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
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.
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%.