ForexMinute.com – Last 24 hours in the cryptocurrency market have encountered a little upward movement in both Bitcoin and Litecoin charts. On the other hand, Bitcoin exchange BitStamp has confirmed that their hot wallets was indeed hacked, which ultimately cost them $5m worth Bitcoins. It somewhat explains the reasons behind the recent $70 crash in Bitcoin-USD market.
BTC/USD 4H BitFinex Chart
The bulls and bears are indeed battling with each around the 275-support level. The BTC/USD previously found its bottom around 255 – the 2013’s highest high between April and November, and reversed its prevailing downtrend towards north. For now, the price is literally trying to pass above the 275-mark in order to establish a near-term bullish trend towards the next upside risk around 300-304 area.
The BTC/USD currently is in a bearish bias, indicates the price which is below the 200-, 100- and 50-hours SMAs, with RSI staying around 39. It however has escaped from the oversold territory, thus reducing the bearish sentiment a little. However, a crash below the 255 mark will indeed inspire a false breakout towards the lowers 200s. Watch out for this support to decide on future trades.
LTC/USD 4H BTC-e Chart
The Litecoin market is tailing the Bitcoin’s price movements, and is right inside a bearish territory. The price, as you can see the charts, is way below the key SMAs and EMAs while the RSI is around 34 – right above the oversold line. At this point of time, the price really needs to cross above 2.11 – the 2014’s low – to establish a near-term bullish correction. If it does, then the upside risk will be towards 2.60-2.61 area.
However, in case price crashes below bottom 1.90 amid huge selling pressure, then the next bottom is surely to come around 1.50, psychologically.
In over the last 24 hours, most of the altcoins have attained a little stability. While Darkcoin and Peercoin have fallen only by 0.5%, NXT has dropped around 1.5%. In the meantime, Dogecoin has surged by 1%.