In the cryptocurrency market Bitcoin and Litecoin’s fall from peak levels. Almost every altcoin suffered a stroke in the name of panic selling.
Other than Bitcoin and Litecoin, almost every altcoin suffered a stroke
in the name of panic selling. The major ones to suffer were Dogecoin,
NXT, Peercoin and Darkcoin.
BTC/USD
The
BTC/USD finally found the resistance level at the peak of 453, during
the 11/13 trading session. However, the comparatively high selling
volume there rebounded the price from its previous rally, and it crashed
to 416 within few hours. There were few attempts from bulls’ side to
revive the market, but 416 acted as a weak support, following which the
price further went south to the oversold zone (below the orange bar). A
certain price corrections at the strong 383-support level shot the
BTC/USD a little upwards to 420. The pair ultimately closed around 417.
However, if the market consolidates above the 380-level, the bulls might
want to pump it once again to the previous resistance level of 450-453.
Any attempt to cross above it will make the price test 475 as the next
resistance level.
LTC/USD
The LTC/USD price is also trading in a selling zone, though still above the oversold threshold on 1H BTC-e charts. This indicates a neutral sentiment, with more inclination towards bulls. At press time, the pair is valued at 3.9, trending in a sideways channel with support at 3.89. The technical indicators are indicating a moderate buying pressure in the market, with near term bullish sentiment in sight. In this case, the LTC/USD might try 4.17 as the next resistance level during the 11/14 trading session. In case the price rebounds, it might get a hold around 3.85-3.89 level.
