Cryptocurrency Trading News: Bitcoin, Litecoin Neutral; Dogecoin, Darkcoin Rises

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ForexMinute.com – Last 24 hours in the cryptocurrency market have been somewhat optimistic in terms of trends. While Bitcoin is advancing cautiously after retreating from the two-week low of 350, altcoins including Dogecoin and Darkcoin are too showing upward price movements amid a near-term bullish correction. Litecoin, on the other hand, is repeating Bitcoin’s steps, trending sideways amid low trading volume and ask/bid calls.

In the meantime, Ripple has surged massively over the past week in a process of excessive pumping. While it is obvious that the bounce is poised to meet with an equally enthralling drop, the reasons behind this all-of-a-sudden optimism is being credited to the adoption of cryptocurrencies by German banks (as per some Ripplers). We wonder why these optimistic sentiments are not boosting the Bitcoin price as well. Moral of the story: Stay away from Ripple if you are a serious trader.

BTC/USD

CTN17.1

On the 4H BitStamp Chart, the BTC/USD opened at 352 during the 11/22 trading session in an oversold territory, followed with a price correction that took the price to the supposed key-resistance level of 365. There the price was almost in sync with the daily moving averages, but fell a little below the line as the bearish sentiment grew nominally. It clearly indicates the lack of buying pressure around the 365-support level, because of which the price stayed in a bearish range for the next few hours, the RSI meanwhile being near 42-45, further indicating bearish sentiment in the 4H chart.

At this point of time, the 350-level stands as an important barrier between a near-term sideways and long-term bearish sentiment. Any attempt to break below this particular support level could incite the price back to test October’s bottom of 318. The price currently is trading below every simple and exponential moving average, and is poised to stay there in the absence of notable buying orders.

LTC/USD

CTN17.2

Litecoin is tailing Bitcoin price movements, with similar ups and downs over the last week. The scenario only changes in terms of number. The LTC/USD, on the 4H BTC-e charts, is treating 3.45 as the key support level, and a strong bullish zone as well. If the price attempts to break below it, then it might want to test the 3.33-3.35 level to pullback the price toward a near-term bullish correction. The overall market sentiment at this point of time remains to be bearish, as the price is below every simple and exponential moving average, with RSI hanging around 37-40.

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

  • Robert Harpool

    Your comments about Ripple make no sense. A German bank got on board 6 months ago. Two American banks got on a month ago. The Royal Bank of Scotland is making a lot of positive comments now…as did the U.S. Federal Reserve (VP Andolfatto) some months ago…Perhaps your English isn’t good enough to express what you mean to say….You are certainly NOT reading either of the major Ripple forums.

    • Yashu Gola

      Hello Robert, i am sorry if the comments made above seemed inappropriate to you. I mostly rely on Ripple’s official forum on Reddit to grab most of the information. The German Bank info was also based on the comments made by Ripplers, as I clearly mentioned in the article. However, my focus was on trades rather than cornering Ripple as a technology. It proved to be correct, as Ripple fell drastically in today’s trading session.

      Pardon my French in the article if it went right above your head. Everyone is here to improve so please revisit our pages again to criticize and help us turn better. I personally will try to elaborate things better in my next posts.

      Just to clear the air, I was not FUDing Ripple as I myself is a great believer of this protocol. Will make the changes in the article after doing some research over your comment.

      Thank you for your precious time.

      Regards,
      Yashu Gola

      • Robert Harpool

        My apologies, Yashu. Over a year and a half ago there was a company called Rippln. It was a pyramid scheme that scammed a lot of people out of their money. Their followers were called ‘Ripplers’. Many people got Rippln and Ripple Labs confused. (for obvious reasons)

        In retrospect, I guess by ‘stay away from Ripple’ you mean ‘sell XRP’, because I trade numerous currencies on Ripple everyday and rarely touch XRP.
        Cheers!

        • Apologies from my end as well. I will next time focus on using the term XRP. Up until now, I didn’t know anything of Rippln and their Ripplers. Thanks to you, I can now avoid the confusion. 🙂 Cheers!

  • wargreg

    Good write up, do you pay attention to other altcoins as well namely?
    NXT – https://www.coingecko.com/en/coins/nxt
    Stellar – https://www.coingecko.com/en/coins/stellar
    Counterparty – https://www.coingecko.com/en/coins/counterparty

    • Hello Warren,

      Unfortunately I focus on Bitcoin and Litecoin only, as they are most-traded coins at this point of time. But i do cover the coins you mentioned in my other articles. Wish to have you on our website in future. 🙂