ForexMinute.com – Last 24 hours in the cryptocurrency market were quite satisfactory as both Bitcoin and Litecoin successfully rebounded from their respective bottoms.
After surviving the 300-support level and trending sideways in bearish territory, the BTC/USD made an impressive recovery during the weekend – rallying from 304 to 331. It however failed to break above the 331-335 resistance area, as sellers appeared once again in the overall scenario. The price thus pulled back, sighting the next support area around 300 yet again.
At press time, the BTC/USD is below the 200-, 100-, and 50-hours SMA and EMA, while the RSI is near 51. It indicated neutral-bearish sentiment in the market. Considering this scenario, the pair has put in a near-term resistance pivot around 330, with a downside risk towards the 275-285 area. In case the price manages to cross above 330, the next resistance level is expected to be around 340 – a previous support area. A ‘W’ is likely to form in the upcoming days/hours.
Based on the current technical readings, the LTC/USD is currently below the 200-, 100-, and 50-hours SMA and EMA, while the RSI is somewhere around 42. It is indicating a neutral-bearish scenario as well. At this point of time, the price is testing the 2.21 – the 2014 low as the next support level, while a strong resistance level around 3.00 with an upside risk towards 3.40.
In the last 24 hours, top altcoins like Dogecoin, Darkcoin and Peercoin has dropped by 1-3%. In the meantime, NXT is neutral.
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org