ForexMinute.com – After surviving few minor slips over the weekend, the cryptocurrency market is once again showing some price corrections. In the last 24 hours, almost every top coin, including Bitcoin and Litecoin, is building an upward momentum thanks to the increased investments in Chinese and US markets.
Bitcoin therefore is retesting highs of the previous rally. This indication is further visible in the altcoin market, where Darkcoin, Litecoin, Dogecoin and every other top cryptocurrency is displaying bullish sentiments. Though, one cannot exactly analyze the future movements of these coins, as they are mostly influenced by the hypes around them and hardly comes under consolidating levels. All we can do for now is watch BTC charts and predict the influence they have on altcoins.
The BTC/USD opened at 362 during the 10/12 trading sessions, and remained in a tight trading range in initial hours. The pair soon started to ascend in the wake of strong bullish sentiments, while testing the intraday high. After hitting 379, the pair sloped down thanks to shaky hands, but soon was supported at 369, and closing at 372. The BTC/USD broke out from the short term consolidation range during the 10/13 trading hours and started to retest another high. It subsequently formed an upward trend and hit the intraday peak at 381.
The technical indicators and moving averages are currently hinting a strong buying sentiment. If it hits 395, the BTC/USD may breakout above 400. It is quite a magical number for sentimental traders that might bring the current Bitcoin bubble to next stage. Traders longing from the 300 level must hold for as long as possible. Next few days are indeed crucial.
At press time, the BTC/USD is at 377 and has surged over 5% in the last 24 hours.
The LTC/USD opened at 3.67 during the 10/12 trading sessions amidst a moderate selling pressure. Traders expecting LTC to stay coupled to BTC price trends are bullish, thus holding on their investments bought cheap from recent nosedive. The LTC price in US market thus remained in a stiff trading range for most of the time during the 10/12 sessions. It however picked some momentum, large under the influence of BTC charts, and jumped to its intraday high at 3.88 from the consolidating value 3.68 right before the closing hours. The pair closed at 3.83.
Crossing the 3.80 mark had helped Litecoin to reduce the bearish sentiment from the market. Though the outlook is still surfaced, and might drag the cryptocurrency’s value to as low as 3.40 in the next few days. LTC/USD is thus largely dependent on Bitcoin’s price behavior in the next few days. In case the LTC/USD displays bullish signals, the pair might test 4.00.
To contact the reporter of the story: Yashu Gola at email@example.com