ForexMinute.com – Short-hands continue to pump Bitcoin value in last 24 hours, while most of the other top coins were deprived from such a buying-spree. The reason why most of the altcoins remained in a selling pressure is Bitcoin itself, which earlier displayed some really strong bullish indications. There is a huge chance that the buyers are not preferring cheap coins over BTC, as the latter currently promises the maximum out of their investments amid strong buying pressure.
We therefore can see a sudden drop in Litecoin’s market cap, indicating the presence of a strong selling pressure in the US market. This case is similar with other top cryptocurrencies as well, mainly including Dogecoin, BitSharesX and NXT.
On the other hand, Darkcoin is also surging impressively from last 24 hours thanks to the positive media coverage it has received lately (read here). This cryptocurrency is also speculated to be the best among other long-term investments, mostly because of its speedy and successful development phase. Darkcoin source code have also been open-sourced recently, which has played an influential role in moving its market cap north in recent times.
BTC/USD
The BTC/USD opened at 352 during the 10/9 trading period, and smoothly trended upwards in its fourth-consecutive day. The pair tested for 400 but was resisted at 380, followed with a notable drop that might have surfaced due to short-term traders selling. The drop was supported at 357, following which the uptrend repeated. The BTC/USD closed at 374.
At press time, the supply and demand seems to be balancing narrowly with each other. The BTC/USD is currently being traded at 366, which is 0.26% higher than its price in last 24 hours. In case the bullish signal persist, the pair might try 400 as we predicted earlier. In case of bearish signals, the chances of Bitcoin is to fall back between 350 and 360.
LTC/USD
The falling demand of Litecoin was quite visible in last 24 hours, especially in Chinese markets which mostly records the maximum Litecoin trades. While USD markets looked more focused towards Bitcoin in the entire cryptocurrency sector, Litecoin prices suffered massively during the 10/9 trading sessions.
The LTC/USD opened at 3.87 yesterday, and surged in the following hours under the influence of small investments. It however was resisted at 3.89, and dropped by few margins in later hors, finding the first support level 3.86. In the meantime, the volume of Litecoin trades also increased, indicating the selling. Though, few short-hands preferred to buy LTC at low, which pumped its prices to the intraday peak of 4.06. But the price fell back once again due to high selling pressure on the market, bringing LTC/USD to 3.91, which is also the closing value of 10/9 trading sessions.
At press time, the LTC/USD is being traded at 3.85 and has fallen more than 3% in last 24 hours. The overall sentiment of the market is bearish, due to which the price might fall between 3.7 and 3.8 in next hours. Though if the trend shifts towards bulls, the LTC/USD might test 4.
To contact the reporter of the story: Yashu Gola at yashu@forexminute.com
