ForexMinute.com – Last 24 hours in the cryptocurrency market have been strictly average as all the major coins are either trending sideways or in the downward direction. Excluding Bitcoin, Litecoin and Darkcoin, almost every other top cryptocurrency has shown notable drops in the US market. They include Dogecoin (-2%), Counterparty (-8%) and NXT (-1%).
As of Bitcoin, it is trending sideways over the last 24 hours, most of the time below the daily moving average. There have been some attempts from the bulls’ side to boost the market in an upward direction, but there are pullbacks from the bears’ side as well that continue to appear after every couple of small buying signals. Sometimes the selling is so dominating that it takes the price below the critical bottom line. But overall, there is some really strong support around the 365-370 area that puts the price back in action.
Here is a better insight:
As you can see the 1H BTC/USD BitStamp chart above, the price opened at 392 during the 11/18 trading session, while staying below the MA and RSI near 50. Up until the 7th hours, the price consolidated sideways amid a similar buying and selling pressure. But as it attempted to break above the daily moving average, at 390, a couple of huge selling signals pushed the price low, eventually resulting its entry into the oversold territory (below the orange line). There the RSI was noted to be 33, indicating a moderate bearish sentiment in the market. However, a few buying signals in the name of price correction pushed the BTC/USD back to the bullish side, from where it once again started to consolidate sideways. The pair closed at 377 at the end of the 11/18 trading session.
Upon entering today’s trading session, the BTC/USD was in a sideway movement with a little inclination towardthe bulls. The price however pulled back from the overbought region and is now trading between 37 and 378 amid selling pressure. The price here is thus once again trying to cross below the 370-mark. If it does, then the BTC/USD will enter into a long-term bearish channel.
But in case the price continues to trend above the daily moving average – sideways or upward, it will surely try to break the psychological resistance level of 400. If price breaks above it, then it will enter into a near-term bullish movement, likely to get rested at the 450-resistance level.
To contact the reporter of the story: Yashu Gola at email@example.com