ForexMinute.com – Last 24 hours in the cryptocurrency market have been very satisfactory. Look further to know how.
After finding a strong bottom around 304, the BTC/USD rallied sharply during the December 19th trading session, touching the intraday peak of 330. However, the selling pressure around this area magnified, and the price pulled back only to float above the daily moving average. This action reflects the presence of bulls in the market that are trying to break above the near-term resistance pivot around the 330-333 area, while bears are simply attempting to take the price below the 320-support level, to once again test the bottom around 300.
The technical indicators on 4H BitStamp chart looks favorable to bulls. The price is currently below the 200- and 100-hours SMA but is still very close to touch the 50-hour SMA (at 329.45). The RSI meanwhile is around 54, indicating a near-term bullish scenario in the market.
At this point of time, the BTC/USD might try breaking above 330 to put pressure on the psychologically assertive resistance level around 340. In case the price manages to go above both of them, a long-term bullish bias is expected, sighting 365-370 as the next upside risk.
At the same time, 340 also is known to be sellers’ favorite spot to earn quick profits. In case the price pull back, the pressure will fall back once again on the support level of 320 to hold the price from falling into a strong bearish bias. If it fails, the price will be testing 300 as the next support, with a downside risk towards the 275 area.
The optimistic price movements in the Bitcoin market have further influenced altcoins as well. Litecoin has stayed stable in the last 24 hours, dropping only around 0.04% at press time; while other cryptocurrencies like NXT, Peercoin and Darkcoin have surged around 0.5-1.5% within the same time span.
Meanwhile, there has been a new entry inside the top ten cryptocurrency list, known as Paycoin. The coin has surprisingly surged 39% in the last 24 hours, minus relevant events.
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org