Cryptocurrency Trading News: Bitcoin Awaiting Upside Movements

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ForexMinute.com — Last 24 hours in the cryptocurrency market have been quite depressive for both Bitcoin and Litecoin.

BTC/USD 4H BitFinex

CTN17.1

As we predicted in our previous analysis, the congested trading pattern of Bitcoin market influenced selling pressure. During the Feb 5th trading session, the BTC/USD slipped heavily while trending sideways for a comparatively longer period. For once, it looked like the deed of shaky hands getting bored of waiting for another rally. As a result, the price fell to its previous support level around 210, saved marginally from falling further into a bearish bias, and reversed a little towards the north.

The technical indicators meanwhile has turned strong bearish, as price continues to stay below the 200-, 100- and 50-H SMA, while the RSI is around 40. The green MACD curved have also gone beneath the normal line, intensifying the presence of bears in the market.

Despite of all the bearish signals, the ultimate sell-off is still missing from the market, though around. In the next few hours, we still might see a comforting short rally towards 230, but the market is still poised to remain in a bearish bias until the 250ish levels are broken to the upside. But until then, the bottom around 165 will remain to be exposed, thus increasing the probability of a breakdown towards lower 100s as well.

LTC/USD 4H BTC-e

CTN17.2

As Bitcoin continues to consolidate between certain support/resistance level, Litecoin market is relatively calm and is preferring to be in a stalled state – almost flat. As you can see the chart above, the distance between the two Bollinger bands have stiffened and price is trending horizontally in this stiff range.

As price continues to lose volatility near 1.75, the chances of bigger breakouts become likely. For now, we believe Litecoin to continue consolidation if it remains between the 2.40 resistance and 1.05 support. A break above/below any of the aforesaid levels means a volatile behaviour towards either ends. To the downside, the pressure lies on 1.00-1.10 bottom while to the upside, the same pressure is on 2.80-3.00 handle.