Litecoin Rally Intact, Bitcoin Stuck

The rally in Litecoin prices continues unabated. In the past seven days since our last update, LTC/USD rallied 15 cents or just under 10 percent. Meanwhile big brother bitcoin has been stuck in a quagmire after the break lower didn’t go anywhere.

Bitcoin Claws Back Losses

Bitcoin managed to claw back most of the losses accrued last week. This wasn’t much of a feet, considering that the virtual currency only lost $7.77  dollars after the break of $230. We are currently quoted at $227.99, after yesterday’s bounce at the $230 mark.

BTCUSDDaily-june9

What’s next for bitcoin? The downtrend is still technically in place until the bulls push prices above $240 dollars per coin. But the momentum on the downside has been lost. To rejuvenate the move lower, the bears will need to take out the $222 swing low. Further down, we have important support in the form of a double bottom formation at $210. This level is closely followed by the round $200 figure.

On the higher end, while a break above $240 would end the downtrend, a move past $250 is needed for a sustainable rally. Important levels above here include $270 and $300. In between these we have the April 6th swing high at $258 but this will likely be weak resistance. As we’ve noted numerous times in the past, the round $300 figure will be very important. This level stopped 2 previous bitcoin rallies and will likely be a major hurdle for the bulls. A breakout above it should accelerate the gains.

Litecoin Rally Intact

The LTC rally is intact. Last week prices got close to taking out the important support at $1.60 but they didn’t quite manage to clear the area. The brief dip below the level was quickly bought up by the bulls. In sharp contrast, this week saw the resumption of the rally with prices up close to 10 percent.

LTCUSDDaily-june9

We are currently quoted at $1.789, right below the $1.80 resistance level. In the past 24 hours this figure has been tested twice already. A break above it could open the door towards the May 22nd spike high at $1.93. Higher up, we have an important resistance area stretching from $2 to $2.05. If the bulls manage to clear it, LTC/USD may pick up the pace of the gains. On the lower end, a break below the $1.578 swing low will end the uptrend.

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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