A volatile and fluctuating market followed after the price recovery from the price crash on Sep 15 with the regulation news that spread fear and market uncertainty with many speculations.
On Sep 15 the global trading volume in 24-hours did pass its August 19 Record surpassing $11 billion for the first time amid the regulatory in China.
After that aggressive bulls did buy in on dip opportunity returning the crypto-price to resistance that previously acted like supports (example : Bitcoin closing in to $3,800) but as expected on the first run to make a great rally is almost impossible so a pullback to retest the monthly low supports was need.
As for the moment, for the top-ten cryptocurrency prices – they are clearing one by one the above mentioned resistances that would barrier for further gain on major importance.
A very similar gaining pattern is extending out on all the leading digital currencies as we are getting near important psychological marks.
Ethereum after clearing out the $255 on a secondary session has moved finally above the $280 mark with hopes there is a successful close for further surge. As long as it trades above the 100 SMA on the hourly chart and the $260 acting supportive line there are doors open for further gain and aiming the $300 mark.
On a similar development, it took in a wider perspective Bitcoin two attempts to clear the $3,600-$3,800 mark and trader above the previously acting support that now is a struggling resistance. Sep 18 morning is looking very good while the price is staying above the $3,800 mark with 9.73 percentage gain on the last 24-hours. Now the $4,000 will be a hurdle to clear but with the right momentum it looks promising.
Litecoin price – despite its weekly weak run compared to the top-ten other cryptocurrency losses as it stands approx in the negative 20 percentage points, now it is returning slowly but confident towards its previous main trading ground between $60-$70. It did hurdle but pass the $50 mark and it is now trading at $52.02 with 12.16 percentage gain in the last 24-hours. Just final note – the previous support that broke always acts as a struggling resistance so as Litecoin is aiming $60 it needs buyers to help on that target.
When it comes to the news surrounding the cryptocurrency scene in the near term it might very well look not so promising, however even with the many negative reviews and comments, very well known figures like Litecoin creator Charlie Lee or Tim Draper added their part which is being considered very optimistic on the longer term.
Lee did comment on a factor that many are trying to express – Chinese Gov will not able to manipulate and play with the market on the way it did since 2013:
“This is a good thing. China can no longer play with the markets by banning Bitcoin. Cryptocurrency cannot be killed by any country. One solution to centralized exchanges is decentralized ones. I hear the Decred Project team has something cooking that helps with that.”
Traders are moving towards Japan and South Korea, which have obviously more efficient regulation benefiting both parties as exchanges and users in many more ways.