ForexMinute.com – The sluggish downtrend continues for Bitcoin but the cryptocurrency is doing every bit of attempt to reverse it. During the entire October month, we saw Bitcoin surviving through the bearwhale-incited bottom of 285, and also reviving the downtrend upon reaching the month’s high at 425. This new trading month has brought no changes to Bitcoin’s health, as the coin is still fighting every moment to avoid any kind of bearish sentiments.
Coming to Litecoin, the cryptocurrency seems like a shadow of the Bitcoin’s price rallies. The coin fell from 4.42 to 3.51 as October came near its end, with consecutive bullish and bearish movements. As it entered the new trading month, it is still struggling to revive long-term bullish corrections, while the downward pressure is accelerating at the same time.
Speaking particularly about the last 24 hours, both Litecoin and Bitcoin are visibly attempting to break above their respective resistance levels, to open up a new upward rally. In the meantime, altcoins are having a poor show at the cryptocurrency market amidst huge volatility and selling pressure. The ones which have seen major falls during the 11/3 trading session are Darkcoin (-5%), Peercoin (-3%), and Dogecoin (-7%). [Note: All approx. percentages]
Here is the market report of Bitcoin and Litecoin for now:
BTC/USD
The BTC/USD opened at 323.75 on BitStamp and quickly escalated upwards amidst huge volatility, touching the intraday peak of 333.74. It later acted as a visible resistance level for the next rally, in which the price started to move sideways, between 327-330 levels. The pair remained in the same consolidation period for the rest of the day, and eventually closed at 325.50.
As you can see above, the RSI in this 15-minute chart has once neared 30, suggesting a strong bearish presence in the market. In case this sentiment prevails, the BTC/USD might break below 319. This could further extend the dwontrend toward the 275-300 area. However in case the bullish corrections appear, the BTC/USD might test the next resistance level of 340-350. If it breaks above the 350-mark, then a smooth uptrend can be predicted.
LTC/USD
Following the similar price movements, the LTC/USD opened at 3.57 and closed at 3.55. In between the opening and closing figures, the pair at one point of time went into an oversold zone, and its price dropped to 3.52. It however was recovered quickly due to near-term bullish corrections. The technical conditions now are more bearish, which may take the pair’s value down to 3.47-3.50 level. Any attempt to break the below this level means a vulnerable falling zone in which the price is prone to drop below 3.30.
In case bullish sentiment prevails, the LTC/USD might try to cross the 3.58-3.62 resistance level. If it does, then the market will enter into a buying zone, where the next resistance is expect above the 4.00-4.18 level.
To contact the reporter of the story: Yashu Gola at yashu@forexminute.com