As every top coin including Bitcoin,Litecoin, NXT, Ripple and Dogecoin unanimously ditched the current downtrend in the last 24 hours, the cryptocurrency could only be nothing but positive. An exception however is Darkcoin that owes its 4% fall in the same amount of time to constant sell-offs.
A lot of market sentiment is reliant on NYDFS’ pending release of a new version of the Bitcoin regulatory framework. The original BitLicense draft generated a negative trading environment and so the amended version shall determine an important outcome. With this, the Cryptocurrency market is eagerly expecting the new BitLicense proposal as it will greatly influence the market’s temperament.
Meanwhile, Bitcoin is trading within two trend lines. It is experiencing a tug between rise and decline of prices. Suffice to say, it is a tension between the Bear Market and Bull Market. The downtrend, however, reverses for the feisty bulls causing the market sentiment to lean towards it.
Currently, we feel a bullish mood for Litecoin though it is obviously always susceptible to sudden shifts. LTC/USD is expected to stay neutral considering that it is one of the markets that is closely associated with Bitcoin trends and its outcome is highly dependent on the NYDFS verdict on BitLicense. Buying sentiment at this point is leaning toward short-term investments.
The bears sold their coins at 388-390 level after the market opened at 388 during the 9/20 trading session. This resulted to a remarkable drop of around 0430 UTC and like the previous day, it was supported at 379. With the bulls recognizing its advantage, it quickly utilized buying sentiment into the market with a short term upside movement as consequence.
BTC/USD was trading at 381 by the end of the 9/20 trading session and has risen to more than 1% in the last 24 hours. It is rallying sideway between a 382-386 range and is predicted to slightly surge despite buying sentiment. We should expect BTC/USD to hit 390 before the day ends provided that the bullish trend persists. If not, predicted resistance level would be between 375 and 380.