ForexMinute.com – Last 24 hours in the cryptocurrency market have been quite reasonable, especially after two-weeks of constant bullish behavior. There have been little hints of bearish sentiment, but the market is consolidating within an expected range. Leaving NXT and Dogecoin aside, almost every top cryptocurrency has been seamlessly neutral in their respective price behavior.
There are indeed certain events that has some major role in handling the bear that was expected in our 10/15 trading analysis. At first, New York Department of Financial Service (NYDFS) Superintendent has taken back the proposal which required the state’s Bitcoin developers, miner and individuals to obtain BitLicense. The BitLicense’s influence over Bitcoin and altcoin charts have also been noted earlier, and this news makes no exception as well. Other influential events include: IMF and World Bank panelists acknowledging Bitcoin blockchain to boost finance inclusion and the development of a new trading system at MIT that is hopeful to boost Bitcoin investments by 89%.
As per the technical analysis done by multiple analysts, the next 24 hours are crucial in deciding which way the Bitcoin price rallies. There is a strong presence of bulls – shaky hands – who are ready to sell their coins anytime for short gains. This might influence the price behavior downwards.
At some point, we are also noticing bulls ruling the charts thanks to shaky hands selling off their coins at high. Even though, a huge drop is not expected until the BTC/USD market cross below the 360-mark. If it does, we are seeing another downtrend that might last until it hits 300, or low. In case the bullish scenario returns, the BTC/USD might try 450.
A majority of Moving Average Periods are currently suggesting selling pressure on the Bitcoin market. Meanwhile, technical indicators are more inclined towards strong buying sentiment. Hence, the BTC/USD is currently between nowhere. Any movement in next 24 hours will clear the situation further. I personally am bullish on this.
Here is the market report of the last 24 hours.
The BTC/USD was trading between 398 and 401 at the start of the 10/15 trading session. Before closing at 394, the pair was supported at 395, 391 and 388. Indeed the bulls overshadowed the bears in the last 24 hours, while waiting for a sharp $60 swing. At press time, the BTC/USD is being traded at 386 and has dropped by 2.5%.
The LTC/USD is on a similar rally as that of Bitcoin. Pair opened at 4.04 and started to lose momentum in later hours. It however kept on getting little investments from the market, thus remained in a stiff trading range and eventually closed at 4.00. Upon entering the 10/16 trading sessions, the LTC/USD seems to be more inclined towards bears. Both MA and Technical Indicators are hinting a strong selling sentiment. In case it goes as suggested, the price might try 3.80 as next bottom. In case of bullish signals, it will hit 4.50.
At press time, the LTC/USD is being traded at $3.99, and has dropped by 1.5% in the last 24 hours.
Sentiment: Short Term Bearish
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