ForexMinute.com – There can never be a better explanation of the way the cryptocurrency market react. A two-week bullish hangover seems to be ending on a disruptive note, if one looks at the last 24 hours. Almost every top cryptocurrency, whether it is Bitcoin or the following altcoins – all are seeming to be nipped by the market’s bear claws.
Nothing particular can be found on the internet that could explain the reason why market took a nosedive in the last 24 hours. However, if there is one news that could actually negatively impact the Bitcoin and altcoin market is of BitStamp, the UK-centered Bitcoin exchange which recently asked, or warned, its unverified users to verify their trading accounts or the company will simply seize their assets to further hand them over to the government.
Coming to technical analysis, Moving Averages on hourly charts indicated a strong selling pressure in the cryptocurrency market, especially of Bitcoin which usually influences the price movements of other coins. Their signals are hinting to be the same in the next 24 hours. Meanwhile, technical indicators (including RS 14 and Highs/Lows 14) are also hinting strong selling sentiment in the Bitcoin market.
As the bearish hands proving dominance, altcoins like Litecoin, Darkcoin, Dogecoin and others are also slipping south. Only Ripple has managed to stay neutral in the last 24 hours, being a private cryptocurrency and all. Counterparty meanwhile is clearly being dumped on large scales, as it has fallen more than 10% during the 10/16 trading session.
Here is the report:
The BTC/USD opened at 396 during the 10/16 trading session, and stayed within a tight trading range, indicating a paused rally. Somewhere around 0900 UTC, the price dropped a little downside and indicated the arrival of short-term bulls. There the price was supported at 386. But indeed, the $10 fall stirred the market sentiment from neutral to bearish, subsequently resulting in a downward rally, getting supported somewhere around 373. There the price rebounded a little, reaching 385. Since then, it is consolidating.
At press time, the BTC/USD is being traded between 375 and 378 and has dropped over 1% in the last 24 hours. The next 24 hours is hinting strong selling pressure on the market, indicating the arrival of bear hands. A controversial thought: upon the sell-off of 30k BTC three weeks back, the same amount was bought back at the bottom price, $300. It might be possible that the buyer is now filling up the order books. This means there is a huge chance the market might fall back to below 300.
But with current analysis, we think the BTC/USD is liable to hit the range of 355-360 in the next 24 hours. If the trend reverses, we might see the pair trying the 400 mark once again.
To contact the reporter of the story: Yashu Gola at email@example.com