ForexMinute.com – Last 24 hours in the cryptocurrency market have been quite optimistic as both Bitcoin and Litecoin successfully attempted to reverse from their prevailing downtrend. The reversal, for now, has at least reduced the double bottom pressure.
BTC/USD 4H BitFinex
After falling sharply during the early January trading sessions, Bitcoin market attempted some really notable recoveries in the latter part of the month. Part of it were hypes created by the launch of Coinbase new regulated and licensed exchange Lunar, and therefore failed to sustain their bullish corrections.
As we enter another month, the Bitcoin price is clearly attempting another rally with a very little buying sentiment to be backed by. Meanwhile, the double bottom support around 165 is still in sight waiting for yet another failed price correction. Lets see the chart below for more elaboration.
The technical indicators, at press time, are exhibiting a little movement towards the next support around 230. The price is currently trending above the near-term SMAs but at the same time is way too below the long-term ones. The RSI meanwhile is in a neutral area around 47.
Coming to MACD, you can see the blue curve is located way too below the normal line but at the same time is deviating from the signal curve, to the upside. These indicators overall suggest a near-term bullish scenario, waiting to extend only if breaks above the 230-235 area.
Below these resistance levels, the bearish presence is still intact if not active. If price fails to break above the 230ish region, we might once again be seeing the 220 support in play. There the downside risk will once again fall towards 165 – the previous bottom.
The altcoin market has reacted strongly to the Bitcoin reversal. In over the last 24 hours, almost evert top cryptocurrency has surged by some extent. They include Litecoin (+6%), Dogecoin (+5%), and Darkcoin (+16%).