Cryptocurrency Trading News: Bitcoin Breaks above 380-Resistance Level

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ForexMinute.com – Last 24 hours in the cryptocurrency market have been quite great for Bitcoin and other altcoins. While the former is surely in near-term bullish territory, the latter – Litecoin, Dogecoin and Darkcoin – are also following the sentiments aroused by Bitcoin’s current price rally, with each rising more than 2% over the last 24 hours.

The focus however is on the Bitcoin which yesterday slipped into bearish cracks for a notable period. There is a rumor in the market that Bitcoin was going to rebound from the 370-resistance level, but was saved by cryptocurrency exchange OKCoin, which announced the start of a whopping $3 million worth hedge fund on their platform. However, this doesn’t mean they are currently pumping the market cap, but surely had succeeded to create a positive ambience among the traders.

Moreover, buyers are closely watching previous month’s rally from the bottom of 275 as the inspiration to the current uptrend. The technical indicators are indicating prices to try 420-425 as the next resistance level, while footing on 380 as a strong support to another upward rally.

Here is a closer look of what happened in US markets over the last 24 hours.

BTC/USD

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The BTC/USD opened at 369 during the 11/11 trading session and continued to trend sideways below the SMA. There were certain attempts to break the prevailing bullish correction period. As a result, the price fell into oversold territory for a small period, hitting the previous support level of 362. However at this point, the BTC/USD rebounded once again and began to trend upwards amid string and constant buying. The pair closed at 372, with RSI near 70.

The uptrend continued even in today’s trading session, and price ultimately broke the 380-key resistance level. There the RSI has pushed above 70, and the price currently in a bullish zone. If it stay in the same rally, the BTC/USD pair might even cross the 400-mark by the end of today. The sentiment however can remain to be mixed, as the bullish corrections seem to exist only for short term. Furthermore, a strong reversal from the peak is expected, just like last month.

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