ForexMiniute.com – Last 24 hours in the cryptocurrency market have been pretty average, as both Bitcoin and Litecoin trended in a sideways direction, while remaining bearish. Look further to know more.
After failing to break above the key resistance area around 340, the BTC/USD continued to remain in a bearish bias, which eventually got stronger with more selling pressure. The pair however rebounded from 311 and is now trending sideways below the daily moving average, thanks to choppy trading volume.
The technical indicators further indicate a strong bearish presence in the market. The BTC/USD, currently valued around 314, is way too below its 200-, 100- and 50-hours SMA while the RSI is near 35. So far, the last two SMAs are acting like resistance to keep the price from falling into a near-term bullish correction. Below these levels, the chances of Bitcoin to test the 311, and ultimately the 275-support area, are likely.
In case the BTC/USD manages to break above 323, the bullish outlook will still be limited to around 340.
Compared to Bitcoin,the Litecoin price trend seems to be flatter. The LTC/USD, currently priced at 2.69, is clearly below the 200-, 100-, 50-hours SMA, while the RSI is around 44. It indicates bearish sentiment in the market. Though, due to almost similar buying and selling pressure, the price is currently trending sideways, waiting to go either way once the pressure shifts either on bears or bulls.
The bears are likely to continue to dominate the Litecoin market in the next 24 hours, while attempting to break below the support level around 2.60, with downside risk towards November’s low 2.21. However, in case the price manages to rise above the presumed resistance level around 2.75, a near-term bullish correction is likely to follow while treating 3.00 as the next key-resistance line.
In the last 24 hours, the altcoin market has also been relatively stable. While Darkcoin and Dogecoin have fallen only by a minimum of 0.5%, Peercoin and NXT have surged around 1-2% within the same time span.
To contact the reporter of the story: Yashu Gola at email@example.com