Bitcoin and Litecoin situation is getting increasingly worse. 500USD psychological level on BTC/USD was broken without any major problems and the price ended in the support area between 484.51-500USD. And when we look at LTC/BTC we see a continuation of a down trend, which momentum on the last daily candle significantly accelerated, bringing the price to a record, historical lows. How will the situation on these two cryptocurrency pair develop in the coming days?

BTC/USD

Bitcoin price note a very clear decline in the last few sessions. In just eight trading days, it fell from 590USD to the surroundings of 480USD. BTC/USD moves in the historically important support area which may decide how the cryptopair will behave in the nearest future. Breaking the level opens way to the vicinity of 450-437 area – when the price touches it, we shoud look for purchase signals and movements in upward correction.

Any moves towards the north is blocked by resistances (Fibo retracements). Firs such level is drawn at 23.6% retracement of June highs (529USD).

BTCUSD

LTC/BTC

Markets priced info, that in coming days (maybe weeks) investors will fight for Litecoin’s future. Despite a weak Bitcoin predisposition, LTC loses all the time and touches record lows – such low levels were recorded in the history of cryptocurrency only in November 2013.

If the price of BTC / LTC drops below 0.0082 then further slippages may take unbelievable sizes – from a technical point of view, a couple would not have any support points that it could respect. Any rebound upwards – from current levels – immediately meets with the upper bound of bear trend (which is active eight months in a row). Breaking blue support line is a hundred percent sell – when it comes to purchase decision it is worth to wait.

LTCBTC

Cryptocurrencies technical analysis are performed using tool, that you can find in the Charts menu on our website (link). Extend features, extremely smple in use ant ther ability to keep track of all the world’s major instruments in one place!

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