ForexMinute.com – Last 24 hours in the cryptocurrency market have been quite poor as both Bitcoin and Litecoin continued on their downtrend while trying to break below their respective support walls of $350 and $345. The pessimistic sentiment in the Bitcoin and Litecoin market was further reflected down in the charts of other altcoins, mainly Peercoin and Darkcoin which fell around 7% and 4% over the last 24 hours, respectively.
On the bright side, BitShares were met with bullish sentiment as it rose by 1.5% within the same time span, alongside Dogecoin which also displayed some stability as it advanced sideways.
After an impressively rally from 320 to 353 in October, the price has retreated sharply in November. As we can see the BTC/USD 4H BitStamp Chart, the neutral sentiment was transformed to bearish after facing a huge drop during the 4th UTC hour, where the price fell from 375 to 361 within few hours. The RSI meanwhile dipped below 40, further indicating a slowdown of the bullish momentum. The BTC/USD however was supported around the 350-level.
Today, the price is still attempting to start another rally upward on an hourly charts. The RSI however is near 30 on 4H, giving a sold impression of an upcoming bearish outlook. Here the 350-level can play a major role for both sides. If the price is able to break through this line, then the market will enter into a near-term bearish trend, sighting 320-330 as the next support level. In order to pullback from the prevailing bearish sentiment, the bulls might need to at least break above the support-turned-resistance level of 365 to ensure a short-term bullish correction. Meanwhile, a break above 390 will ensure the rally to be in a long run.
Likewise Bitcoin, the Litecoin price rally has retreated from November’s bullish outlook and is now testing 3.45 as the next support level. With RSI nearing 30 and the price staying below the daily moving averages, the future market sentiment seems to be bearish. In case the price breaks below the aforementioned support level, Litecoin will want to test the Aug-Oct lows of 3.33-3.40. The bearish trend will continue to be in the short-term there, but might extend if the price goes further below the 3.33-3.40 level.
A pullback meanwhile is expected around 3.45, in case the bulls wake up.
To contact the reporter of the story: Yashu Gola at email@example.com