In today’s cryptocurrencies market performance, most altcoins have succumbed on the bears. One of the world strongest cryptocurrency is today giving out a shaky scenario. LTC/USD pair has recorded a tremendously bearish outlook with a price fall of over 4.5% in the last 24hrs. The pair’s price escalated from where it started the sell-off at $75.32 to now trading at $71.94.
The intense bearish pressure has led to a decrease in investors sentiments. This was reflected by the price action that was seen during the last 5hrs, trading below the lower Bollinger band that indicated an overbought market condition.
The market momentum tested the key resistance level $75.75 and failed to trade above it since sellers had the market dominance. The support level was later defined near $73.78 before it was broken and then dipped down near $71.80.
A further downward move below $71.00 is possible since both moving averages are trading south. Conversely, the Bollinger band has expanded that signal imminent upside breakout. An upward rally above $74.00 level is to be expected.
Like LTC, BTC/USD pair could not manage to break past $10950.0 the resistance level. BTC/USD pair has also dipped massively on an intraday chart. That is, before trading sideways between $10846.46 and $10598.13 level. This was later followed by a downside correction that sharply shifted the support level further down to consolidate below $10080.27.
At around 03:00 and 06:00, the market was on an oversold market territory since the price was seen below the lower Bollinger band at that time. The bearish pressure was signaled by the 21 day MA that is now actively trading above the 7 day MA. This also showed that sellers are in control. A loud market was also encountered as reflected by the Bollinger band that expanded tremendously during the last 8hrs.
If the price manages to trade above the $10080.00 level a swing high near $10600 is likely. In addition, the expanded Bollinger band indicates a buy sign; thus an upside move is likely in the near term. Conversely, if there is a downward correction, a break below $9900.00 should be expected.
LINK/USD pair is also trending bearish, having escalated from $2.438 to $2.193. The selling pressure dropped the price momentum to trade below $2.450 resistance level and later breached the support level that was at $2.300. A continuous downside move later followed that placed the current price at $2.193.
The lower Bollinger band has also formed a strong bearish trend line that indicated sellers are in control, which has increased sell-offs. Additionally, the Bollinger bands have appeared to be squeezing throughout the intraday; thus, a period of high volatility is possible.
The 21 day MA is still above the 7 day MA that signals a continuation of a downward move. A break below $2.150 may trigger further downtrend. However, the Bollinger band signals a high probability of a strong bullish breakout since it is currently expanding. A breakout above $2.300 could maintain an upward rally.