There is a lack of stronger changes for weeks when it comes the Bitcoin and Litecoin. Both cryptocurrencies are still in the downward momentum, approaching more and more lower lows. BTC/USD price (Bitstamp) is now 467.67USD and LTC/BTC (BTC-e) 0.01058.
How will the situation change in the next few days? Let’s take a closer look at the historical price charts.
BTC/USD
Bitcoin to American dollar after stronger falls in the mid-August stabilized, but still continues supply momentum. On August 18 price violated historically important support near 446.41 (May-2014 level). Finally, however, candles during next days were closing few-dozen dollars higher (above the 473.26USD) support.
Since the September beginning, price fights with this level and so far it stops further losses. For the PA during next days the most important will be today’s daily candle – currently it is breaking below the before mentioned level. To get an answer what will the BTC/USD look like in the nearest future it is worth to wait to its closure.
If 483.26 support fails, than we will observe further slumps in the direction of May 446.41 zone. However, if support defends effectively, than the price has potential chance to reach resistances that are localized at 489.36USD, 496.64USD and 522.10USD.
LTC/BTC
LTC/BTC price is currently at 0.01058BTC. Last movements are strongly flat – but bearish momentum is still visible on the market. However, summer time brought interesting correlation, which we may observe on the daily chart.
After a period where candles with really short bodies and almost without wicks were forming in the clear side-way movement (orange rectangles) we observed strong losses and rebounds (green rectangles), which stopped on the slightly lower levels.
Price for the third time locked itself inside tight and clear consolidation. Markets “and there we go again” on the LTC/BTC may lead the price in the vicinity of 0.00644. Before that, cryptocurrency pair have to defeat consolidation lower limit and local resistance at 0.00985.
