ForexMinute.com — After rising stupendously on Coinbase euphoria, Bitcoin market failed to hold its peak level – around $304 – due to intensified selling pressure. As a result, the price fell around $40 within no time, bringing market between two vital level of support and resistance.
The entire cryptocurrency market meanwhile reacted to Bitcoin’s volatile movements. However in over the last 24 hours, the major altcoins have been optimistic due to lack of selling signals.
The technical indicators are predicting a near-term bullish scenario for Bitcoin. If we look at the chart above, there is a near-term bullish flag forming where price seems to be sandwiched between the prevailing support around 250 and the upside resistance around 300. The consolidation is hopeful to remain in action only until either of aforesaid levels are breached.
In the meantime, a majority of seasoned traders are psychologically bullish on Bitcoin due to macroeconomic trends like Euro Meltdown. They are expecting investors to return to Bitcoin once the upcoming QE and Greece election outcomes begin to show its impact on European economy. There will indeed be demand, as per them.
But for now, a bearish bias still haunts the Bitcoin market until price crosses above the 320-resistance.
As mentioned above, the altcoins are having a great time at the market. In over the last 24 hours, Litecoin and Darkcoin have surged 3-4%, while NXT and Dogecoin is nearly stable – each rising 0-1% in the same span.