ForexMinute.com – Last 24 hours in the cryptocurrency market have definitely been optimistic, thanks to Bitcoin and Litecoin which finally broke the key-resistance level and entered into a strong bullish channel. This upward momentum further influenced other altcoins in the market, mainly Dogecoin, Peercoin and others. On the other hand, Darkcoin slipped a little after staying on the peak for a while.
The weekend was full of news reports that could easily demoralize investors from buying Bitcoin. The most debatable was however from France, in which the country’s prudential supervisory authority ACPR opted to discourage Bitcoin-related institutions and individuals from buying, selling and holding the cryptocurrency.
The event however failed to put even a little dent on the Bitcoin market, as it smoothly picked momentum after a lazy weekend. Over the last 24 hours, multiple Bitcoin exchanges reported a substantial increase in trading volume. Most of this traffic contributed to the prevailing near-term bullish attempts and price eventually rallied over the resistance level of 360.
Here is the entire coverage of Bitcoin price behavior and its possible future movements.
Continuing the 11/9 sideways trend, the BTC/USD opened at 346 during the next day’s trading session on BitStamp. For a brief period, the pair remained within a stiff trading range amid low trading volume. However, when the BTC/USD was being traded at 343, few notable buying orders took the price to an overbought zone (see the red arrow). The RSI there pushed above 60 while remaining just below 70.
The price continued to go higher in the following hours after finding a strong support at the 340-343 level. The volatility meanwhile also increased by a large extent, indicating a number of massive buying orders in the market (see the gap between the upper and lower band). The BTC/USD eventually closed at 361 at the end of 11/10 trading session.
The RSI is above 70, indicating the to be in an overbought zone. Thus, the BTC/USD may test 380 as its next resistance level, while footing on 343 as the current support. Any attempt to cross above 380 will take the Bitcoin value to 400ish. However, if the price remains below 360, or even consolidate sideways around the same level in the next few days, there can be some successful bearish attempts sighting the previous support level of 340. If the price breaks below this level, then it might fall back to the bearish bias zone of 318-320.
To contact the reporter of the story: Yashu Gola at email@example.com