ForexMinute.com – Stability is returning to cryptocurrency market after the last week’s turmoil. In last 24 hours, the market saw its leading cryptocurrency Bitcoin displaying a strong bullish sentiment, which was further reflected in the charts of Litecoin, NXT, Darkcoin, Namecoin and Peercoin.
Speaking particularly of Bitcoin, the engine to this overlong cryptocurrency train, we can say that short-term investors are returning to the market. There is a huge chance of the arrival of new investors as well, which can subsequently pump the Bitcoin market from this bottom level. In terms of fundamentals, market today faced a big news in the form of Gavin Andresen’s proposal of forking Bitcoin for future markets. The growing Bitcoin value is an indication that the investors are welcoming this change. This analogy however is highly theoretical until further confirmations.
Overall, we see a strong bullish correction in the Bitcoin charts, especially in coming 2-3 days where the price might break above 350. The same can be said for Litecoin, which is also moving towards the same outlook. Amidst the bullish behavior, its market value might hit 4.5 in next 24 hours.
Here is the report:
BTC/USD
Considering the average value of all Bitcoin exchanges, the BTC/USD opened at 326 during the 10/7 trading sessions. The pair soon picked pace and rose a little in initial hours, finding the resistance at 330. Thereupon, it stayed in a familiar consolidating range for a while. Almost at noon, the pair once again surges a little, this time facing resistance at 334. At the end of the day, the BTC/USD closed at 336.
The pattern noticed during the 10/7 trading session hinted that the market is trying to stay above the 330 level. Despite the negative reports from the wire, companies are investing huge sums in Bitcoin businesses, take Blockchain.INFO for instance. Its maturing ecosystem is one thing that might hold investors for some more time. We therefore expect a strong uptrend in coming days that might last until the Bitcoin value hits the 375 mark.
Though if the short-term traders begin the selling-spree again, the BTC/USD might go into a bearish scenario. Under such a raw circumstance, the pair’s value might fall back around 300. Watch out for a breakout below 325.
At press time, the BTC/USD is being traded at 339 and has surged over 3.5% in last 24 hours.
LTC/BTC
The LTC/BTC opened at 1,148,240 satoshi and looked quite week as more trades followed Bitcoin. Even if it trended upwards in 1-H charts, there was a notable uncertainty in Litecoin trades, as it sometime hinted to go back being bearish. Though, it stayed above the bearish correction point for the entire session and hinted to follow Bitcoin on its bullish correction.
At press time, the LTC/BTC has fallen over 1% and is being traded at 1,135,050 satoshi.
To contact the reporter of the story: Yashu Gola at yashu@forexminute.com
Speaking particularly of Bitcoin, the engine to this overlong cryptocurrency train, we can say that short-term investors are returning to the market. There […]