Cryptocurrency Trading News: Bitcoin Drops, Bulls Remain

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Sorry for missing out previous two analysis due to unannounced personal issues.

ForexMinute.com – Last 24 hours in the cryptocurrency market were quite satisfactory as Bitcoin continued to hold this week’s bullish presence even after an unannounced fall. Look further to know more.

BTC/USD 4H BitFinex Chart

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We have got price near 266 which is way quite above the 50-hour SMA. This at least proves price to be in a comfortable position – a short term bull trend we may say. Meanwhile, the RSI is rightly near 55 – a neutral point. The MACD blue line however is in strong position, though is still below the saffron normal line (the former is likely to go above the former). Also, the 12H EMA > 26H EMA.

This is looking bullish for short term.

If price happens to move upward, it is again looking at 275 as a very strong resistance level (barring volatility). Any move above this threshold will ensure a smooth run towards 300 – with little usual hiccups. On the downside, the near-term bullish sentiment could be over only if red bars take price back below the 250-support. There the price will test 230 as its pullback point. Anything below this point will once again bring the strong bearish bias in effect.

Other Cryptocurrency

In over the last 24 hours, only Litecoin has sustained a near-term bullish bias under the influenced of Bitcoin. Meanwhile, other cryptocurrency have dropped by notable margins. They included Dogecoin (-3.5%), NXT (-8%) and Darkcoin (-1.5%). They are likely to recover if Bitcoin trends upward in next hours/days.