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Fresh Cryptocurrency Analytics from FXOpen - Bitcoin, Litecoin, Ethereum

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FXOpen:
Bitcoin Volatile but Range-bound
It’s been a volatile week for bitcoin. The key $2,400 level was broken and with that, the months-long uptrend is over. During the forking fears, a low of $2,250 was hit last Thursday. But since then we’ve bounced nicely and are currently quoted at $2,677, little changed compared to last week.




Today a high of $2,738 was seen on FXOpen before prices retraced a bit. The reason for the latest rally is progress on the scaling stalemate. On Monday over 80% of the mining hash started signalling for Segwit2x. This is a technical solution that merges the Segwit upgrade with a 2MB hard fork three months later. For more on the possible scenarios after the new developments take a look at this article: article.

Technically BTC/USD is now in a range. A new rally requires a breakout above the all-time highs at $2,889 on FXOpen (around $3,000 on other major exchanges). On the lower end, there’s some weak support at the $2,500 round figure, closely followed by the $2,405 swing low. A break below $2,250 is needed to start a new BTC downtrend. Further down we have more support at the $2,000 round figure and the $1,718 swing low. On the longer-term timeframes, both weekly and monthly, bitcoin remains in an uptrend.

Read about Litecoin on FXOpen blog: https://blog.fxopen.com/litecoin-breaks-out-bitcoin-volatile/

FXOpen:
The combined crypto-currencies market cap fell below $100 billion yesterday as we saw large losses across the board. Bitcoin fell against the US Dollar and almost all altcoins fell versus bitcoin, leading to the market cap declining from a high of over $115 billion last week to ‘only’ $92 billion at the moment.

Bitcoin Remains in Range

Bitcoin is currently quoted at $2,397 on FXOpen, down $280 dollars from last Tuesday. In percentage terms, this is just over 10%. On the chart below we can see that the majority of the losses transpired during the past three days. We had no major news releases during this time so we can chalk up the latest down move to technical reasons.



The move lower doesn’t change the technical picture, not yet anyway. On the daily charts, BTC/USD is still in a range. A new downtrend requires a break below the $2,250 swing low while a new uptrend needs a move above the all-time highs. These are at $2,889 on FXOpen but closer to the $3,000 on other major exchanges.

Below current prices, we find support at the $2,000 round figure and the $1,718 swing low. On the longer-term timeframes, both weekly and monthly, bitcoin fx remains in an uptrend. However, keep in mind that it will take many red weeks/months to change the trend on these timeframes.


Read about Litecoin on FXOpen blog: https://blog.fxopen.com/crypto-market-falls-below-100-billion/

FXOpen:
Time for another crypto update. Unlike most weeks, this time we have Litecoin outperforming Bitcoin. While BTC prices remain mired in a trading range, the LTC pump continues. We’re now quoted at $49 dollars per coin after previously trading above the $50 mark. But let’s cover big brother first and we’ll come back to litecoin later in this article.

Bitcoin Still in Range

Bitcoin prices are still in range on the daily charts. During the past seven days, we bottomed at a low of $2,326, just above the important $2,250 level. A break below here would’ve triggered a new BTC downtrend.



As things stand now, however, we remain locked in a range. The bulls need a breakout above $2,750 on FXOpen. This would shift the trend back to the upside. This level corresponds to around $2,800 on other major exchanges. During upmoves FXOpen and BTC-E prices tend to lag a bit behind the majors. Currently, this ‘gap’ is around $70 dollars but it could get as high as $100 dollars or more if the trend accelerates. Higher up the $3,000 figure (around $2,900 on FXOpen) will be the next major milestone. A clean breakout above here could lead to extended gains for the bulls.
On the bottom end, the level to watch remains at $2,250. A breakdown below it would start a new bearish trend for BTC/USD. On the long-term charts (weekly and monthly) in Metatrader bitcoin is still in an uptrend.

Read about Litecoin on FXOpen blog.

FXOpen:

The meltdown in crypto prices continues, with many of the top 20 altcoins hitting drawdowns of over 50 percent from the highs. Luckily the two coins we follow on Tuesdays have so far avoided this fate. Bitcoin is down by ‘only’ 21 percent from the highs while LTC/USD is down by just over 17 percent.

Bitcoin Bounces at Important Support


Bitcoin tested the important support at $2,250 today. By the looks of things, the first try was unsuccessful for the bears. Prices dipped to a low of $2,245 on FXOpen today and stayed there for a grand total of 1 minute before bouncing back above the $2,250 mark. Soon after we had a major rally of $139 dollars to hit a high of $2,384. We have since fallen back a bit to $2,331 dollars per coin.





Bitcoin is not in a downtrend, not yet anyway. We look for a decisive breakout of important levels like $2,250, not shallow and brief spikes below like the one we had today. It remains to be seen if the bears make another attempt for the lows in the next few days.


For now, we are back in ‘wait and see’ mode. The levels to watch are $2,245 on the downside and $2,700 on the upside. A clean breakout beyond either of these price extremes could end the stalemate and start a new trend. This is the view on the daily charts. On the weekly and the monthlies, the bullish trend is still intact.


Read more about Litecoin in the crypto analysis on FXOpen blog.

FXOpen:
BITCOIN BOUNCES ON SIGNALLING FOR SCALING

We’ve had an interesting week for bitcoin as prices first crashed below the $2,000 handle only to rally strongly from the lows on renewed hope for scaling. Litecoin followed a similar pattern with a fall to $35.30 followed by a 21% rally to $42.89 dollars per coin.

Bitcoin Bounces on BIP91 Signalling

Bitcoin prices bounced from the $1,812 lows to a hit a high of $2,232 today, a move of over 23 percent. The sharp reversal during the past three days can be attributed to bitcoin miners signalling for BIP91 ahead of schedule. The initial plan called for the Segwit2x software to be deployed and for signalling to begin on July 21st. More on this HERE.



The early start is adding to the positive sentiment because it means that Segwit can be locked in before signalling for the controversial UASF (User Activated Soft Fork) starts on August 1st. This would avoid a network split and remove the fork fears for at least three months until it’s time to deploy the 2MB block increase.

While the fundamentals are positive, technically we’re still in a downtrend on the daily charts. The bulls will need to break above the $2,530 level to end it. A move above $2,550 is needed for a new rally. On the long-term charts (weekly and monthly) BTC is looking bullish.

Read about Litecoin in the crypto analysis on FXOpen blog.

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