ForexMinute.com – Last 24 hours in the cryptocurrency market saw Litecoin holding onto its own, and Bitcoin falling back inside a strong bearish bias. Look further to know more:
BTC/USD 4H BitFinex Chart
With no strong support in sight, the technical indicators are once again pointing towards the 255-bottom to save the price from attempting a long-term bearish breakout. The price is clearly below the moving averages, while the RSI is near the oversold region, around 34. At the same time, the 12-hour EMA is visibly moving away from the 26-hours EMA, ultimately resulting into a negative MACD. This indicates nothing but very strong bearish sentiment. If it happens to extend, we are seeing the price to go as low as 225.
Even all the south-loving indicators, let’s not point out 255-level that have previously acted as a strong support. In case the price manages to rebound from this one point, we might expect it to test 275 once again as the next key resistance, with upside risk towards 300-304.
LTC/USD 4H BTC-e Chart
Litecoin charts, for first time in months, stopped following the Bitcoin price trend. As you can notice the charts above, there were some notable buying orders yesterday between 0000 and 0800 hours – the same time when Bitcoin price formed a bearish flag. Though unlike Bitcoin, Litecoin was already trending in an oversold area (notice the RSI) and the sudden surge should be inspired from a simple trading act known as “price correction”.
Thus, technical indicators do not bring any happy news for Litecoin, as it continues to stay below its daily moving averages, RSI being around 35. At the same time, we can see the 12-hour EMA to be going parallel with 26-hour EMA, while MACD remains to stay below zero. These signals overall indicate a strong bearish sentiment, inspiring a downward momentum towards the previous bottom – around 1.89.