Home Analysis Alt Coins Crypto Tech Analysis: Crypto Bulls Await Positive Trigger for Bullish Breakthrough

Crypto Tech Analysis: Crypto Bulls Await Positive Trigger for Bullish Breakthrough

Awaiting fresh trigger for breakout, top cryptocurrencies are trading range bound trapped in familiar price range.

September 02, 2019 16:22
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Cryptocurrency market over the weekend saw relatively muted activity with price action of both Bitcoin and altcoins trapped well within familiar price levels. While there was some level of decline in cryptocurrency market over the weekend, crypto bulls have managed to reverse the loss and post slight gains by early Asian trading session on Monday. At the time of writing this article, the overall cryptocurrency market capitalization stood at US$ 255.67 Billion up by more than US$5.6 Billion since last Friday. Traders now await fresh directional cues and market updates that could serve as short term profit opportunities and breakout triggers. The overall daily average trading volume also stands unchanged around US$ 40 Billion over last couple of trading sessions.

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Bitcoin: Post trading range bound over the weekend, Bitcoin bulls made an attempt to breakthrough key hurdles to the upside. But the price jump was cut short slightly below $9900 handle owing to strong supply of limit orders found around the area effectively capping the momentum. However, hope and investor expectations for a breakout to the upside continues to underpin BTC bulls resulting in the pair consolidating its hold near intra-day highs. The progenitor of modern cryptocurrencies currently has a market capitalization of $175.05 Billion USD, up by US$4.7 billion on the day. The BTCUSD pair is trading at $9777 up by 1.48% on the day and accounts for nearly three fourth of entire cryptocurrency market’s trading volume. Moving forward, the pair is likely to continue trading positive albeit while trapped inside familiar levels. Expected support and resistance for the pair are at 9710, 9635, 9470 and 9860, 9940, 10065 respectively.

Ethereum: Ethereum the second most valued cryptocurrency and highest valued altcoins in terms of market capitalization has failed to follow behind Bitcoin for the first time in a while. Ethereum which usually mirrors Bitcoin on its positive price movement saw a similar bullish burst to break through key hurdles. However, Ethereum has since lost most of its gains and is trading flat slightly above Friday’s close. Ethereum’s current market cap is at US$18.49 Billion up nearly US$370 Million since Friday’s European market session. The ETHUSD pair is currently trading at $170.91 down by 1.04% on the day having scaled as high as $173 in the previous trading session. The pair is likely to trade range bound between $170 and $175 handle ahead of mid-week having found stable foothold near $170 handle during the weekend. Expected support and resistance for the pair are at 167, 168, 169 and 171, 173, 174 handles respectively.

Ripple: Ripple continues to trade steady well inside bears’ territory with no signs of attempting to recover hold above key resistance levels any time soon. However, there was some influence of crypto market bulls on Ripple’s price action given the increase in market cap of Ripple over the weekend. Since last Friday’s European session, Ripple’s market cap has grown by nearly US$60 Million and XRPUSD pair is currently trading at 0.2545 down by 0.43% on the day. Altcoins are yet to see the full impact of improvement in investor sentiment as positive price action in market is purely driven by Bitcoin’s contributions rather than news driven momentum that which helps cryptocurrency market gain on the whole. The current market cap of Ripple is at US$10.99 Billion USD. Moving forward the pair is likely to continue trading range bound within 0.2500 to 0.2690 handle. Expected support and resistance for the pair in immediate future are at 0.2505, 0.2510, 0.2540 and 0.2575, 0.2600, 0.2620 respectively.

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