Bitcoin still continues to reign supreme in the cryptocurrency market with trading volume and activity of BTCUSD accounting for more than 70% market share in overall cryptocurrency market capitalization. The overall market capitalization of cryptocurrency market stands at US$267.32 Billion up by more than US$ 4.3 Billion since the same time last Wednesday. The upswing was influenced by BTC’s gained as Bitcoin managed to regain foot hold above 10K handle. Meanwhile, activity surrounding altcoins are flat aside from short burst of positive influence which is keeping crypto bulls sustained in short term trading session ahead of weekend activity. Gains in Bitcoin were influenced by news of CME group’s request to CFTC for increasing future contract limit from 1000 to 2000 as interest rates continue to raise owing to flexible risk hedging in Bitcoin instruments in the global market. If approved by CFTC, the move is expected to come live on 30th September 2019.
Bitcoin: Bitcoin has achieved stable foothold back above $10,000 market on news driven momentum. But the upside move towards mid-10K handle has been capped as there are two strong resistance levels which needs to be breached before BTC bulls can aim to move higher. The BTCUSD pair is currently trading at $10320 handle up by 1.36% on the day with a market cap of US$ 185.96 Billion but the pair seems likely to fall below $10300 handle ahead of weekend trading session given the momentum of its decline post failure to take on mid-$10k handle. When looking from technical perspective, the pair seems to have lost steam on its news driven momentum and is currently awaiting further updates/market moves for a shove to next leg of major price move. RSI indicators used to measure momentum is seeing signal line flat out around 52 mark while SMA’s which are used as trend indicators are seeing price remain steady above 9 & 100 SMA and move flat/parallel to all three SMA’s – 9, 50 & 100 which suggests the pair is now consolidating hold over current price range. If BTCUSD manages to remain above $10300 handle across today, the pair is likely to attempt breaching $10500 mark in weekend failing which the pair is likely to decline further and test support at $10000/$9950 handles respectively.
Ethereum: The most valued altcoins, Ethereum managed to successfully breach its short term target of $180 handle for a short while earlier today. The upswing was influenced by improved risk appetite among trades following news of CME request to boost contract limits. However, ETH bulls lacks the strength required to sustain rally above $180 handle which has resulted in the pair declining back below $180 handle. But ETHUSD pair has managed to acquire steady grip on $178 handle which is evident from today’s price action. Albeit declining from weekly highs, the pair has managed to hold steady above $178 handle which is a good sign that ETH bulls still retain much of their strength and the pair is likely to continue positive price action in immediate and near future trading sessions. When looked at from technical perspective, the pair similar to bitcoin has lost steam on recent news driven price momentum and awaits further updates for price to get a shove towards upward direction. RSI indicators used to measure momentum is seeing signal line flat out around 50 mark while SMA’s which are used as trend indicators are seeing price remain steady above all three key SMA lines- 9, 50 and 100 which is a clear sign that bulls reign supreme in immediate future. Moving ahead the weekend, a steady hold above $178 handle would allow the pair to retest $180 handle while a decline below mentioned price level will leave the pair susceptible to decline towards $175 handle.
Ripple: Ripple still continues to wallow inside bears’ territory. The XRPUSD pair has declined below mid-0.25 handle but has managed to remain steady above 0.2500 handle for now. As of writing this article, the XRPUSD pair is trading at 0.2522 down by 0.59% on the day with a market capitalization of US$ 10.91 Billion. When looking from technical perspective, the pair shows high susceptibility for further declines in immediate and near futures trading sessions. RSI indicators used to measure momentum is seeing signal line test 40 mark but the inclination leans towards upside suggesting it is unlikely to enter oversold region despite prevalent bearish pressure on XRP bulls. However, the price has moved well below all three key SMA’s – 9, 50 and 100 which is a clear sign that bears still have a strong grip on XRP compared to other top cryptocurrencies. The pair needs to hold steady above 0.25 mark across weekend for it to have any chance of retaking 0.26 handle in near future trading sessions while a decline below mentioned price level during weekend makes the pair susceptible to declines towards mid-0.24 handle in the weekend.
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