ForexMinute.com – Last 24 hours in the cryptocurrency market were quite average, as both Bitcoin and Litecoin took another dip in price. Look further to know more:
After attempting a bullish correction to near 337, the BTC/USD volume picked up but with lots of selling pressure. Therefore, the price bounced back after failing to breach above the 340-resistance level, testing 318-320 as the next support all over again.
Based on the current technical readings, the BTC/USD is currently below the 50-, 100- and 200-hours SMA, while the RSI is near 37. It indicates a strong bearish presence in the market, considering the long-term. The near-term SMAs meanwhile are bullish, indicating a further push in price towards the key resistance level of 340.
If price fails to go above 340, the bearish bias will remain with downside risk towards the psychological support level around 300. If it does break above the mark, then the next resistance will lay at the 360-365 area.
Litecoin has been bearish all last week, a trend which has continued even in the last 24 hours. Based on the current technical readings, we can see how the LTC/USD is trading below the 50-, 100- and 200-hours SMA, while the RSI is around 46. It is though attempting a bullish correction, but is poised to remain in a bearish bias until the 3.00 resistance level is breached. Above this level lays a rather strong bullish area, with upside risk towards 3.30.
On the downside, the 2014’s bottom around 2.21 is still in sight, below which lays a bearish breakout. However, a strong bounce back is also expected at this point, which might start another rally towards the 3.30 resistance level.
In over the last 24 hours, Dogecoin, NXT and Peercoin have been quite stable with 0-0.5% change. In the meantime, Darkcoin has fallen by around 4% within the same time span.
To contact the reporter of the story: Yashu Gola at email@example.com