ForexMinute.com – Last 24 hours in the cryptocurrency market have been a little disappointing as Bitcoin pulled back from the prevailing bullish corrections amidst a slightly larger selling volume. In the meantime, altcoins including Litecoin, Dogecoin, Darkcoin and NXT also sloped downward amidst strong selling pressures.
The whole November month has been an extension to previous month’s bullish correction, where the price of Bitcoin once even crossed the 450-mark. It however met with sharp pullbacks in the end, which continues to exist even now. Though one can also notice multiple attempts from the buyers’ zone to keep the price above the 370-375 support area. Overall it is a continuation pattern, indicating a similar supply and demand rate in the Bitcoin market.
On the BitStamp 4H BTC/USD Chart, the price opened at 401 during the 11/17 trading session, after finding a solid support level around 370-373 area. The price continued to trade sideways amid low volatility and moderate buying pressure. It subsequently peaked to 412 during the 8th hour, right near the upper Bollinger band (pink line) and was further met with price corrections that took its price back to 383. The BTC/USD closed at 386 at the end of 11/17 trading session.
As the RSI continues to float above 40, there are chances of BTC/USD attempting a near-term bullish correction in the next 24 hours, testing 407 as the next resistance level at the current volatility. In case the bears manage to break below the 370 support level, the market will enter a long-term selling area where the next support is either 340, or 320.
Litecoin market, in the last 24 hours, have been trending sideways amid low selling and buying volume. The price opened at 3.93 during the 11/17 trading session and traded stiffly between 333.92 and 3.82 throughout the day. It was only today it showed some volatile behavior towards south, as big selling took place and caused its value to drop inside an oversold territory. A certain pullback there is expected, following which the LTC/USD might once again attain a sideways movement.
The current RSI is almost near 40, pushing the LTC/USD towards the selling zone. However, staying above 40 still indicates the definite yet little presence of bulls in the market. This scenario indicates pressure towards the 4.15-4.20 area. Any attempt to cross above it will take Litecoin to a comfortable bullish channel.
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