ForexMinute.com – Last 24 hours in the cryptocurrency market have been quite positive, as both Bitcoin and Litecoin hinted a reversal from their prevailing bearish continuations. The price remained in a sideways correction for most of the time during the 10/27 trading sessions, while today it is showing a strong bullish sentiment.
The trend reversal coincides with the arrival of FinCEN’s two new guidelines on Bitcoin exchanges and payment processors. The new rulings consider these Bitcoin companies as money services businesses within the US territory. The news, however bad it looks on the layers, is more likely to put a positive influence on the cryptocurrency market, as it straightforwardly eradicate bad actors from the businesses, and further allow traditional financial actors to bring more clarity. It means that Bitcoin is definitely maturing in the eyes of the United States.
Speaking a little bit technical, a huge number of buying orders was placed when Bitcoin was priced around 350. There the market was already consolidating which stopped the then-ongoing downtrend by much extent. The bears further failed to break below the 340-wall, defining the number as a strong support level for Bitcoin. There is a less chance that the cryptocurrency will go below the 340-mark in next days or so.
Coming to altcoins, it was Litecoin which was mostly influenced the most from the bullish sentiments in Bitcoin-USD charts. Other than the silver-cryptocurrency, Darkcoin, Dogecoin and NXT showed some improvements in their prices over the last 24 hours.
BTC/USD
During the 10/27 trading sessions, the BTC/USD opened at 351 and closed at around 349. In between the aforementioned period, there was hardly any volatility due to dominating sideways movement. Though, the market once dropped to 348 due to mild sell-offs, but was soon balanced by an equal buying pressure.
Upon entering the 10/28 trading sessions, the pair remained in a sideways direction, trading tightly between 348 and 351 until 0730 UTC. Few buying orders around the same time took the price a little upwards, to 353. Thereon, the BTC/USD has retained its sideways momentum and is trading between 352 and 354.
In case the bullish correction occurs, we are seeing the price to find next resistance around 360-370 level. If the price breaks above that, then it might try crossing the 400 mark. In case the bears return to the market, the BTC/USD might once again drop below the 350-mark. There the expected support level is 338-342 level. Any attempt to go lower than this level means another massive fall, taking Bitcoin below the 300 mark.
The current market sentiment however is bullish. At press time, the BTC/USD is priced at 354.
To contact the reporter of the story: Yashu Gola at yashu@forexminute.com
The trend reversal coincides with the arrival of FinCEN ’s two new guidelines on […]
