Cryptocurrency Trading News: Market Ditches Downtrend Once Again

By October 21, 2014 Bitcoin Entertainment
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Cryptocurrency Trading News: Market Ditches Downtrend Once Again


Cryptocurrency Trading NewsCryptocurrency Trading News

ForexMinute.com – Last 24 hours in cryptocurrency market is somewhat optimistic as almost every top coin ditched the prevailing downtrend. They include Bitcoin, Ripple, Litecoin, NXT and Dogecoin. Meanwhile, Darkcoin failed to reflect the market’s positive mood in its trading charts. It fell over 4% in last 24 hours due to consistent sell-offs.

Cryptocurrency market as whole is expecting the revised BitLicense proposal anytime. The commenting-round is near its end, and NYDFS will soon be releasing the amended version of their Bitcoin regulatory framework. A lot of market sentiment depends on this outcome – good or bad. Bitcoin market has already encountered a pessimistic trading environment around the release of BitLicense original draft. And it is expected to be influenced in either direction once the verdict is out.

On the other hand, market is now hosting a duel between bulls and bears. There have been numerous attempts to bring Bitcoin back to its season’s low, but the downtrend consecutively reverses in the presence of strong bulls. We can thus see a sign-wave-like graph in BTC/USD daily trading charts. Both sides are in attempts to prevail one another, creating a situation in which Bitcoin is trading between two trendlines. It is thus difficult to predict where it rallies in coming days. Overall, the market sentiment is bullish.

Meanwhile, Litecoin mood seems primarily bullish at this time of writing. For being a market that is mostly coupled with Bitcoin trends, we think LTC/USD is poised to remain neutral as well. For being next-best cryptocurrency, Litecoin’s future movements are highly focused on NYDFS verdict on BitLicense. As for now, moving averages on daily charts are hinting a short term buying sentiment. On the other hand, the technical indicators say about a strong buying sentiment.

BTC/USD
The market opened at around 388 during the 9/20 trading session after rallying sideways for couple hours the previous day. This gave shaky hands, the bears, a chance to sell their coins at 388-390 level, resulting into a notable drop around 0430 UTC, supported at 379 like the other day. The bulls there took control and injected some buying sentiment into the market, resulting into a short term upside movement. At the end of the 9/20 trading session, the BTC/USD was trading at 381.

At press time, the BTC/USD is rallying sideway within the 382-386 range. It has risen more than 1% in last 24 hours, and is expected to surge a little more amidst strong buying sentiment, says both TIs and Mas. In case the bullish trend upholds, we can expect BTC/USD to hit 390 by the end of the day. In other case, the pair might find the next resistance level between 375 and 380.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com

Cryptocurrency market as whole is expecting the revised BitLicense proposal anytime. The commenting-round is near its end, and NYDFS […]

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