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Crypto Tech Analysis: Bulls Hold Fort Ahead of Weekend As Top Crypto Coins Consolidate

Bitcoin leads to cryptocurrency market's trading volume and activity while lack of trading volume and major bets surrounding altcoins are keeping them trapped in familiar price levels leaving them highly susceptible to further declines.

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The cryptocurrency market over mid week saw bulls fight tooth and nail against crypto bears to hold steady above key critical levels as news driven momentum faded from the market. For now bulls have managed to gain stability and hold steady as influence from Bitcoin mining hash rate scaling all time highs and inflow of fund into cryptocurrency market kept bulls fundamental supported. However, there hasn’t been that much of a major change in price dynamics as crypto bulls are currently just consolidating hold above key support levels awaiting fresh directional bias. Aside from traditional safe haven assets, investors are currently showing some level of interest in directing fund flow to crypto market, mostly seen in hedging activities given crypto market’s performance which is relatively immune to geo-political woes. This is helping crypto bulls maintain positive edge for now but most of this gain comes from fund flow into Bitcoin which accounts for nearly 90% of market activity while altcoins provide a mere 10% contribution to trading volume this week. Overall cryptocurrency market cap is currently at US$ 296 Billion.

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Bitcoin: Bitcoin continues to lead the recovery of overall crypto market as trading session heads towards the weekend. The progenitor of cryptocurrency has managed to regain hold above $10100 handle but failed to retain hold above $10200 handle albeit managing to breach the mentioned price mark yesterday. For now Bitcoin is consolidating before preparing for the next major move. RSI indicator used to measure momentum of price action is seeing signal line move flat near 43 handle while trend indicators in intra-day chart pain at picture where price lacks directional bias albeit remaining in influence of market bulls. The price is currently trapped between a short price limitations with support found near $10000 and $10090/80 price handles and strong resistance to the upside at $10190 and $10380 price handles. The pair needs to break out from mentioned price range to gain a clear directional bias failing which it will remain trapped in range bound momentum in immediate and near future trading sessions.

Ethereum: Ethereum, the most valued altcoins is currently aiming to re-scale psychological price level of $200 mark. Ethereum managed to break above key resistance area of $190 for short while, but lacked the decisive strength required to make it a breakout and fundamental support required to keep the pair steady above the resistance level. This has caused the pair to decline below resistance level but bulls have managed to hold steady near $189 handle awaiting trigger to move back up once again. As long as the price holds steady above $188 handle, there will be some traders who opt to buy the currency which indicates that it will trade range bound awaiting trigger for upside move. However, strong resistance near $193 to $195 handle has always caused the pair to see increase in selling activity capping gains. The pair needs to breach past $195 and hold steady for investors to began buying again post some profit booking option and only this scenario or a sharp news driven spike can lead the break to further upside breakout in immediate and near future trading sessions failing which the pair will continue to see multiple failed attempts at breach $195 handle.

Ripple: Ripple similar to Ethereum is currently trapped in a twilight zone lacking directional bias. For now, aside from traders who buy in small quantities for intra-day trading activities, there isn’t any major action in the pair as investors have opted to wait and watch approach. To the downside there is strong supply of limit orders at $0.2700 handle capping further declines while there is an equally strong volume of limit orders around $0.2725 to $0.2745 price range. Lack of significant trading volume for the pair is one of the major reasons the XRPUSD pair is unable to make a steady bullish recovery. The short term profit booking activity at times pushes the pair below key critical support levels and investors reluctance to place major bets in current market scenario has let to sort of consolidative range bound price momentum. The pair now needs a fresh influx of funds and trade orders to push it back above key psychological level of $0.28 for the pair to retain any hopes of recovery failing which short bouts of intraday trading activity are likely to slowly leech away at XRPUSD causing pair to decline further 0.25 handle in near foreseeable future.

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