Cryptocurrency Trading News: Bitcoin Sandwiched between Bottom and 275

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ForexMinute.com – Last 24 hours in the cryptocurrency market saw Bitcoin sandwiched between the prevailing bottom around 255 and the key resistance around 275. Look further to know more:

BTC/USD 4H BitFinex Chart

CTN5.1

The market outlook is as grim as it was yesterday. Price is way below the daily moving averages, while the RSI is around 42. In the meantime, the 26- and 12-hours EMA are still going parallel and the MACD remains around -3. It leaves us with no doubt that there is definitely a continuing downtrend in force.

But at the same time, let’s not rule out 255, which previously initiated a near-term bullish correction towards 300. In case the price manages to rebound from this one point, we might expect it to test 275 once again as the next key support, with upside risk towards 300-304.

For now, the price is testing 275 as its key resistance, above which it could attempt a bullish correction like the previous time. The bearish bias is expected to remain until the 320-mark is breached towards the upside.

Other Cryptocurrencies

Altcoins have remained quite stable meanwhile, possibly under the influence of Bitcoin’s consolidation. In over the last 24 hours, Litecoin, Darkcoin and Peercoin have increased by 1%, while Dogecoin and NXT have fallen 1-2%.

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With an upbringing rooted in deep ethical values, Yashu Gola knows how to put honesty and dedication into his articles. This young and dynamic financial analyst has done his graduation in IT engineering. His interests in financial writing have once brought him to our digital doorsteps. Since then, he has been an integral part of ForexMinute.com and writes the most captivating news-articles on the foreign exchange industry, cryptocurrencies, and medical marijuana trading.