ForexMinute.com – Cryptocurrency market continued to stay in a depressive state, as almost every major coin fell sharply in the last 24 hours. They include Bitcoin, followed by Litecoin, NXT, Peercoin, Dogecoin and BitSharesX.
The reason behind Bitcoin’s dismissive performance is speculated to be the USD rally, which has been active during the time Bitcoin was down. US Markets currently hosts the second-largest Bitcoin trades, and the implications of USD-bullish periods can be a major reason behind the Bitcoin’s bearish one. However, a sharp decline in USD prices is expected in the coming days by the world’s leading forex analysts.
More speculation is based on the short-term selling periods. Traders looking for a double bottom are clearly selling their holdings to buy them back at low. However, the next bubble can only be expected when new investors try to take advantage of the low. There is a very little evidence of this happening now, and all we know is the same Bitcoin entering back into the market by the same people who sold them in the first place. A reason why we wrote an article on ending Bitcoin’s speculative period.
Coming now to altcoins, they surely seem nothing but a bunch of trend followers. There is a visible panic sell in most of the markets, especially in the last 24 hours in which Dogecoin and Peercoin has literally crashed against the USD by 5 and 6% respectively. Other coins including Darkcoin, BitSharesX and NXT also fell notably owing to the pessimism in the market.
The BTC/USD opened at 385 during the 10/2 trading sessions. After remaining in a consolidating range for a while, the price dropped almost instantly, forming a bearish pattern. The downtrend continued throughout the day, in the middle of which the pair found supporting range between 376 and 373. The BTC/USD eventually closed at 373 itself.
However, during the 10/3 trading sessions, the BTC/USD is hinting a short-term bullish correction. The pair has picked some momentum, indicating that traders are buying back. It will still be tough to predict the future trends of the market, which currently seems to be going nowhere. If bullish, the price may once again cross the 385 level. In case of bearishness, it might fall below 360. A strong reversal is not expected for now.
To contact the reporter of the story: Yashu Gola at email@example.com