New Highs for Bitcoin

Another green week for bitcoin. The leading crypto-currency managed to break the previous all-time high today to hit $2791 on FXOpen. Litecoin managed to get out of its downtrend after being helped by the BTC recovery.

New Highs for Bitcoin

New highs were reached today at $2791 dollars per coin. This is a gain of $571 or over 25 percent since our last update. It seems that BTC gains are getting close parabolic again, which means either even bigger gains or another sharp correction. As a reminder, the last one took down BTC/USD by $1,026 from the highs.

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Fundamentally there isn’t much to support the new higher valuation. The network remains bogged down with high fees and disagreement between developers and miners on how to solve the problem. But a bubble lifts all boats and that seems to be the case here. The total crypto market cap has now reached 102.9 billion, with bitcoin occupying 47.5 billion of the total, or around 46 percent.

Technically, the daily trend remains up, to end it the bears need to push prices below the $1,855 level. Due to the fact that we’re near all-time highs, there are no previous resistance levels on the upside. Below current prices we have support at the $2,091 swing low followed by the $2,000 round figure. A move below the $1,700 level is needed for a new downtrend. On the long-term charts (weekly and monthly) BTC/USD remains in bullish mode.

Litecoin Back in Range

Litecoin prices are back in range after a large 100% rally from the $15 lows on May 27th. Yesterday we hit a high of $30.59 on FXOpen. The previous downtrend is now over and LTC/USD is back in range mode.

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A new cryptocurrency trading rally requires a breakout above the $34.50 level while a new downtrend could commence below $15 dollars per coin. For now, we are in ‘wait and see’ mode here. Weak resistance on the way up can be found at $30.59, followed by a stronger level at $34.50 and even stronger resistance area around the $36.25 all-time high. A breakout above here could lead to extended LTC gains.

On the way down we find support at the $20 round figure. Below here there’s the latest major swing low at $15 dollars, followed by a support area stretching from the $12.55 swing highs to the $13.33 swing lows. A clearing of this area could set us up for an attack on the $10 round level. On the longer-term charts (both weekly and monthly) Litecoin remains 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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