ETC/ETH looks to have stalled on the daily chart above. There was a key trendline that price broke indicating more upside movement but since the move has not really materialized.
The 0.03940 level looked like a pretty strong resistance level in any case but after the momentum seen yesterday, you would be forgiven if you thought it would have continued.
Now on the downside, there are two scenarios in focus. One is the retest of the trendline at a lower level and a move back up. The second would be a move lower to test the 0.03274 support level.
Looking at the RSI now there is a pattern that looks vulnerable to a downside break. This could suggest we are in need of a retracement as the momentum indicator is showing signs of a slowdown.
0.0400 has not been tested either yet and maybe that is the reason for the price stalling at these areas.
Lastly, today the price is 1.5% higher so let’s see what happens for the rest of the session and also wait for the Asian traders to step in.
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Bitcoin has recently recovered from a downtrend it succumbed to in the last week of August. The possible support at $10,000 failed to hold which further demoralized the buyers. Fortunately, the bulls found balance slightly above $9,300 – which gave way for a reversal action.
The second-largest cryptocurrency with the current market capitalization of $19.2 has been oscillating in a tight range with a bearish bias. ETH/USD has stayed mostly unchanged both on a day-on-day basis and since the beginning of Wednesday, having retreated from the recent high $182.97 reached on Tuesday.
At the time of writing, LTC/USD is changing hands at $67.84, having gained 1.3% in recent 24 hours. The coin bottomed at $62.37 during the previous week; however, the upside momentum and umproved sentiments on the cryptocurrency market helped trigger the recovery.
Bitcoin led the cryptocurrency market in a phenomenon recovery phase from the lows recorded in the last week of August. Bitcoin’s graceful correction above $10,700 revived investors’ hopes of seeing the oldest cryptocurrency above the psychological level at $11,000.
This week was a bit disappointing for Bitcoin bulls as the first cryptocurrency failed to regain $11,000, slipped below $10,000 and came close to $9,000 handle.
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