ForexMinute.com – Last 24 hours in the cryptocurrency market encountered the worst downtrend since early November. Look further to know more.
The BTC/USD broke support level of 340 yesterday, indicating the arrival of strong bearish hands into the market. There is currently a lot of selling pressure as the holiday season approaches, which might have caused price to crash near the 330 region – lowest since early November.
The technical indicators meanwhile are not favoring BTC/USD as well. On 4H BitStamp chart, the price is currently below the 200-, 100- and 50-hours SMA, while the RSI is somewhere near 30. It overall indicates a strong bearish sentiment in the market. The price is inside the oversold territory and is hinting to go further down, probably to test 320 – the ultimate bottom – as the next key support level. If broken, the BTC/USD is likely to bleed until hitting 275.
At the same time, the 320-support level could open buying opportunities for traders, thus transforming into a bounce back towards the next resistance level of 340.
Tied to Bitcoin price movements, nothing great was expected from LTC/USD in over the last 24 hours. But unlike its locomotive, the pair dropped much drastically by 10% amid a huge panic sell. It was already trending sideways in a congestion pattern, forming lower lows and lower highs. And now, the increased volatility towards south has brought price to an oversold region.
The technical indicators are not supportive at all. The price is currently below every SMA, while the RSI is embarrassing itself by being near 14. This indicates nothing but a bearish breakout in next few hours, though with little hopes to bounce back from the psychological support level of 2.75.
In case bulls find the bottom as an opportunity to buy back into the market, we could expect LTC/USD to test 3.02 as the next resistance level, though the market will still find it difficult to escape from the bearish bias it is in.
In over the last 24 hours, Dogecoin has fallen by 8%, while Peercoin, NXT and Darkcoin have slipped by 4-5%.
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org