ForexMinute.com – Halloween is not scaring the cryptocurrency market by much extent as almost every top coin is visibly reverting from the prevailing downward pressures. On the spotlight is Bitcoin, which is notably attempting bullish corrections after falling below the 340-mark multiple times in the last 48 hours.
It is indeed a good sign for the Bitcoin market as any chance of falling below the 330-mark could have opened the way for another bottom, probably at the 275-300 level. On the other hand, Litecoin also is consolidating stably over the last 24 hours, currently displaying nominal buying pressure. Other altcoins like Darkcoin, Namecoin, Counterparty and Peercoin are also attempting bullish corrections after this week’s decline.
On the news front, the Bitcoin market has seen some positive and influential events over the last 24 hours. The most notable among them is the launch of Bitcoin exchange Kraken in Japan. After the unfortunate fall of Mt. Gox, the Bitcoin-friendly Japanese economy was seeking a perfect replacement from a very long time. With Kraken, they seem to have got just the right one.
Here is the market report:
The BTC/USD opened at 335 during the 10/30 trading session and consolidated around the same value for the next few hours. Around 1700 UTC, a reasonable high buying order pushed the price to near 350. Thereon, the price went into yet another consolidation range between 340-348 levels. The BTC/USD closed at 342 at the end of the day.
In today’s session, the market is under strong selling pressure, thus creating a strong bearish scenario overall. Though, we have also noted some strong bullish attempts around the 330-335 level in the past few days. There the bears hold almost zero power and are failing constantly to break below to start another downward rally towards the 275-300 level. In either case, there is a strong chance that the buyers will overcome the sellers possibly because of the low Bitcoin price at this moment. In case the bullish correction prevails in the next few days, the BTC/USD might try to hit above the 350-360 level, with 30 as the next resistance. If it breaks, then we are in a strong bullish scenario that might take Bitcoin to over 400.
But as per the current bearish outlook, we might have to wait until the price crosses below the 330 mark. If it doesn’t the price might consolidate a little bit more in its existing sideways pattern.
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org