ForexMinute.com – It seems like bears scared the cryptocurrency market at a great extent this Halloween. Almost every top coin, including Bitcoin, BitSharesX, Dogecoin, NXT and Darkcoin fell miserably during the low-volume hit weekend. On the other hand, Litecoin somewhat managed to stay neutral during this overall bearish period.
The entire month of October was filled with similar price trends, where the Bitcoin price once fell to around $300 but soon dropped even more because of a certain bearwhale. Following that event, the market saw a great bullish correction that once took Bitcoin to around $418. The arrival of strong bearish hands somewhat took the price back to the pits by the end of the month. This whole price movement subsequently impacted altcoins as well.
Here is the market report over the last 24 hours:
The market opened during the 11/1 trading session at around 337, and continued on its prevailing downtrend from the earlier day, finding consecutive support at 328, 324 and 320. Upon touching the 30-level, the market tried to recover a bit, but for a very short period. It subsequently closed at 325 at the end of the day. During the entire 11/1 trading session, the BTC/USD went through strong selling pressure possibly because of the shaky hands that are trying to bring the market below the 300-mark, to subsequently buy back at a low.
It simply means that despite the strong bearish sentiment, a bullish correction is likely to take place considering 320 as the next bottom. In case the price breaks this support, the BTC/USD will return to the October’s 275-300 area where once again a strong bullish correction will be expected. But in case the price breaks even the 275-300 support, Bitcoin will enter into a critical stage.
If the bullish correction prevails, irrespective of the support levels, it might try the next 350-375 level as resistance. Any break above this will take the price to last month’s 390-418 zone. But as per the technical indicators, strong selling pressure is ruling the market.
The Litecoin had a better trading session as compared to Bitcoin, probably because of a reasonable volume shift from the latter’s market. The LTC/USD, during the 1/11 trading session, opened at 3.72, but fell massively in the next few hours, probably due to its association with the Bitcoin price trend. But unlike Bitcoin, which was mostly fluctuating throughout yesterday, the LTC/USD shifted to a sideways rally after finding support at 3.62. Thereon, it remained in a stiff trading level range – between 3.59 and 3.61 for the rest of the day. The LTC/USD closed at 3.57.
Litecoin, for now, is seeming to possess neutral sentiment but is seriously prone to continue on its prevailing bias momentum thanks to Bitcoin. In this case, the next support level we are seeing is 3.30-3.38. In case the price breaks below this level, the LTC/USD might try 2.21 as the next support. On the other hand, if the market shift trends upwards, we might see Litecoin to rise and consolidate around the 4.00-4.25 level. There the next resistance level would be 4.50.
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org