Bitcoin Rally Continues at Slower Pace

FXOpen

Bitcoin slowly gained more ground since our last update. This supported the rest of the altcoin market. Litecoin rallied over 31 percent, Peercoin gained 21% and NMC added 11 cents or exactly 20%. But let’s start with big brother first.

Bitcoin Rally Continues

After a near brush with death at the $270 dollars support last week, the bitcoin rally continues. About 10 days ago prices on FxOpen briefly flash-crashed below this level. But the lows lasted less then 2 minutes as the cheap coins got bought up. Because the crash didn’t replicate on other platforms we said that:

‘Still, the crash hasn’t altered the current bitcoin uptrend because other major exchanges stayed flat during this event. To end the current rally, the bears will need to make a decisive push below the important support at $265/$270 dollars. Due to low liquidity during the summer months, it’s better if the move lower is confirmed with other exchanges”

BTCUSDH4-july28

Since then BTC/USD rallied from $270 to a high of $289.97 today. This $20 dollar gain represents about 7.4 percent. We are currently quoted at $286.01, not far from the highs. Let’s take a look at some levels.

On the higher end, the round $300 number may act as resistance. But given that we already broke past this level in early July, any resistance will likely be weak. Higher up, we find a large resistance area from the July 12th high at $310.22 to the year’s high at $318.10. A clearing of this area should lead to more gains. On the lower end, a decisive break below the $265/$270 support would put an end to the rally.

Litecoin Moves Up by 31 Percent

Alternative cryptocurrency Litecoin moved up by 31 percent since the middle of last week. This is likely just a sympathy rally due to the gains seen in BTC/USD. It doesn’t alter the view that the LTC rally is over. To restart it, the bulls will need to push prices all the way to the July 10th highs at $8.64. We are currently quoted at $4.93 dollars per coin, right below the $5 round figure.

LTCUSDH4-july28

On the lower end, some support is clustered near $4.30/$4.40 dollars. This is followed by another weak support at the round $4 mark and the $3.61 swing low. To start a new downtrend, the bears will need to break below the $3.18 lows. For now, until price reaches some of the critical levels, the sensible approach seems to be ”wait and see.”

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.

*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules respectively. They are not available for trading by Retail clients.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Cryptocurrencies

Bitcoin Price Bullish after Halving-2024 ADA Drops to Last Place in the Top 10 Cryptocurrencies BTC/USD Analysis: Bitcoin Price Rises Ahead of Halving BTC/USD Analysis: Bearish Arguments Become More Convincing DOGE Price Increases by 170% in Less Than 2 Months

Latest articles

Anchored VWAP and How You Can Use It in Forex Trading
Trader’s Tools

Anchored VWAP and How You Can Use It in Forex Trading

In the world of forex trading, understanding the nuanced tools at your disposal can significantly enhance decision-making processes. One such sophisticated tool is the Anchored Volume-Weighted Average Price (Anchored VWAP), which refines the standard VWAP by allowing traders to set

Shares

META Share Price Collapses after Publication of Quarterly Report

Just yesterday, META's stock price closed at USD 493.50, up approximately 40% since the start of 2024 and up nearly 300% since the start of 2023.

However, following the release of Meta's quarterly report, its shares plummeted to USD

USD/JPY Analysis: The Rate Exceeds The Level of 155 Yen Per US Dollar

Today, the price of USD/JPY once again renewed its 34-year high, exceeding the level of 155 yen per dollar, which put pressure on the current authorities.

According to Reuters, officials are trying to maintain calm in the market.

"We

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.