dollars would start a new rally in prices.

We have potential support on the way down at the $50 round figure, followed by the $44.47 and $40.74 swing lows. A break below the $40 round figure could open the door to the crash lows at $32.35 dollars. On the weekly charts, LTC/USD is still in range. The monthly chart is looking bullish.

Bitcoin forex trading on Crypto accounts with FXOpen broker.

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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