ForexMinute.com – Last 24 hours in the cryptocurrency market have been quite disappointing as both Bitcoin and Litecoin failed to break above their respective resistance key levels, and attempted to tease December’s bottom again.
The holiday season is indeed inspiring traders to sell-off their holdings, reflects the last few days in the BTC/USD market. The bids on this particular pair have shown a notable upsurge, resulting into the increase in bearish bias.
The technical indicators at this point of time reveals the price to be under its 200-, 100- and 50-hours SMA, while the RSI is near 33. It indicates bearish sentiment in the market; in which price once again is threatening the bottom level around 304 the second time this month.
In case the bullish corrections begin to appear on/before the aforementioned support line, the BTC/USD will be testing 330 as a moderately strong resistance level. Above this level lays a consolidation scenario, waiting to enter a strong bullish bias after breaking the 340 – the key resistance level at this point of time. This would open up the 360 area indeed, with upside risk towards the 373-380 area.
Currently priced at 2.66, the LTC/USD is way below its 200-, 100-, and 50-hour SMA, while the RSI is around 39. It indicates a strong bearish bias in the market, and is hoping to be in consolidation until the support line around 2.21 – November’s low – is breached. Meanwhile, the price is hopeful to rebound from 2.5 to attempt another bullish correction.
In case the bullish correction breathes for a moderate term, we can expect the price to attempt breaking the 2.79 resistance line, while a strong bullish bias will only come into view when the price breaks above the 3.10 mark. There the next upside risk will be towards 3.50.
The impacts of Bitcoin’s bearish signals are clearly visible in other cryptocurrencies as well. In the last 24 hours, Dogecoin, NXT and Peercoin have fallen 3-4%, while Darkcoin has dropped by around 1%.
To contact the reporter of the story: Yashu Gola at email@example.com