Another good week for crypto-currencies. Bitcoin is continuing its climb higher, now in its fifth week with sizeable gains. Litecoin prices have gone parabolic, up from $99 last Tuesday to $301 dollars today.
Bitcoin Continues Bullish Trend
The bullish trend that started last month is still in play for bitcoin. Yesterday we hit a high of $17,547 dollars per coin, up from $11,712 last week. This is a gain of $5,835 dollars or just under 50 percent. We are currently quoted at $16,473 dollars. If prices close above $14,350 this Sunday, it would be the fifth green week in a row with large gains.
To end the current uptrend the bears will have to stage a decisive break of the $10,000 round figure. A new downtrend requires a move below the support area around $7,874 dollars per coin. Above the important $10,000 round figure support can be found at $10,279 swing low and the swings highs at $11,427 and $11,831 dollars. These are followed by more support at the $12,711 swing low and the $15,000 round figure.
Considering that we’re trading only few percent below all-time highs, there’s not much in terms of resistance above current prices. The all-time high at $17,547 is a notable level as are the $18,000 and $19,000 round figures but these may not provide much resistance. A stronger level can be found at the $20,000 round figure where some market participants may take profit. On the long-term weekly and monthly charts BTC/USD is still looking bullish.
The news cycle has benefited bitcoin. The first futures on traditional markets launched on Sunday at the CBOE. You can follow a delayed price feed for the January contract. Currently, they are trading at $16,870 dollars, a relatively small premium to spot prices. Premiums swung widely since launch, however, nearing $1,500-$2,000 dollars at times.
Litecoin Prices Skyrocket
Litecoin prices have gone parabolic, rallying from $99 dollars to a high of $347.50 in less then six days. The altcoin is currently quoted at $301 dollars.
The near one-month-long uptrend continues. To end it the bears have to push LTC/USD back below the $100 round figure. A new downtrend may commence on a break of the $73 dollars swing low. Some (likely weak) support can be found at the $150, $200 and $300 round figures. We have somewhat stronger support at the $267.67 swing low. The all-time high at $347.50 may act as resistance, backed up by the $350 round figure. Similarly to BTC/USD, litecoin is also bullish on the long-term weekly and monthly charts.
Try Bitcoin MT4 trading with FXOpen broker