After Sunday’s break below $480, bitcoin has been pushed back on the defensive. For the past 3 days, BTC/USD has slowly been losing ground. Prices are currently knocking on the $470 level and look poised to break lower.
The first level of support for BTC stands at $450. Below here, the round $400 figure may provide some support. But the real battle that will determine bitcoin’s medium-term trend will likely take place in the $330 to $350 area. This was the stopping point for the August 18th flash crash. Lot of traders will place their pending bid orders here in anticipation of another selloff.
On the high end, the $480 figure broken on Sunday may provide some resistance. But BTC will need to both climb and stay above $500 before we can safely call this latest down move over. Higher up, the $530 swing high may provide resistance to the bulls. And to top it all off, we have the $550 level, a triple bottom that held out bearish attacks for two and half months. This figure will likely turn into strong resistance on the way up.
Litecoin bounces off $4.66
Litecoin bounced off the $4.66 support mentioned in our previous article. Bitcoin’s silver is currently quoted at $4.84. If LTC manages to takeout $4.66, prices could quickly fall to the $4 round figure. Lower still, at $3.40 the August 18th swing low will provide some support. The notable support levels for Litecoin end with the yearly low at $3.05 reached back in June of this year.
On the top end, LTC/USD will need to break $5 to reverse its fortunes. Higher up, the area around $6 per coin will provide resistance. This area starts with the August 27th swing high at $5.89 and ends with the August 21st swing high at $6.17.
Peercoin back to painting red
Peercoin is back to painting more red. After breaking the $0.80 level on Sunday, PPC/USD fell to a low of $0.755. Since then, the losses have intensified and PPC hit a low of $0.68 yesterday. The next level of support for the altcoin stands at the August 13th swing low of $0.626. But the real hurdle for the bears with be at the $0.565 low reached on August 18th.
On the top end, Peercoin needs to climb back above $0.80 per coin to get some reprieve from the losses. A breakout above parity may lead to a short-term boost in prices.