Cryptocurrency Trading News: Market Bucks the Short-Term Downtrend

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ForexMinute.com – After suffering a little setback at the end of last week, the cryptocurrency market is now in a comfortable zone. Almost every major coin, including the likes of Bitcoin, Litecoin, among others, have reversed from the short-term downtrend and are now consolidating within a stable price range.

There can be many factors to this prevailing bullish trend, mainly the short-hands buying back into the market with expectations to sell back at a peak. This also signifies the instability of the current neutrality Bitcoin is seeing in USD markets. There is a great chance of market sentiment getting reversed by those who bought this cryptocurrency at a bottom. Even if the bullish attempts take it above 400, there is a lower chance of the latter coming to a short break.

On the other hand, altcoins follow the path caved by Bitcoin. Cryptocurrencies including Litecoin, Dogecoin, NXT, and Darkcoin showed bullish sentiments during the 9/18 trading sessions, which succeeded further in today’s sessions as well. Though only Darkcoin had its own little reasons to rise. The coin’s development team launched a new client, named Onyx. And like every time, development updates kept on adding a few new dollars to Darkcoin’s overall market cap.

Here are the trade reports:

BTC/USD
The BTC/USD opened at 382 during the 10/18 trading session. It soon dropped a little and was supported at 378, following which the pair began to move in anupward direction. This price behavior indicated the arrival of short-term bulls, trying to buy back at the three-day low. The BTC/USD was however resisted at 394, but yet remained away from any expected bearish sentiment. It closed at 391 at the end of the 10/18 session.

The price is still consolidating between stiff trading ranges. At press time, the pair is being traded at 389 and has increased 1.31% in the last 24 hours. The technical indicators are currently suggesting selling pressure, while the moving averages are neutral. In a bullish scenario, the BTC/USD might cross over 400, while in a bearish scenario, the pair may try to fall back to 375.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com