ForexMinute.com – Last 24 hours in the cryptocurrency market have been somewhat optimistic in terms of trends. While Bitcoin is advancing cautiously after retreating from the two-week’s low of 350, altcoins including Dogecoin and Darkcoin are too showing upward price movements amid a near-term bullish correction. Litecoin, on the other hand, is repeating Bitcoin’s steps, trending sideways amid low trading volume and ask/bid calls.
In the meantime, Ripple has surged massively over the last week in a process of excessive pumping. While it is obvious that the bounce is poised to meet with an equally enthralling drop, the reasons behind this all-of-a-sudden optimism is being credited to the adoption of cryptocurrencies by German banks (as per some Ripplers). We wonder why these optimistic sentiments are not boosting the Bitcoin price as well. Moral of the story: Stay away from Ripple if you are a serious trader.
BTC/USD
On the 4H BitStamp Chart, the BTC/USD opened at 352 during the 11/22 trading session in an oversold territory, followed with a price correction that took the price to the supposed key-resistance level of 365. There the price was almost in sync with the daily moving averages, but fell a little below the line as the bearish sentiment grew nominally. It clearly indicates the lack of buying pressure around the 365-support level, because of which the price stayed in a bearish range for the next few hours, the RSI meanwhile being near 42-45, further indicating a bearish sentiment in the 4H chart.
At this point of time, the 350-level stands as an important barrier between a near-term sideways and long-term bearish sentiment. Any attempt to break below this particular support level could incite the price back to test October’s bottom of 318. The price currently is trading below every simple and exponential moving average, and is poised to stay there in the absence of notable buying orders.
LTC/USD
Litecoin is tailing Bitcoin price movements, with similar ups and downs over the last week. The scenario only changes in terms of number. The LTC/USD, on the 4H BTC-e charts, is treating 3.45 as the key support level, and a strong bullish zone as well. If the price attempts to break below it, then it might want to test the 3.33-3.35 to pullback the price toward a near-term bullish correction. The overall market sentiment at this point of time remains to be bearish, as the price is below every simple and exponential moving average, with RSI hanging around 37-40.
To contact the reporter of the story: Yashu Gola at yashu@forexminute.com
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