ForexMinute.com – Last 24 hours in the cryptocurrency market encountered the directionless behavior of both Bitcoin and Litecoin, as they failed to move either way due to a very low trading volume rate.
BTC/USD 4H BitFinex Chart
Based on the current technical readings, the BTC/USD is just waiting to establish a near-term bullish correction, if provided with a little support from the buyers’ end. The price is currently $2-$4 short from breaking above the 100- and 50-hours SMA (black and blue line in the chart, respectively). But at the same time, the downward pressure continues to haunt Bitcoin, as the price is currently stalled near the daily moving average – a situation which has mostly ended up into bearish movement in the past. Thus, the chances of the BTC/USD flirting with the 300ish area are still intact, with downside risk towards 275 – 2014’s low.
Even if a near-term bullish correction is established, the BTC/USD is likely to face strong resistance at the 337-340 area. In case it successfully breaches, the price will want to test 360-365 as the next resistance area, with an upside risk towards 373, above which lies a strong bullish bias.
LTC/USD 4H BTC-e Chart
The LTC/USD price is currently below the 200-, 100- and 50-hours SMA while the RSI is somewhere around 39. It indicates the maintenance of prevailing bearish sentiment, while the current directionless is further acting as its catalyst. We will again have to see the price movements in Bitcoin charts to understand the future positions of Litecoin. As per now, 2.702 seems like a good resistance level keeping prices from attempting a short-term bullish correction. Whilst, the downward pressure towards the 2.21 low is still in the scene.
Only a break above 2.77 will be able to transform the market sentiment from bearish to at least short-term bullish. There the next key resistance area will be around 3.00-3.12, above which the impact of bears will be limited.
Cryptocurrency Market has been quite average in over the last 24 hours. While NXT surged by 9-10% against the USD amid huge buying pressure, other altcoins like Dogecoin, Darkcoin and Peercoin managed to remain stable while displaying a 0-2% drop. PayCoin meanwhile dropped by 21% as the negativity surrounding the coin peaked in the last few days.
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org