Cryptocurrency Trading News: Market Slips through the Bearish Cracks

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ForexMinute.com – From last week, almost every top cryptocurrency was attempting price corrections, which eventually turned out to be pretty successful as well. Speaking particularly of Bitcoin, the top coin managed to create an optimistic buying environment amidst bullish corrections against earlier downtrends. During the 10/14 trading sessions, the BTC/USD actually managed to cross the 400-mark, which marked Bitcoin’s successful recovering the bottom.

But in the last 24 hours, the cryptocurrency market seems to have slipped a little inside the bearish cracks. These sentiments were although visible during the last week’s trend lines, but was then overshadowed by the strong buying behavior in the market. During the 10/14 trading hours, the bearish attempts managed to reverse the trend line by creating moderate selling pressure. Traders who bought at bottom might have sold a considerable chunk of their investment to buy back at a low.

The fall in Bitcoin price was further reflected in other altcoins. Litecoin, Dogecoin, Peercoin and Darkcoin fell almost instantly after sensing the bearish corrections in the Bitcoin charts. Darkcoin particularly lost a huge chunk, losing over 11% of its market cap within last 24 hours. It subsequently slipped to the 10th position on www.coinmarketcap.com, from its previously held 8th position.

All eyes are now back on the next few days in the Bitcoin market. At press time, the moving averages and the combination of all technical indicators point to two different analyses. While the former indicated a reasonable buying sentiment, the latter hints a strong selling pressure on the traders. If the market is held by shaky hands, we can expect another low between 350 and 375 in next hours. Any attempt to revive the bulls will bring the BTC/USD between 405 and 410. [Note: bearwhales may ruin the analysis.]

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