ForexMinute.com – Last 24 hours in the cryptocurrency market were strongly satisfying thanks to the much-celebrated ‘Bitcoin Black Friday’ event. The day reportedly saw a substantial increase in the demand for Bitcoin, which was subsequently reflected in its rising price as well. However, some little selling during the 11/29 trading session brought the price down near the daily moving average of the 4H BTC/USD chart.
In the meantime, Litecoin also displayed a similar price movement, though in a congested, less-volatile way. Other main altcoins – Darkcoin, Dogecoin, NXT and Ripple – however seemed overshadowed by the Bitcoin’s popularity in last couple of days. They all fell notably ever since the Bitcoin Black Friday event was initiated.
On the 4H BitStamp chart, the BTC/USD opened at 375 during the 11/29 trading session, after bouncing back from the presumed support level of 360-362 the previous day. The uptrend lived only until the hype surrounding Bitcoin Black Friday lived. Upon hitting 384 in overbought territory, the BTC/USD pulled back amid peak selling and is now trending sideways in 375-377 area, right above the daily moving average.
The price is currently above the 200-, 50- and 20-hours simple moving averages (SMAs), while is a little below the 100-hour one. At the same time, the RSI is holding around 51, indicating a neutral-bullish scenario in this low trading Sunday. In case the bullish outlook resumes, the price might want to attempt breaking the key resistance level around 385-390. In this case, the next upside risk will be towards 400.
However, if any selling inspires the price to go below the near-term SMAs, then the support/resistance area will be found around the 350-360 area. Any attempt to break below the 350-mark will open the possibilities of a long-term bearish outlook, sighting last month’s 320 as the bottom.
Litecoin, meanwhile, is looking near-term bullish. At this point of time on 4H BTC-e chart, the LTC/USD is trading above the 50-, 20-, and 10-hours SMAs, while RSI is somewhere near 51. This indicates a little inclination towards north, with foots near the current sideways zone of 3.53-3.54. In case it happens, the pressure would be on 3.65 to hold the price in a consolidation range. If LTC/USD breaks above the aforementioned barrier, then a strong bullish scenario will come into view, testing 3.95 as the next key resistance level.
In case the price falls below the aforementioned SMAs, the price is likely to test 3.50 as the next bottom where a certain bounce back will be expected.
To contact the reporter of the story: Yashu Gola at email@example.com