ForexMinute.com – Last 24 hours in the cryptocurrency market were somewhat stable, as Bitcoin retreated a little from its upward trend to eventually trade once again within a relatively high bearish bias. Look further to know more.
BTC/USD 4H BitFinex Chart
While the fundamentals around the Bitcoin market are coming back to being normal, the technicalities have also shown some developments in the last few days. BTC/USD, on Jan 7, showed an impressive bounce towards the 302 resistance on BitFinex, but a relatively high selling volume yesterday brought the price back to the 290ish range. The BTC/USD however managed to remain above the daily moving average, thus keeping the bullish hopes alive.
As you can see the chart below, the price is clearly near the 50-hour daily moving average and is now testing the intraday peak around 302. The 12-hour EMA (light green) is meanwhile 1 dollar above the 26-hour EMA, showing a very little upward momentum. The RSI and MACD are further in a buying area, while staying around 52 and 0.9 respectively. These technical indicators overall suggest a near-term bullish sentiment, while the price continues to stay in a moderate bearish bias.
At this point of time, the BTC/USD really has to stay at least above the 320-mark to convince traders about an upcoming bullish breakout, just like what happened during the November rally. The bearish bias meanwhile will dominate, where the downside pressure will be once again towards this month’s low around 255. 275 however is acting as a strong barrier.
The cryptocurrency market hasn’t been much fair to altcoins as each one of them fell by little-to-notable percentiles. In over the last 24 hours, Litecoin, Peercoin and NXT have fallen 4-5%, while Dogecoin and Darkcoin by 0-2%.