ForexMinute.com – Last 24 hours in the cryptocurrency market were directionless in terms of price movements. Look further to know why.
After rallying sharply from $343 to $362 last week, the BTC/USD has been in a consolidation range every since, moving sideways as it attempts to break its respective support/resistance levels. As we can notice in the 4H BitStamp chart above, the price is unable to choose between directions thanks to a relatively low volatile market. There is strong support lying around the 340-343 area, while on the upside lays an equally strong resistance level around 360-365. Any attempt to break either level will be able to put a better light on future price movements. Until then, it is sideways.
And as per now, the BTC/USD is currently trending below the 200-, 100-, and 5-hour SMA, while the RSI is around 44. This overall indicates a very strong bullish presence in the market. In this case, the price might attempt to break below the 340-mark to open up a medium-term bearish bias. However, a strong bounce back will be equally expected at that point.
Only a break above the 360-365 area will reduce the bearish presence from the Bitcoin market, and will further open up the bullish bias towards early December’s high of 370-375. A smooth bull run will be expected only if price manages to break above the 400-405 upside risk, where the next pullback will be expected around 450.
As you can see the 4H BTC-e chart above, the LTC/USD is currently waiting to resolve its congestion pattern, as it continues to maintain the bearish bias. The price is clearly below the 200-, 100- and 50-hours SMA, while the RSI is around 41. This indicates a very strong bearish presence in the market, waiting to break below the previous key support area of 3.33. If this happens, the price will open a long-term bearish bias in the market, where the next bounce back will be expected around 2.75.
A bullish correction meanwhile can happen if the price manages to hold above the 3.33-support. There it might test 3.50 as the next resistance level which, if broken, could create a near-term bullish outlook, sighting 335-3.70 as the next upside risk.
In the last 24 hours, Dogecoin has faced the maximum fall of 4%, while NXT and Peercoin have fallen by 0.5% each. Darkcoin meanwhile dropped by 2%.
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org