Bitcoin and Litecoin are still in the downward momentum. BTC/USD price at the trading week beginning is below 500USD – in the same time LTC/BTC costs 0.01035BTC. Let’s start our weekly cryptocurrency analysis.
BTC/USD
Bitcoin to American dollar stopped at medium support during three previous sessions. It is worth mentioning that this level effectively defended further declines in the past also. Support zone coincides with the 23.6% retracement of local high (June beginning).
If 492.04 keeps the price in check and additionally generates purchase signal, then it will be worth to open long positions – first target near 552.26USD where short-term downtrend line and 50% Fibo retracement come together. If the level will not be maintained, price has open path to 438.21 (short-term support).
LTC/BTC
On the LTC vs BTC chart we can see that price rebounded from the historical lows, dynamically rallied (increasing its value by almost 40%) and stopped at 0.01125 level, which was effectively tested during three last sessions. Price closed in short-term sideway trend, so we may assume, that swing trading is the best solution here.
Price is approaching a really important level – intersection of the upper consolidation band and mid-term downward trend. In this area it is worth to look for sell signals and wait for rebound in the direction of consolidation support, while simultaneously opening a short position.
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!
