New Highs for BTC, Litecoin Breaks Out

It’s been a good week for both bitcoin and litecoin with both cryptos making nice gains. Bitcoin hit new highs today and LTC/USD broke out to the upside.

Bitcoin Hits $8,347 Dollars

Bitcoin hit a new all-time high of $8,347 dollars today. We are currently trading a bit below the highs at $8,320 dollars per coin. Earlier in the day there was a large dip to $7,769 dollars on news about Tether being hacked. The company issued a post (later removed) in which they say that they will do a software update to prevent the stolen tethers from ‘entering the ecosystem’. This helped to calm market fears and prices were soon trading at all-time highs again.

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Tethers are a digital currency used on many crypto exchanges, so it’s not a surprise to see a large fall in BTC/USD (and LTC/USD) on this news. Some market observers following the creating/redemption of Tethers say that there is a clear connection with the price of bitcoin.

Back to the charts! With the break of the $7,887 level BTC is back in an uptrend on the daily charts. To end it the bears will have to push bitcoin below the $5,426 swing low. A decisive breakdown below here would shift the current trend from up to down. On the longer-term weekly and monthly charts BTC/USD is still looking bullish.

Litecoin Finally Breaks Out

Litecoin finally managed to stage a successful breakout. After last week’s failed push higher the bulls gave it another try and this time they made it. We got a clean breakout above the new swing high at $66.69 dollars per coin, thereby starting a new uptrend on the dailies.

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In the aftermath of the tether hack news a low of $67.51 was hit, almost re-testing the breakout point. But similarly to BTC/USD here too the lows were quickly bought up. We are currently quoted at $71.60, only $1.68 dollars from the most recent highs. Resistance higher up can be found at $73.28 followed by the $82.91 swing high and the all-time high at $93.60. The $100 round figure is another notable resistance level.

On the lower end the bears need a break below $55.58 dollars to end the current uptrend. A move below $49 dollars could start a new downtrend. No change on the long-term charts for LTC/USD. The weekly is still range-bound while the monthly is in rally mode.

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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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