Cryptocurrency Trading News: Bitcoin, Litecoin Pumped amid Strong Buying Pressure

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ForexMinute.com – Last 24 hours have been more than wonderful for the cryptocurrency market, as almost every top coin surged extensively amid strong buying pressure. It was indeed the strong bullish continuations in the Bitcoin charts that influenced the altcoins to break above their respective resistance levels.

As a result, Litecoin and Dogecoin both surged around 15% from their previous support levels. Darkcoin, on the other hand, failed to take benefits of the current optimistic environment, mostly because of an ongoing patchwork in its anonymity-offering Darksend protocol. Investors might saw this as a red signal, which subsequently impacted the Darkcoin trades in the last few hours.

The other cryptocurrencies which went north over the last 24 hours are Counterparty (43%), BitShares (4%), and Peercoin (9%).

 

BTC/USD

CTN9.2

The BTC/USD opened on BitStamp 1-H chart at 372.59 during the 11/12 trading session, while ascending from the previous day’s support level of 361. As the price remained mostly around the overbought territory, the buying pressure remained visible for the entire day. The pair subsequently moved north, testing 434 as a temporary resistance level while staying above the 10-, 20- and 50-SMA. It closed around 423 at the end of the day, after retreating from the support level of 420.

As Bitcoin is currently in a strong bullish territory, the price might want to stretch above the 450-level. Though, there will indeed be certain bearish attempts of selling the coins at peak. But an overall technical indication in daily BTC/USD charts are showing a strong buying pressure. In case the sentiment prevails, the BTC/USD might try 475 as the next resistance level.

If the sellers somewhat overcomes the market, the BTC/USD might find a strong support level around 320. The bearish signals however will be for a short-term.

LTC/USD

CTN9.1

The LTC/USD opened at 3.68 on BTC-e 1-H chart during the 11/12 trading session, after rebounding from the support level of 3.61 the previous day. While trading near the overbought level, the buying pressure clouded the market for most of the time, resulting into a flawless surge. There the price once even crossed above the buying threshold, marking its peak at 4.10. It though fell later in the name of price correction. The volatility was high, and the trading volume was more than expected. The LTC/USD closed at around 3.98 at the end of the day.

The price is currently trending upwards and have faced a strong resistance level at 4.13, after which its value dropped into the selling zone for a while, finding a similarly strong support around 3.95-3.94 level. At press time, the price is above 10-, 20-, and 50-SMA while the RSI is near 60. It indicates a nominal presence of bulls in the market, trading around the bearish cracks.

If the LTC/USD continues to ascend upwards in the next 24 hours, it might test 4.25 as the next resistance level. Any attempt to cross above this level will take the price into a strong bullish channel, where the next resistance in sight is 4.75. In case bears overruns the current trend, we are seeing LTC/USD to fall back to its previous support of 3.91. Any attempt to oversell will take the price to the 3.61 support level, where it might start another upward rally.

To contact the analyst: yashu@forexminute.com