Cryptocurrency Trading News: Bitcoin and Litecoin Attempting to Recover

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ForexMinute.com – Last 24 hours in the cryptocurrency market were somewhat optimistic as both Bitcoin and Litecoin recovered from the vulnerable falling channels. The short-term bullish sentiment was further reflected in other altcoins, including Dogecoin, NXT and Peercoin. Darkcoin, on the other hand, slipped massively by the end of 11/2 trading session due to low volume.

Cryptocurrency market also saw some positive events over the weekend that might have little impacts on current Bitcoin price trend. The most influential news to leave the wire is of NYDFS Superintendent Benjamin Lawsky, who proposed new changes into their existing BitLicense draft. He introduced “Transitional BitLicense” – a regulatory alternative which is hopeful to save at least the small Bitcoin ventures from the BitLicense. The statement could have influence the altcoins market as well, as most of them surged impressively over the last 24 hours.

Here is the market report:

BTC/USD

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The BTC/USD opened during the 11/2 trading session at 327.30 amidst a prevailing bearish sentiment. The pair slipped further in the following hours, but was supported at 324 from where it started to rally in a sideways direction. Thereon, it traded between a stiff 323-327 range reflecting the absence of both demands and supplies due to Sunday’s low volume. The BTC/USD eventually closed around 323.

Upon entering the 11/3 trading session, the pair initially remained in the prevailing sideways zone. Though it was quickly followed by a little selling pressure and the pair took a flight towards the 330-mark, with 324 as the supporting point. The price, at one point of time, also went into an overbought position but was later corrected by a little sell-off in the market. At press time, the BTC/USD is being valued at 328.84.

Seeing at the current sideways charts, it is likely that the Bitcoin might fall back in the absence of buying signals. This makes the overall scenario bearish. In case it prevails, we are the price to test the 320-mark. Any attempt to break below it will bring BTC/USD to 275-300 area. To break the bearish sentiment, the market would need a strong rebound that pushes the price above 360. Until then, the bullish sentiments will be there but for short terms only.

LTC/USD

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Likewise Bitcoin, the LTC/USD opened amidst a strong selling sentiment during the 11/2 trading session at 3.58, and started trending sideways throughout the day. It remained within the 3.54-3.59 level and eventually closed around 3.57 at the end of the day.

During the 11/3 trading session today, the LTC/USD started to pick momentum amidst a short-term bullish sentiment, reaching 3.61. If it stays on the bullish correction, we are seeing the price to try 4.00-4.25 level. Though with the growing selling signals around, a bearish continuation is likely to follow, taking the LTC/USD value back to around 3.33-3.54 level.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com