Categories: Bitcoin Politics

Cryptocurrency Trading News: Bitcoin and Litecoin Attempting to Recover

Click here to view original web page at www.forexminute.com
Cryptocurrency Trading News: Bitcoin and Litecoin Attempting to Recover

ForexMinute.com – Last 24 hours in the cryptocurrency market were somewhat optimistic as both Bitcoin and Litecoin recovered from the vulnerable falling channels. The short-term bullish sentiment was further reflected in other altcoins, including Dogecoin, NXT and Peercoin. Darkcoin, on the other hand, slipped massively by the end of 11/2 trading session due to low volume.

Cryptocurrency market also saw some positive events over the weekend that might have little impacts on current Bitcoin price trend. The most influential news to leave the wire is of NYDFS Superintendent Benjamin Lawsky, who proposed new changes into their existing BitLicense draft. He introduced “Transitional BitLicense” – a regulatory alternative which is hopeful to save at least the small Bitcoin ventures from the BitLicense. The statement could have influence the altcoins market as well, as most of them surged impressively over the last 24 hours.

Here is the market report:

BTC/USD

The BTC/USD opened during the 11/2 trading session at 327.30 amidst a prevailing bearish sentiment. The pair slipped further in the following hours, but was supported at 324 from where it started to rally in a sideways direction. Thereon, it traded between a stiff 323-327 range reflecting the absence of both demands and supplies due to Sunday’s low volume. The BTC/USD eventually closed around 323.

Upon entering the 11/3 trading session, the pair initially remained in the prevailing sideways zone. Though it was quickly followed by a little selling pressure and the pair took a flight towards the 330-mark, with 324 as the supporting point. The price, at one point of time, also went into an overbought position but was later corrected by a little sell-off in the market. At press time, the BTC/USD is being valued at 328.84.

Seeing at the current sideways charts, it is likely that the Bitcoin might fall back in the absence of buying signals. This makes the overall scenario bearish. In case it prevails, we are the price to test the 320-mark. Any attempt to break below it will bring BTC/USD to 275-300 area. To break the bearish sentiment, the market would need a strong rebound that pushes the price above 360. Until then, the bullish sentiments will be there but for short terms only.

LTC/USD

Likewise Bitcoin, the LTC/USD opened amidst a strong selling sentiment during the 11/2 trading session at 3.58, and started trending sideways throughout the day. It remained within the 3.54-3.59 level and eventually closed around 3.57 at the end of the day.

During the 11/3 trading session today, the LTC/USD started to pick momentum amidst a short-term bullish sentiment, reaching 3.61. If it stays on the bullish correction, we are seeing the price to try 4.00-4.25 level. Though with the growing selling signals around, a bearish continuation is likely to follow, taking the LTC/USD value back to around 3.33-3.54 level.

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

Cryptocurrency market also saw some positive events over the weekend […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

The Entire Bitcoin Dynamic is Changed by the Lightning Network, Says Samson Mow

Samson Mow, BTCC Exchange’s Founder and Magical Crypto Friends and Blockstream’s present CSO, recently shared his views on Bitcoin’s status… Read More

4 hours ago

Bitcoin History Part 15: Silk Road Is Born

Silk Road launched in February 2011 as the darknet’s first bitcoin-based marketplace. Within four months, it would be the darknet’s… Read More

4 hours ago

Sunday Digest: Bitcoin Price, Pantomime Season, More Craig Wright Lies

Share Tweet Send Share This week, US President, Donald J Trump, decided that he would like to buy Greenland, thereby… Read More

4 hours ago

Bitcoin Twitter Is Daydreaming About a Hong Kong Bank Run

Crypto-fever dreamers cheered as Hong Kong protesters suggested organizing a bank run, but apparently rioters didn't flock to bitcoin. |… Read More

4 hours ago

World Bank issues second tranche of Ethereum blockchain kangaroo bond

'Kangaroo bond' is the name given to a foreign bond, issued in the Australian market and denominated in Australian dollars.… Read More

4 hours ago

What the Theft of a BBC Reporter’s $30,000 in Ethereum Shows About Cryptocurrency

Last week, BBC contributor Monty Mumford lost $30,000 of Ethereum . This came after a logical thought process: invest in… Read More

4 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More