ForexMinute.com – Last 24 hours in the cryptocurrency market were satisfactory as both Bitcoin and Litecoin continued to stay stable during a low trading holiday season. Look further to know more.
As we enter the last week of December, we can see how Bitcoin has avoided being bullish throughout the month due to several different reasons. At first, the news of Silk Road Bitcoin auction kept the market at bay as both sellers and buyers preferred holding their investments. Post-auction, the BTC/USD market faced huge downward pressure, which eventually took the value to 304 last week. Though, a near-term bullish correction helped the price rebound impressively in later stages, but the bearish bias is hopeful to remain in sight until certain upside levels are breached.
The price is currently below the 200- and 100-hours SMA, while has successfully breached the 50-hour SMA (above 327). In the meantime, the RSI is around 56; thus indicating a near-term bullish presence in the market. As the price has already broken above 330, the next resistance in sight comes at 340 – the strong support area during the downtrend. Until this level is crossed, Bitcoin’s chances of testing 320 as its support are likely.
A break above 340 meanwhile will open up the 360 area, with the next upside risk likely to be towards 373-380. In a long-term bullish scenario, the price may sight the 455 high as well.
The technical indicators are not favoring Litecoin that much. The LTC/USD is currently below the 200-, 100-, and 50-hours SMA, while the RSI is near 45. It indicates neutral-bearish sentiment in the market. Though due to holiday season, the market is lacking influential buying/selling volumes and the price is thus trending sideways near the daily moving average.
At this point of time, the price will need to rally above 3.00 in order to reduce the bearish bias and go inside a consolidation. A break above the 3.21-resistance level will establish a bullish scenario, sighting 3.38 as the next upside risk.
However if bearish sentiment continues to persist, the price might test 2.70 as its next support level, putting the downside pressure on this year’s low of 2.21.
In the last 24 hours, Darkcoin has fallen by 4.5% while Dogecoin, Peercoin and NXT are also struggling amid moderate selling pressure in the market. Each of them has fallen 1-2%.
To contact the reporter of the story: Yashu Gola at email@example.com