Since our last BTC update on Thursday, prices rallied an extra $25 dollars to hit a high close to $450 dollars on most exchanges. This propelled its little brother Litecoin to join the rally. But in the past three days both cryptos have retraced somewhat. Let’s start with big brother first and we’ll come back to Litecoin later.
Bitcoin Retraces Over $30 Dollars
Bitcoin retraced over $30 dollars from the highs reached on February 21st. We are currently quoted at $421.97 on Fxopen, slightly above the lows reached earlier in the session. On the chart below we can see that in the grand scheme of things, this retracement is not very large. (Note that due to an outage at FxOpen/BTC-E, this chart doesn’t capture the entire rally to $448-$450.) Bitcoin has rallied over $70 dollars from a low of $374.08 on February 9th. After such a strong rally, a sharp correction was inevitable at some point.
Read More https://blog.fxopen.com/bitcoin-retraces-litecoin-breaks-out/