Markets Update: Crypto-Traders Patiently Wait for a Break Out
Cryptocurrency prices have remained in a consolidated pattern over the last two weeks with a few ups and downs, but have remained fairly stable in recent days. The overall market capitalization of all 1900+ cryptocurrencies is valued at $221 billion with close to $12 billion worth traded over the last 24-hours.
Crypto-Markets Are Meandering Around as Traders Wait for a Break Out
Digital asset traders are patiently waiting for a break-out of some sort, in any direction, but it’s safe to say a lot of people are waiting for that bearish-to-bullish reversal. Today, just before the weekend, cryptocurrency trade volumes globally have ticked up and prices are meandering along with 2-3 percent swings at times. Bitcoin core (BTC) is hovering around $6,596 at the time of publication with a $114 billion total market valuation. BTC is the top traded coin by trade volume, as BTC markets are capturing $3.8 billion in daily trades. The second highest valued capitalization held by Ethereum (ETH) is around $22.9 billion with each ETH trading for $224 per coin. Ripple (XRP) is being swapped for $0.53 and the currency’s valuation is awfully close to Ethereum’s market cap at $21.3 billion. Eos (EOS) markets are up 3.5 percent today as one eos is being exchanged for $5.75 per coin.
Bitcoin Cash Market Action
Bitcoin cash (BCH) markets are up only 0.9 percent today, and over the last seven days the currency has lost 8.3 percent. Today BCH is being traded for roughly $516 per coin and the overall market capitalization is $8.99 billion. With a 24-hour volume of around $452.9 million, bitcoin cash markets hold the sixth highest trading volume throughout the crypto-economy. The top five exchanges today swapping the most BCH include Lbank, Hitbtc, Binance, Okex, and Huobi. Tether (USDT) is the currency traded with BCH the most today as USDT captures 36.5 percent of the market. This is followed by BTC (34.1%), ETH (19.4%), USD (4.6%), and KRW (1.8%).
BCH/USD Technical Indicators
Looking at the daily and 4-hour BCH/USD charts on Bitfinex and Bitstamp show bears have managed to lower the price of BCH to get in on some cheaper coins. On the 4-hour charts, both the RSI (-36) and Stochastic oscillators show markets are remaining in oversold territories at press time. One thing that’s worth noting is the two Simple-Moving-Averages (SMA) are about to cross hairs and this could mean an upside trend reversal is in the cards.
The 200 SMA is still slightly above the 100 SMA trendline showing for now the path towards the least resistance is still the downside. The 4-hour MACd shows room for improvement and Bollinger bands are extra tight. Looking at order books we can see lots of opposition at the current vantage point up until $550 and then again at $580. On the backside, if bears try and claw the price down more then there are thick foundations at $480 all the way to $460.
The Verdict: Traders Uncertain of a Bullish Reversal or Downside Break
Of course, there are a lot of analysts who believe crypto prices will grow bullish again this year and some think BTC can hit $20K again. However this week on CNBC the CEO of crypto investment firm Galaxy Digital, Michael Novogratz said he doesn’t think BTC will go above all-time highs in 2018 and continues, “I don’t think it breaks $9,000 this year.” During an interview this week the cryptocurrency analyst Nikola Lazić forecasted a downturn in prices.
“I am expecting a breakout from the downside because the horizontal support has already been broken today, the red triangle’s support has been broken in the past when the price found support on the symmetrical triangle’s uptrend line which was respected in the past,” explains Lazić.
The analyst continues:
If that last support gets broken then we are definitely seeing a lower low which would be below $5,767 (£4,458).
Overall markets, in general, have been consolidating and traders are simply waiting for the next spike or drop depending on which way they are betting. It’s safe to say enthusiasts and traders are still uncertain where markets will take them during the last quarter of the year.
Where do you see the price of Bitcoin Cash and other coins headed from here? Let us know in the comment section below.
Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”
Images via Shutterstock, Trading View, and Satoshi Pulse.
Want to create your own secure cold storage paper wallet? Check our tools section.
The post Markets Update: Crypto-Traders Patiently Wait for a Break Out appeared first on Bitcoin News.
Powered by WPeMatico