Cryptocurrency Trading News: Market Ditches Downtrend Once Again

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Cryptocurrency Trading News

ForexMinute.com – Last 24 hours in the cryptocurrency market is somewhat optimistic as almost every top coin ditched the prevailing downtrend. They include Bitcoin, Ripple, Litecoin, NXT and Dogecoin. Meanwhile, Darkcoin failed to reflect the market’s positive mood in its trading charts. It fell over 4% in the last 24 hours due to consistent sell-offs.

Cryptocurrency market as a whole is expecting the revised BitLicense proposal anytime. The commenting-round is near its end, and NYDFS will soon be releasing the amended version of their Bitcoin regulatory framework. A lot of market sentiment depends on this outcome – good or bad. Bitcoin market has already encountered a pessimistic trading environment around the release of BitLicense original draft. And it is expected to be influenced in either direction once the verdict is out.

On the other hand, the market is now hosting a duel between bulls and bears. There have been numerous attempts to bring Bitcoin back to its season’s low, but the downtrend consecutively reverses in the presence of strong bulls. We can thus see a sign-wave-like the graph in BTC/USD daily trading charts. Both sides are in attempts to prevail one another, creating a situation in which Bitcoin is trading between two trendlines. It is thus difficult to predict where it rallies in the coming days. Overall, the market sentiment is bullish.

Meanwhile, the Litecoin mood seems primarily bullish at the time of writing. For being a market that is mostly coupled with Bitcoin trends, we think LTC/USD is poised to remain neutral as well. For being the next-best cryptocurrency, Litecoin’s future movements are highly focused on the NYDFS verdict on BitLicense. As for now, moving averages on daily charts are hinting a short term buying sentiment.

BTC/USD
The market opened at around 388 during the 9/20 trading session after rallying sideways for a couple of hours in the previous day. This gave shaky hands, the bears, a chance to sell their coins at the 388-390 level, resulting into a notable drop around 0430 UTC, supported at 379 like the other day. The bulls there took control and injected some buying sentiment into the market, resulting in a short term upside movement. At the end of the 9/20 trading session, the BTC/USD was trading at 381.

At press time, the BTC/USD is rallying sideways within the 382-386 range. It has risen more than 1% in the last 24 hours, and is expected to surge a little more amidst strong buying sentiment, says both TIs and Mas. In case the bullish trend upholds, we can expect BTC/USD to hit 390 by the end of the day. In another case, the pair might find the next resistance level between 375 and 380.

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

  • Jack Spencer

    please also try posting about Darkcoin. I see you have missed it for a long time.