ForexMinute.com – Traders with social lives are certainly inactive during weekends, proves the last 24 hours in the cryptocurrency market where both Bitcoin and Litecoin moved horizontally amid low weekend volume. In the meantime, Darkcoin was being pumped heavily by anonymous entities and surged over 28% over the last 24 hours.
We haven’t found out any specific reason behind the Darkcoin’s all-of-a-sudden price escalation. This might be an attempt to retain the coin’s earlier market cap, which was threatened by a bad October month in the cryptocurrency sector. This certainly means two things: either price is being pumped by strong hands to eventually dump it at high, or Darkcoin developer team is trying to create a positive ambiance to attract more investors, especially when their new updates are turning out to be successful.
But indeed, the current price trend inside the Bitcoin market is stealing all the fun. The BTC/USD charts are hinting to cross over the 350-dollar mark anytime today, thanks to a strong buying sentiment in the market. This trend was previously noted in early-October where the Bitcoin market went through flawless bullish corrections, only to find a strong resistance around 418-420 level. After mid-October, the market went into the hands of bears, resulting into a $100 crash – more or less.
Upon entering the November-month, the market once again showed some near-term bullish corrections after finding a strong support around 318. Over the last 24 hours, we are seeing nothing but the fruits of the growing buying sentiment. Here is an elaborated version of this analysis:
During the 11/8 trading session, market opened at 343, after footing on the support of 340 the previous day. Thereon, the BTC/USD remained in a tight trading range, indicating an almost-near supply and demand. The pair only showed some buying signals during the 13th hour, from where it peaked to 344-346 level. The BTC/USD closed at 346 at the end of the day.
The pair continued to consolidate in a sideways trend even during the 11/9 trading session. It however once crossed the upper Bollinger band, indicating an overbought signal. The price is not yet within a stable trading range, opening possibilities to bullish continuation in the next 24 hours. We are thinking 340 to be a strong support for a long-term bullish trend, sighting 375-80 as the next resistance level. Any attempt to go above it will take the price to 400ish level.
In the meantime, the only reason of Bitcoin price dropping can be shaky hands. They might want to sell their holdings for quick bucks. In case, their quantity surpass the buyers, the price might fall back to 340-350 range. Any attempt to go below it will take the price to the previous 318-320 support level.
Ever since it crossed the upper B. Band, touching the 3.69 mark, the LTC/USD trended downside next over 24 hours, trading in a selling zone. The pair alongside opened at 3.53 during the 11/8 trading session, while continuing the downtrend. It however found a strong floor in very first hour, around the 3.52 from where it jumped a little above to 3.56, eventually to fall back once again to 3.52 level. Thereon, it once again attempted bullish corrections, only to rise a little and trade sideways for the entire 11/8 session. The LTC/USD closed at 3.54.
The market today however is trading in an overbought range, with RSI above 60 (see the chart). The price might lead to a strong selling sentiment if continue to be above 60 level. It thus might test 3.70 as the next resistance level. In case the Litecoin remains just near or below 60, it might maintain the earlier bearish sentiment. There the price may drop to 3.50-3.60.
To contact the reporter of the story: Yashu Gola at email@example.com