Crypto-Traders Wait for a Break Out: Markets Update
Cryptocurrency prices have remained in a consolidated pattern over the last 2 weeks with a few ups and downs, but have remained pretty stable in recent days. The overall market capitalization of all 1900+ cryptocurrencies is valued at $221B with close to $12B worth traded during the last 24-hours.
Crypto-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, right before the weekend, cryptocurrency trade volumes globally have ticked up and prices are meandering along with 2-3% swings at times. BTC is hovering around $6,596 at the time of publication with a $114B total market valuation. BTC is the top traded coin by trade volume, as BTC markets are capturing $3.8B in daily trades. The 2nd highest valued capitalization held by ETH is around $22.9B with each ETH trading for $224 per coin. XRP is being swapped for $0.53B and the currency’s valuation is awfully close to ETH’s market cap at $21.3B. EOS markets are up 3.5% today as one eos is being exchanged for $5.75 per coin.
Bitcoin Cash Market Action
BCH markets are up only 0.9% today, and over the last 7 days the currency has lost 8.3%. Today BCH is being traded for roughly $516 per coin and the overall market capitalization is $8.99B. With a 24-hour volume of around $452.9M, BCH markets hold the 6th highest trading volume throughout the crypto-economy. The top 5 exchanges today swapping the most BCH include Lbank, Hitbtc, Binance, Okex, and Huobi. Tether is the currency traded with BCH the most today as USDT captures 36.5% of the market. This is followed by BTC (34.1%), ETH (19.4%), USD (4.6%), and KRW (1.8%).
BCH/USD Technical Indicators
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. On the backside, if bears try and claw the price down more then there are thick foundations at $480 all the way to $460. Looking at order books we can see lots of opposition at the current vantage point up until $550 and then again at $580.
Traders Uncertain of a Downside Break
There are a lot of analysts who believe crypto prices will grow bullish again this year and some think BTC can hit $20K again. 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. Overall markets 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.