ForexMinute.com – Last 24 hours in the cryptocurrency market were a little stable than the previous days. Read further to know why.
The Bitcoin market is relatively stable, but not optimistic. As the BTC/USD continues to move sideways in the 309-313 area in a bearish territory, its probability to go southward intensifies further. At press time, the price is way below the 200-, 100- and 50-hours SMA and EMA, while the RSI is somewhere near 30; thus, indicating strong bullish sentiment in the market.
The BTC/USD is thus testing the psychological support around 300, with downside risk towards the 260-275 area. Also, these supporting lines might open up a good opportunity for buyers to enter the market and long for something profitable. Even if the price bounces back upon hitting 300 or 275, it will face greater resistance around 320-324, still maintaining the bearish bias. At that point of time, the price will have to attempt crossing 340 to enter inside a stable and long-term bullish territory. Otherwise, a near-term pullback is always in the picture.
Likewise Bitcoin, the LTC/USD is also trending in a horizontal direction, confined within a strong bearish bias. The price is currently below the 200-, 100- and 50-hours SMA and EMA, while the RSI is near 30. At this point of time, the LTC/USD is testing the 2014’s low 2.21 as the next support level, while a strong resistance level around 3.00 stopping it from entering a relatively stronger bullish area. If price manages to break above the 3.00-mark, the next upside risk will be towards the 3.40 area.
In over the last 24 hours, Dogecoin has seen a massive surge in its value by rising around 6% amid intermediate buying pressure, while NXT has also surged 3% within the same time span. Darkcoin however has dropped by 2%.
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org