New Highs for BTC, Litecoin Breaks Out

Share news

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.

btcusddaily-nov21-copy

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.

ltcusdh4-nov21-copy

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.

Open your btc forex account with FXOpen broker.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.