Categories: Bitcoin Entertainment

Cryptocurrency Trading News: Bitcoin, Litecoin in Sideway Trend

Click here to view original web page at www.forexminute.com

ForexMiniute.com – Last 24 hours in the cryptocurrency market have been pretty average, as both Bitcoin and Litecoin trended in a sideways direction, while remaining bearish. Look further to know more.

BTC/USD

After failing to break above the key resistance area around 340, the BTC/USD continued to remain in a bearish bias, which eventually got stronger with more selling pressure. The pair however rebounded from 311 and is now trending sideways below the daily moving average, thanks to a choppy trading volume.

The technical indicators further indicate a strong bearish presence in the market. The BTC/USD, currently valued around 314, is way too below its 200-, 100- and 50-hours SMA while the RSI is near 35. So far, the last two SMAs are acting like resistance to keep price from falling into a near-term bullish correction. Below these levels, the chances of Bitcoin to test the 311, and ultimately the 275-support area, are likely.

In case BTC/USD manages to break above 323, the bullish outlook will still be limited to around 340.

LTC/USD

Compared to Bitcoin, Litecoin price trend seems to be flatter. The LTC/USD, currently priced at 2.69, is clearly below the 200-, 100-, 50-hours SMA, while the RSI is around 44. It overall indicates a bearish sentiment in the market. Though, due to an almost similar buying and selling pressure, the price is currently trending sideways, waiting to go either ways once the pressure shifts either on bears or bulls.

The bears are likely to continue to dominate the Litecoin market in the next 24 hours, while attempting to break below the support level around 2.60, with downside risk towards November’s low 2.21. However in case the price manages to rise above the presumed resistance level around 2.75, a near-term bullish correction is likely to follow while treating 3.00 as the next key-resistance line.

Other Cryptocurrency
In over last 24 hours, the altcoin market has also been relatively stable. While Darkcoin and Dogecoin have fallen only by a minimum 0.5%, Peercoin and NXT have surged around 1-2% within the same time span.

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

BTC/USD After failing to break above the key resistance area around 340, the BTC/USD continued to remain in a bearish bias, which eventually got stronger with more selling pressure. The pair however rebounded from 311 and is now trending sideways below the daily […]

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
Tags: press

Recent Posts

Bitcoin’s Bulls Now Have a Target of $13.2K, Monthly Chart Suggests

View Bitcoin charted an "inside bar" pattern last month, making $13,200 the level to beat for the bulls. A convincing… Read More

6 hours ago

Japan to Solarize Its Burgeoning Digital Economy, Expert Take

Society is now witnessing the implementation of digital currencies, artificial intelligence (AI) and blockchain technology worldwide. These new digital technologies… Read More

6 hours ago

Mass Media’s Phony Freakout Over Bernie’s WaPo Criticism Is Backfiring

Authored by Caitlin Johnstone, After days of ridiculous, hysterical garment rending by mass media talking heads in response to Senator… Read More

12 hours ago

Quadriga CX Dukes It Out with “Failing” Auditing Firms

Quadriga CX , the crypto exchange in Canada that lost all access to customers’ funds when its founder passed away… Read More

12 hours ago

The Bearish Trends That Continue to Strike Bitcoin

At press time, bitcoin – the granddaddy of all crypto – is once again down for the count. Bitcoin Is,… Read More

12 hours ago

Will Growing Interest from China Propel Bitcoin’s Price Higher?

Bitcoin (BTC) has incurred a significant amount of volatility as of late which was perpetuated yesterday by news regarding the… Read More

12 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