Cryptocurrency Trading News: Bitcoin Attempting a Bounce Back; Altcoins Miserable

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ForexMinute.com – Last 24 hours in the cryptocurrency market have been pretty wretched, as both Bitcoin and Litecoin continued to advance amidst strong bearish sentiments. As the volatility surged after a series of huge sells, the Bitcoin value fell inside the oversold territory. Litecoin also went through the same trajectory.

In the meantime, a majority of other top cryptocurrencies also looked influenced by the Bitcoin’s bearish flag. In over the last 24 hours, Dogecoin and Darkcoin fell by 2-3% while Darkcoin displayed a little stability. NXT however surprised the market by rising more than 8% within the same time span, the reason for which is still unknown. {We will do a separate article if we find something solid on this.}

BTC/USD

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Based on current technical readings on 4H BitStamp Charts, we can see that the BTC/USD is clearly below its daily moving averages, which include every key SMA and EMA. At the same time, the RSI is around 37-38 which overall indicates a pretty-damn bearish outlook.

But indeed, the last month’s 348-351 support level is keeping the price from entering a long-term bearish bias, where the next support-in-sight is October’s low of 320. The great wall of 350 therefore could start another rally towards 390-395, if it manages to break above the key resistance levels around 355, 365 and 380. In case it does, then the next upside risk will be towards 400-405 area.

LTC/USD

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Likewise Bitcoin, Litecoin is also facing a huge bearish sentiment at this point of time, with its price going sideways near the oversold territory if one notices the technical readings on 4H BTC-e. The LTC/USD is obviously below the key SMAs and EMAs, while the RSI is below 40. It overall indicates a strong bearish sentiment in the market.

In case the bears continues to dominate the market, the price is likely to go further south only to face huge support around 3.43, the Nov-Dec low till date. In case the price manages to break below this presumed wall, it will open a long term bearish bias, where price attempts a bounce back around the August’s low of 3.33, with a downside risk towards 2.21.

However, if the 3.43 support level holds strong, it could start another upward rally towards the 3.65-3.70 resistance area.

To contact the report of the story: Yashu Gola at yashu@forexminute.com