ForexMinute.com – Last 24 hours in the cryptocurrency market have been quite positive as both Bitcoin and Litecoin rose smoothly. Look further to know more:
The hype returned to Bitcoin market, after a random tweet from GCF Fund Managing Director George Kikvadze claimed the release of a new SEC regulated Bitcoin ETF Fund after 4 weeks from now. Can’t say if it was a rumor or reality, but it brought a lot of speculators to the market, resulting in a series of elite buying orders.
The market therefore moved upwards very smoothly throughout the day and ultimately started to get traded in the overbought region, just above the Bollinger band. During this overall Bull Run, the price surged from 210 to as high as 240 – ultimately establishing a near-term bullish correction.
On a 4H chart, we can see how the RSI has rapidly jumped above the 70 mark – right inside the buying area. The blue MACD line, at the same time, is above the orange signal line and way above the neutral as well. The 12-hour EMA meanwhile is also above the 26-hour EMA. These indicators overall suggests a near-term bullish bias in the market. For long term though, the sentiment is still bearish.
To reduce the overall bearish bias, the BTC/USD still needs to break above a series of resistance levels – 250, 27 and 300 to be specific. If the price crosses above the 320-mark, only when we can say that a bullish breakout is achieved.
Thus, the chances of a pullback is likely in the next few hours/days. The market will likely attempt corrections any time soon, causing another drop towards the lower 200s. Thus, the 172-support will remain in sight.
Let’s just hope that the aforesaid rumor turns out to be true.
Following the sharp spike in Bitcoin value, the other cryptocurrencies also surged impressively in the last 24 hours. While Litecoin and NXT surged 6-7%, Darkcoin, Dogecoin and PayCoin jumped 8-11% within the same span of time.