Cryptocurrency Trading News: Peak Inspires Strong Selling; Bitcoin, Litecoin Fall

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ForexMinute.com – Last 24 hours in the cryptocurrency market witnessed Bitcoin and Litecoin’s fall from their respective peak levels. It was nothing but the sudden arrival of short-term profiteers that pulled the market price down by the legs. Other than Bitcoin and Litecoin, almost every altcoin suffered a stroke in the name of panic selling. The major ones to suffer were Dogecoin, NXT, Peercoin and Darkcoin.

BTC/USD

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After rallying upwards constantly since its last low around 360, the BTC/USD finally found the resistance level at the peak of 453, during the 11/13 trading session. However, the comparatively high selling volume there rebounded the price from its previous rally, and it crashed to 416 within a few hours. There were a few attempts from the bulls’ side to revive the market, but 416 acted as a weak support, following which the price further went south to the oversold zone (below the orange bar). A certain price correction at the strong 383-support level shot the BTC/USD a little upwards to 420. The pair ultimately closed around 417.

Currently, the BTC/USD is consolidating sideways in the 1H BitStamp chart, amid low trading volume. The RSI is near 50, indicating a neutral sentiment in the market, with more inclination towards the bears. There will be certain attempts to break below the prevailing 380-support level, which will ultimately put the market in the hands of bears. There we can expect it to fall below 360, just like the previous month.

However, if the market consolidates above the 380-level, the bulls might want to pump it once again to the previous resistance level of 450-453. Any attempt to cross above it will make the price test 475 as the next resistance level.

LTC/USD

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Staying almost identical to Bitcoin 1-H chart, the LTC/USD price is also trading in a selling zone, though still above the oversold threshold on 1H BTC-e charts. This indicates neutral sentiment, with more inclination towards the bulls. At press time, the pair is valued at 3.9, trending in a sideways channel with support at 3.89. The technical indicators are indicating a moderate buying pressure in the market, with near term bullish sentiment in sight. In this case, the LTC/USD might try 4.17 as the next resistance level during the 11/14 trading session. In case the price rebounds, it might get a hold around the 3.85-3.89 level.

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