ForexMinute.com – Last 24 hours in the cryptocurrency market have been slightly disappointing as both Bitcoin and Litecoin failed to break above their respective key-resistance levels.
The pullback further created negative sentiment inside the altcoin market, in which almost every top cryptocurrency, including Dogecoin, Counterpart and NXT, fell by notable margins. On the other hand, only the private-centric cryptocurrency Darkcoin managed to stay neutral amid overall bearish sentiment.
In the meantime, the cryptocurrency market was full of optimistic events taking place all around the globe. Today, the Australian Senate held the first-ever meeting in regards to their upcoming digital currency regulations. While in the US, renowned forex trading exchange Nadex announced to launch regulated Bitcoin Binary Option contracts. These events clearly proved the greater momentum at which cryptocurrency technology is advancing.
The BTC/USD opened at 381 on BitStamp 4-H chart during the 11/25 trading session, while reversing from the lower low of 377. The price advanced cautiously amid a notable bullish presence, and touched the intraday peak of 393 during the 8th UTC hour. As you can notice the peak, it clearly lies in an overbought region, right above the upper Bollinger Band. The bears took this rally as a selling opportunity, which ultimate resulted into a pullback and price began to fall. At the end of the day, the BTC/USD was priced around 375.
The price is now trying to float above the psychological resistance level of 365-370, whilst bears are trying to take it down below the 360-support line. If a continuously downtrend occurs, then there might be a chance that BTC/USD falls below the 360-line, where a long-term bearish outlook lies, resilient only towards the 350-wall. For now, the bulls have to watch for the 365 mark to reverse the price towards the previous upside risk of 400-410 area.
The price is currently above the 200-, 100-hours SMA, while is just a little short of 20-, and 50-hours SMA. The RSI meanwhile is floating around 44-46. This overall readings indicates neutral sentiment in the market, meaning the price could move wherever the wind takes – bullish or bearish.
The scenario of the Litecoin market is somewhat different from Bitcoin today. At press time, the LTC/USD is trading below the 200-, 100-, 50-hour SMA, while the RSI is currently below the 40-mark, indicating a strong bearish sentiment in the market. After pulling back from the previous day’s peak of 3.65 on BTC-e, the pair has now fallen near the oversold region, where it is priced around 3.49. The next support level, in this current scenario, lies at 3.40. In case the bulls take buying opportunity at the bottom, the price might try to test 3.65 as the next resistance level.
To contact the reporter of the story: Yashu Gola at email@example.com