Cryptocurrency Trading News: Bitcoin Forms a New Bubble; Altcoins Optimistic


Cryptocurrency Trading News – The worst-scenario seems less likely in the cryptocurrency market, indicates the current price behavior of most of the top coins. While Bitcoin, as expected, is recovering comfortably amidst the strong bullish sentiment, altcoins including Litecoin, Darkcoin and NXT also progressed under its influence.

This left us to two scenarios, derived from both short and long-term holders. While this is quite clear that long-term holders are in the mood to hold off their cryptocurrency, unlike the bearwhale who sold a big chunk last week, it is short-term holders who might play the quick-buck trick by selling holdings for a little profit. The latter however will have a little impact on the current Bitcoin uptrend, as most of them might still be waiting the price to cross the 400-mark, psychological-wise. So we expect the cryptocurrency to remain in a bullish zone until that level at least.

The BTC/USD opened at 339 while trading during the 10/8 sessions. A slight selling brought the pair a little down to 338. It though picked up a steady momentum, indicating the arrival of more fiat into the market. It was the third-consecutive day in which Bitcoin rose amidst the multiple reports suggesting possible manipulations in the market. Indeed, investors are more focused towards cheap evaluations in the wake of recent bottom.

The BTC/USD thus progressed steadily during the 10/8 trading sessions, eventually closing $13-higher from it opened, at 349. At press time, the pair has surged over 7% in the last 24 hours and is trading at 362.

Litecoin market was also full of optimism during the 10/9 trading sessions thanks to anticipations of its integration into Coinbase. The report looks positive to Litecoin community which believes in their Charles Lee’s capability to make such a thing happen. We are waiting for the same.

Coming back to numbers, the LTC/USD opened at around 3.71 during the 10/9 trading sessions, and continued to remain in upward direction for the rest of the day. During the uptrend, the pair found multiple support levels at 3.71, 3.74, and 3.82. The LTC/USD eventually closed at 3.85 at the end of the day. There is string bullish sentiment in the market as per now, and is expected to persist until the Bitcoin crossed the 400-mark in the US market.