ForexMinute.com – Ahead of the weekend, the cryptocurrency market is hinting depressive price behavior. In the last 24 hours, almost every top coin including Bitcoin, Litecoin, Dogecoin, etc. have slipped by notable margins, indicating bearish behavior during the next sessions. Darkcoin at the same time has turned out to be the only coin which has shown some progress, after falling massively in previous days.
Speaking of Bitcoin, its sector has been filled with optimistic news all these hours – the most wonderful being the possibility of more merchants adapting the digital currency after the successful deal between BitPay and Demandware, Inc. While this news is yet unworthy to add few more dollars to Bitcoin price, but is indeed worthy enough to decorate the coin’s stand among international merchants and consumers.
Meanwhile at the same time, the cryptocurrency market is facing shocks from the only coin that was rising superbly from previous days. BitSharesX fell as like it rose, indicating nothing but a well-planned pump-and-dump by its key actors. The coin’s market cap has fallen over 32% in the last 24 hours.
Here if the full report:
After falling massively in a supposed sell-off during the 8/24 trading session, the BTC/USD opened yesterday while being priced at 510.962. Even though the pair picked and lost momentum consecutively for some time, it never suggested a specific trend by staying directionless. Investors there might have lost a bit of confidence in trades, as the BTC/USD fell notably right ahead of the session’s close (at 509). The maximum resistance and support level reached during the 8/28 trading hours was 516.157 and 510.962.
While in today’s trading session, the BTC/USD is clearly suggesting a bearish outlook. At press time, the BTC/USD is being traded at 506.05 and has dropped 0.71% in the last 24 hours.
Mirroring the Bitcoin trend, the LTC/BTC chart is also suggesting a bearish outlook for the next days. After falling from the peak-value of 0.01113360 during 8/27 trading hours, the pair us trending downwards by amplified scales. It opened yesterday at around 0.01069200 and swing between tight trading values for the rest of the day. Suggesting the possibility of sell-off by short term profiteers, the LTC/BTC took a deep dip ahead of closing and eventually finished the day by trading at 0.01012660.
However in today’s trading sessions, the pair has recovered slightly but is still under the shadow of Bitcoin’s future trend. At press time, the LTC/BTC is being traded at 0.01032980 and has risen 1.36% in the last 24 hours.
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org
Subscribe to our daily forex newsletter for free by visiting www.forexminute.com/newsletter