Bitcoin Breaks Out, Litecoin Fails at Resistance

The two major crypto-currencies Bitcoin and Litecoin clocked some nice gains this week. Bitcoin is up by $26 dollars or 4.5 percent compared to last Tuesday. Meanwhile its little brother Litecoin is up by 15 cents or just under 4 percent.

Bitcoin Breaks Out

Bitcoin surged on Sunday, breaking past the $600 round figure. The reason for the rise is yet unclear although ex-post facto some tried to tie the move to the G20 meeting held during the weekend. Another option is Bitfinex-related speculative buying. Volume more then doubled on this exchange during the short rally. No news have been announced as of yet by the troubled exchange.
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Regardless of the reason, we’re now in a tentative short-term uptrend. To end it, the bears will have to push prices below the $567 swing low. Further down we have a strong level of support at $550 dollars followed by the round $500 dollars figure.

On the upside, the first weak resistance is Sundays high at $613 dollars per coin. A break above here would confirm that the Sunday surge wasn’t just a one-day wonder. A much stronger resistance level can be found at the $650 mark. This is followed by more resistance levels at $670, $687 and $700 dollars per coin. For bitcoin now all three trends (short, medium and long-term) are bullish.

Litecoin Fails at $4 Dollars Again

Alternative cryptocurrency Litecoin failed to break above the $4 dollars mark a second time. Attempt number two took place right as big brother bitcoin surged on Sunday. Litecoin rose to a high of $4.018 but here the move stopped and we got a retracement to $3.91 dollars. We’re now quoted at $3.93 dollars per coin.
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Read More https://blog.fxopen.com/bitcoin-breaks-out-litecoin-fails-at-resistance/

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I have flagged this post for tag abuse:
It is not an #introduceyourself. You are not introducing yourself in this post. Please stop.

@steemcleaners

You should change the tags @marta-zaidel or someone will flag you. Your post is good, post it in crypto-news.

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