ForexMinute.com – Last 24 hours in the cryptocurrency market have been quite optimistic, as both Bitcoin and Litecoin continued to stay above their daily moving averages, indicating a buying sentiment in the market.
Altcoins meanwhile stayed stable on a low volume day, possibly under the influence of relatively-less-volatile Bitcoin. Over the last 24 hours, Dogecoin, Peercoin and Counterparty fell almost 1%. In the meantime, Darkcoin surged 2% thanks to the optimism generated by positive reports of InstantX testing phase.
On the 4H BitStamp chart, the BTC/USD opened at 375 during the 12/1 trading session and stayed on its prevailing sideways momentum in the absence of major selling/buying signals. There were some attempts from bears’ end to bring price down below the daily moving average, but the 375-377 area currently is acting as a strong support. On the other hand, the attempts of bulls to break above the psychological resistance level of 380, a zone where sellers outnumber buyers for now. The BTC/USD closed at 377 by the end of the day.
At this point of time, the BTC/USD is currently trading above the 200-, 100- and 50-hours simple moving averages (SMAs), while the RSI is stuck in a neutral area of 54-58. Meanwhile, the distance between the upper and lower Bollinger is reducing, indicating less volatility in the market.
Based on these technical readings, there is a slight bullish bias in the market. Here the price is attempting to break above the key-resistance level of 400 to establish a stronger bullish sentiment. In case it happens, the next upside risk will be towards 450.
In case the price falls below the current SMAs, the pressure would be on 360-370 to hold the downtrend. If only the price fails to bounce back from these levels, it will try attempting 350 as the next key support level which, if broken, could take price to a long-term bearish bias. There the bottom-in-sight will be around 320.
Litecoin, likewise Bitcoin, is trading sideways in a congested pattern. The price is currently above the 50-hour SMA, but is below the 200-, and 100-hours SMA on 4H BTC-e chart. In the meantime, the RSI is around 55. These readings overall indicate a neutral sentiment in the market, with a slight indication towards the north.
As the neutral sentiment continues to stay, the LTC/USD could move either ways. In case the price manages to stay above the majority of SMAs, it could move upwards amid notable buying sentiment, targeting 3.70 as the next resistance level. Any attempt to break above it will bring the price to a bullish scenario, where it will treat November’s 4.16 as the next upside risk.
In case the price trades below the SMAs, the bearish bias will appear. In this scenario, the pressure would be on 3.40, with downside risk around 3.30.
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org