Cryptocurrency Trading News: Bitcoin in a Critical Mode

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Cryptocurrency Trading News

ForexMinute.com – This is by far one of the craziest months in the cryptocurrency market, thanks to Bitcoin’s doubtful price behavior. After rising from 275 in a successful bullish correction, the coin is once again nearing its bottom – all that within a span of three-or-more weeks.

What factors are influencing Bitcoin’s bearish continuation – the greediness of shorts, aggressive merchant adoption, or just pure dumping? The answer lies somewhere in the midst of everything. It is obvious that Bitcoin was bought back when it touched its bottom less than a month back. We thus saw a strong bullish correction attempt that ultimately took the Bitcoin market value to around 418.

The sideway rally that came later did most of the trick, and inspired shorts to sell their investments at a decent profit. Exchanges including BitFinex, OKCoin and Huobi collectively displayed huge selling orders during the 370-390 phase. As the price dropped a little more in the last 24 hours, the pessimistic sentiment prevailed further, inspiring the Bitcoin price to break the 350-wall, though occasionally.

The similar downtrend was noted in other cryptocurrencies as well. Litecoin, which is considered to be the mostly influenced cryptocurrency of Bitcoin, too faced a certain drop in its price, though it was not as much as of Bitcoin. Meanwhile, other top coins – Dogecoin, NXT, and Peercoin – all fell massively in the last 24 hours under the impact of low demand. Darkcoin, on the other hand, managed to stay a little better than the aforementioned coins. It rose over 0.5% in the last 24 hours, as per this time of writing.

Here is the Bitcoin report meanwhile

BTC/USD
The BTC/USD opened at 378 during the the 10/23 trading session, and continued on its sideways rally for the next few hours. Around 0300 UTC, sell orders with comparatively higher values began to appear on multiple Bitcoin exchanges. Under their influence, the pair retreated from its previous rally, and began to trend downwards, finding consecutive supports at 371, 365, 361 and 356. The pair closed at 355 at the end of the 10/23 trading session.

Today, during the 10/24 trading session, we are expecting the Bitcoin market to attract back some buyers once the BTC/USD hit 350. A pullback there might bring the pair back to the 370-380 area. In case the 350 wall is broken, we are expecting strong bearish momentum that could take BTC/USD to the 300-320 level.

LTC/USD
The LTC/USD, during the 10/23 trading session, opened at 3.82 and remained in a sideway trend just like Bitcoin. Possible selling later brought the pair to the intraday low, 3.73. But unlike Bitcoin, it didn’t transform into a downtrend, but rather stayed stable for the rest of the 10/23 session. The pair closed at 3.74.

We are hoping Litecoin to display some bullish attempts today, which might make the coin to try 3.90-4.03 level. In case the market continues to stay on the bearish side, the LTC might test the 3.35 support level.

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