ForexMinute.com – Last 24 hours in the cryptocurrency market have been quite satisfactory as both Bitcoin and Litecoin managed to stay above their respective daily moving averages, indicating favorable buying signals for today’s trading session. They however remained in a narrow trading range throughout the day, which means less trading volume from both buyers and sellers.
In the meantime, altcoins too followed the Bitcoin price movements as they remained in the narrow sideways range as well. They include Dogecoin, Peercoin and NXT. On the other hand, Darkcoin price dropped 1% within the same time span.
In the past few days, Bitcoin indeed has proved itself as a superbly growing cryptocurrency, tells its value surge during the ‘Bitcoin Black Friday’ event. A just-released report on CB Insights further indicated how Bitcoin startups are receiving an enormous amount of funding from the world’s foremost venture capitalists. You can read about it here.
On the 4H BitStamp chart, the BTC/USD opened at 377 during the 11/30 trading session At that point of time, the pair was holding above the daily moving average of 371-373 and was advancing cautiously in a narrow range, thanks to the lazy Sunday. The BTC/USD is still trending sideways amid a few attempts to bring the price down below the daily moving average. At press time, it is above the 200-, 100- and 50-hours simple moving average, while the RSI is somewhere around 55. It overall indicates a neutral sentiment, with certain inclination towards the bulls’ side.
If the BTC/USD continues to stay above the SMAs, there is a huge chance of it attempting to break the 388-390 resistance level, upon which it will sight 400 as the next upside risk. Any attempt to cross above the 400-mark will bring the BTC/USD in a long-term bullish zone, where the next key resistance level would lie around 450-455 area.
A neutral market however possess the risks towards downside as well. In case some surprise selling orders brings market below the key moving averages, then the BTC/USD might want to attempt to stay above the previous psychological support around the 360-365 area. There the downside risk will be on the previous bottom of 350.
The Litecoin value meanwhile is faced with strong selling signals, as it is trading near-or-below the daily moving averages in over the last 24 hours. The LTC/USD is currently below the 200-, 100- and 50-hours SMAs, while the RSI is struggling near the 51 mark. This overall indicates a strong bearish presence in the market, which could move LTC/USD towards the previous support level of 3.45. In case the price breaks below this level, it will open a near-term bearish outlook with next downside risk towards the 3.40-resistance level.
On the other hand, any surprising buying signals could also move the LTC/USD above the daily moving average. At press time, the Litecoin is valued around 3.55 and needs to break above the psychological resistance level around 3.95 to continue towards a long-term bearish outlook.
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org