The cryptocurrency market so far this week has been trading with slight bearish edge. Both Bitcoin and major altcoins are seeing price slowly edge downwards since trading session began for the week. However, there wasn’t any steep and sudden downward burst in price action which could create a significant impact or cause visible change in directional bias of market price momentum. The overall market capitalisation of cryptocurrency is currently at US$267 Billion down by US$ 5 Billion since Monday’s trading session. However, a look at price action of major cryptocurrencies in daily and weekly charts show that price remains trapped well within familiar price levels and the decline is barely negligible to influence any sort of change in overall status quo. Key hurdles which prevented further upside move on Monday continues to act as major resistance levels which need to be conquered for market bulls to create a change in price trend and market momentum dynamics.
Bitcoin: Bitcoin the progenitor of cryptocurrencies continues to remain the main driving force behind the changes in cryptocurrency market. Bitcoin’s decline contributes to nearly 95% of decline in overall market cap as Bitcoin has lost nearly US$ 4.5 billion in market cap since Monday which constitutes to 95% of US$ 5 Billion decline in total cryptocurrency market cap. BTCUSD is currently trading at $10175 down by 0.98% on the day and has a market cap of US$ 181.67 Billion USD. Profit booking activity, fund flow from non-crypto traders who are redistributing their funds into cryptocurrency market to shield investment from geo-political cues influenced volatility remain as the main driving force behind ongoing price rally. For now Bitcoin has strong fundamental support above $10000 market and must breach $10500 handle for BTC bulls to gain enough strength to push through with a bullish breakout rally. Expected support and resistance for BTCUSD pair are at 10120, 10065, 10000 and 10200, 10400, 10500 handles respectively.
Ethereum: Ethereum remained well shielded from unconventional and non-crypto market investors despite its status as second most valued cryptocurrency. Ethereum continues to struggle as multiple attempts to breach $190 handles have so far remained as failure. News of Ethereum 2.0’s development team receiving a $2 Million grant provided high level of fundamental support helping Ethereum remain steady albeit ETH seeing some amount of decline. For now, ETHUSD pair holds steady at $185 handle which is the main reason the decline so far can be considered negligible. Since Monday, Ethereum has lost nearly US$ 650 Million in market cap but the market cap is still steady above $20 Billion USD. Bears made several attempts to cause a downside breakout given its strength on market price dynamics but ETH has held steady so far. If ETHUSD manages to hold steady above $185 handle across today’s trading session and bears grip on price dynamics eases, ETH pair is likely to make another attempt to scale $190 handle before the weekend. Expected support and resistance for the pair are at 183.12, 184.30,185 and 187.25, 188.75, 189.95 handles respectively.
Ripple: Ripple the second most value altcoins has remained consistent in one particular factor so far this month. The fact is that, the altcoins has managed to remain well within bear’s market territory with no viable and visible attempt to gain a bullish edge in its market price dynamics albeit various external factors providing XRP bulls with trigger and impetus to gain a bullish edge on several occasions. However, Ripple has managed to remain as third most valued cryptocurrency based on its market capitalisation as XRPUSD pair has managed to gain a significant increase in overall trading volume post its partnership deal with payment service provider money gram. The XRPUSD pair is currently trading at 0.26594 down by 1.20% on the day while its market cap stands at US$11.48 Billion down by nearly US$ 280 Million since last Monday. Further, Ripple’s recent deal with Xendpay to gain more access and reach into Asian market also provides some level of fundamental support. Expected support and resistance for the pair are at 0.2506, 0.2595, 0.2650 and 0.2705, 0.2780, 0.2800 handles respectively.
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