Cryptocurrency Trading News: Market is Hinting Depressive Price Behavior; Drags Altcoins as Well

Cryptocurrency Trading News: Market is Hinting Depressive Price Behavior; Drags Altcoins as Well

30 August 2014, 23:19
Sergey Golubev
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The cryptocurrency market is facing shocks from the only coin that was rising superbly from previous days. BitSharesX fell as like it rose, indicating nothing but a well-planned pump-and-dump by its key actors. The coin’s market cap has fallen over 32% in the last 24 hours.

BTC/USD
After falling massively in a supposed sell-off during 8/24 trading session, the BTC/USD opened yesterday while being priced at 510.962. Even though the pair picked and lost momentum consecutively for some time, it never suggested a specific trend by staying directionless. Investors there might have lost a bit of confidence in trades, as the BTC/USD fell notably right ahead of the session’s close (at 509). The maximum resistance and support level reached during the 8/28 trading hours was 516.157 and 510.962.
While in today’s trading session, the BTC/USD is clearly suggesting a bearish outlook. At press time, the BTC/USD is being traded at 506.05 and has dropped 0.71% in the last 24 hours.

LTC/BTC

Mirroring the Bitcoin trend, the LTC/BTC chart is also suggesting a bearish outlook for the next days. After falling from the peak-value of 0.01113360 during 8/27 trading hours, the pair us trending downwards by amplified scales. It opened yesterday at around 0.01069200 and swing between tight trading values for the rest of the day. Suggesting the possibility of sell-off by short term profiteers, the LTC/BTC took a deep dip ahead of closing and eventually finished the day by trading at 0.01012660.
However in today’s trading sessions, the pair has recovered slightly but is still under the shadow of Bitcoin’s future trend. At press time, the LTC/BTC is being traded at 0.01032980 and has risen 1.36% in the last 24 hours.
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