ForexMinute.com – Last 24 hours in the cryptocurrency market saw both Bitcoin and Litecoin struggling to revive its previous bullish sentiment. The moderate buying pressure inside their markets was further reflected in other top coins, which remained on a downside throughout the November 26th trading session, barring Ripple (XRP) and Stellar (STR) that rose superficially amid strong pumping.
The short-term prospects of Bitcoin doesn’t look good until price finds a solid support level. The same can be said for the rest of the market, which will mostly be relying on the performance of Bitcoin in the next few hours, or days. There are a number of events that could also play a major role in price movements in the coming days, mainly the Bitcoin Black Friday Sale and the upcoming auction of 50,000 Bitcoins seized during the Silk Road bust.
On the 4H BitStamp chart, the BTC/USD opened at 375.90 during the 11/26 trading session after pulling back from the previous bull-run. The pair continued to go down, and in the process, crossed below the daily moving average, thus indicating near-term bearish sentiment in the market. At press time, the BTC/USD is trending sideways amid low trading volume.
As the BTC/USD continued to go south, it will stay in a short-term bearish outlook. For anything significant to happen, the pair really has break below the previous strong support line of 350. There the negative breakdown point will be around 335.
In case the price manages to reverse its trend around the psychological support level of 365, it will once again sight the 390-400 as the upside risk. A break above that level might be able to guarantee a long-term bearish outlook, otherwise the market will keep jumping inside the 350-395 area.
On 4H BTC-e charts, the LTC/USD opened at 3.53 during the 11/26 trading session, while trending sideways amid a low selling-buying volume. At this point of time, the price is below the 100-, 50- and 20-hour SMA while the RSI is near 45, indicating a moderate bearish pressure. In next 24 hours, the price is hopeful to go further down, only to test its previous support level 3.50 as the bottom. The price trend could be reversed towards north at that point. In case it breaks below the support level, the LTC/USD will enter a long-term bearish zone, sighting 3.45 as the support line.
To contact the reporter of the story: Yashu Gola at email@example.com