The cryptocurrency market recovered slightly from the weekend lows. Leading the recovery was the largest cryptocurrency Bitcoin which breached $10,600 resistance. Ethereum also made it above the hurdle at $190. However, the momentum fizzled out under $195; the movement cut short by the descending trendline.
A retracement from the three-day high at $194.14 currently seeks balance at $190. The immediate upside is capped by the 100 Simple Moving Average (SMA) while the 50 SMA is working hard to function an impenetrable wall at $189.24.
Litecoin price currently is lethargic in a resistance range $70-76. The mundane trading comes after the drop to the major support at $70 last week. Several possible support areas failed to come to the rescue of the bulls. Litecoin infiltrated the tentative support at $90 and $80. Luckily, a balance was struck between bears at $70 resulting in a rebound.
The many attempts forged with a mission to push Litecoin back above $100 have been thwarted by the high presence of sellers. The upside has been limited at $76 while Litecoin is trading at $73.77. The false breakout from the symmetrical triangle fizzled out at $75.57.
Mixed signals are observed across the cryptocurrency market. The grandparent of cryptocurrencies Bitcoin is leading the bearish park following the rejection from the two weeks high at $10,671 on Monday. The Asian trading session surge was incredibly ballistic with Bitcoin extending the gains from yesterday’s low around $9,906.75.
The correction from the highs failed to find support at the tentative support; $10,300. The price action dived to $10,200 before bouncing back up to the resistance at $10,400. At press time, Bitcoin price is seeking balance at $10,300 support which is slightly above the 50% Fib retracement level taken between the last swing high of $10,671 to a low of $9,906.75.