More Losses for BTC and LTC

Since our update last week both BTC and LTC continue to lose ground. One bitcoin is selling for $7,482 dollars compared to $8,290 last Tuesday. Meanwhile one LTC is quoted at $117 versus $133 dollars back then.

Bitcoin Down by 10 Percent

Bitcoin prices are trading lower by 10 percent. Most of the losses transpired on May 23rd when we dropped from $8,102 to 7,580 dollars per coin. Since then we’re stayed mostly flat.

btcusddaily-may31-copy

While the momentum to the downside has decreased a bit, the overall down trend remains in force. To end it the bulls will have to push us above the $8,590 swing high. A breakout above $9,100 is needed for a new uptrend. Higher up there’s strong resistance around the $10,000 round figure. This is where the last large rally stopped ($9,987 to be exact). A breakout above the $10,000 mark could lead to more gains.

On the lower end there’s a large area of support starting from this week’s low at $7,046 to the April lows at $6,420 dollars. A clearing of this support area should give us enough momentum to take out this year’s low at $5,980 dollars per coin. On the weekly charts BTC/USD is range-bound. Prices are still looking bullish on the monthly charts. But like we’ve said before, the changes in the monthly charts take a long time to transpire.

More Losses for Litecoin

Similarly to BTC, litecoin saw more losses since last Tuesday. The altcoin is down by $16 dollars or 12 percent. We are currently trading at $117.88 dollars per coin.

ltcusddaily-may31-copy

While no large moves have been seen during the past few days, the trend is still down. To end it we need a breakout above the $140.62 swing high. A move beyond $160 dollars is needed for a new uptrend.

On the lower end there’s a large area of strong support, starting from the $109.28 low hit on Tuesday and ending with the low for 2018 at $105.55 dollars. Notice how the situation here looks very similar to what’s going on with BTC/USD. Both coins are sitting on top of a large support area, a break of which could lead to extended losses below. On the longer-term weekly and monthly charts LTC/USD is still in an 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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