ForexMinute.com – In our last cryptocurrency trading article, we worried about Litecoin and Bitcoin falling towards an invisible bottom. But now it seems that both the coins have found their respected lows, and is now attempting a rebound. Look further to know more:
BTC/USD 4H BitFinex Chart
The Bitcoin market remained bearish all over the past few months, trending downwards and sideways in absence of significant bullish corrections. At the end of last week, the BTC/USD however fell drastically, breaking below the bearwhale-incited low around 275 while accompanying a strong selling volume on its shoulders. However, in over the last 24 hours, the price is treating April 2013’s 255 as its key support level. At this position, the BTC/USD has visibly attempted a bounce back but a very poor bullish sentiment is ruining the scenario.
On the other hands, the technical conditions are indeed disappointing. The current price – around 269 – is way below the key SMAs, while the RSI is near 30. At this point of time, the only way to establish a near-term bullish correction is to cross above the 275-mark. This particular level previously started a rally that ended at the peak of 453. Though, it doesn’t mean it will repeat the good-old magic, but will at least reduce the bearish bias market is currently in.
In case the price uptrends further, the next upside risks will be towards the 300-304 area. The bears might want to put resistance forces on this area. On the downside, we are still looking at 255 as the bottom, below which is a bearish breakout towards lower 200s.
LTC/USD 4H BTC-e Chart
The technical conditions in the Litecoin charts are quite similar to those of Bitcoin. The bearish bias continues to remain in actions as price is way below the near and long-term SMA, while the RSI is around 29. As the price has already broken below its 2014’s low of 2.21, we are expecting the same point to act as its next resistance level. The price, for now, has rebounded from 1.83 but is still inside a strong bearish bias. At the point of time, only a break above 2.60 will establish a strong bullish bias, while remaining below 2.00 will keep the fears of falling towards 1.00 on.
In over the last 24 hours, almost every top cryptocurrency has attempted a rebound like Bitcoin. But still, the prices of Dogecoin, Darkcoin, Peercoin and NXT remain to be in a bearish territory.