Cryptocurrency market is seeing relatively muted activity in later half of the weekend. The overall market capitalization of cryptocurrency market is currently at US$307 Billion unchanged from Wednesday. However, the market capitalization is most sustained by rebound in Bitcoin which tested $12K handle yet again. On the contrary, altcoins are trading within familiar price level with bearish bias highly prevalent in price momentum. For now, amid lack of any major events to trigger a rally in either direction and prevalent expectations from investors across the globe for further gains, bears are unable to drag the price back towards yearly lows resulting in major crypto currencies trading within familiar price levels.
Bitcoin: The influence from Bitcoin’s rally and price momentum is the major driving force behind overall cryptocurrency market with trading activity surrounding Bitcoin accounting for more than half the total market activity in cryptocurrency market. Bitcoin bulls made yet another attempt to scale $12000 handle which was short lived albeit bulls managing to scale the target. The decline post rebound is seeing price action remain stable above $11500 hinting at strong support at the price level capping further declines. Unless there is fresh trigger to provide directional bias, the weekend will see Bitcoin trade well within familiar price levels over the weekend. As of writing this article, BTCUSD pair is trading with a market capitalization of $11824 down by 0.65% on the day with a market capitalization of $211 Billion USD. Over the weekend the pair will remain locked within $11000 to $12000 handle unless bulls gain a sudden breath of positive bias.
Ethereum: Ethereum, the second largest cryptocurrency in terms of market capitalization saw further declines in latter half of the week dropping below $220 and $215 handles since Wednesday. As of writing this article, ETHUSD pair is trading at $213.35 down by 5.55% on the day with a market capitalization of US$23.23 Billion down by USD 1.07 Billion. Price momentum suggests an increased volatility hinting at healthy trading activity but bias is favoring continued bearish price action in short term. Price is moving well below 9, 50 and 100 SMA’s while RSI indicator which is used to measure directional bias of the price momentum is also moving towards oversold territory clearly suggesting prevalent bearish bias from technical perspective.
Ripple: The bears’ influence on Ripple is relatively low compared to Ethereum. Ripple has declined below key support level of 0.30 handle, but the XRPUSD pair is moving range bound between 0.3005 to 0.2975 handle in early European market hours. Ripple has lost nearly 380 Million USD in market capital since Wednesday and has a current market capitalization of 13.09 Billion USD. When looked at from technical perspective, Ripple’s picture is highly similar to Ethereum with price moving well below 9, 50 and 100 SMA’s across intra-day charts while RSI indicator which is used to measure directional bias of the price momentum is also moving towards oversold territory clearly suggesting prevalent bearish bias in immediate and near future trading sessions. Moving forward the pair has strong support at 0.28 handle while there is strong resistance at 0.31 handle.
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