The cryptocurrency market this week saw no major moves in price action and price action so far suggests that the crypto market has entered into a sleepy and dull phase. As i have stated in my last two articles, Bitcoin and other major altcoins are currently trading in a consolidative pattern well inside familiar price levels. The overall market capitalization of the cryptocurrency market as trading session gets ready to enter the weekend is at US$ 270 Billion. The price action this weekend is likely to mirror muted momentum seen over last weekend as neither crypto bulls nor crypto bears lack the strength required to make a solid breakout rally in immediate and near future trading session.
Bitcoin: The market capitalization of Bitcoin is currently at US$ 174 Billion with BTCUSD pair currently trading at $9769.7 down by 3.07% on the day. Since Wednesday, the BTCUSD pair remains trapped well above mid-9000 handle but below $10000 mark. The price is oscillating in both sides with repeated attempts to breach $10000 handle but failing to do so which suggests there is strong resistance near said price level. However, Bitcoin’s strong foothold over $9500 handle suggests that bulls remain well supported from a fundamental perspective but lacks the strength to make a breakout awaiting a fresh positive impetus for the next breakout rally. Moving forward this weekend, as long as market bulls continue to hold fort the pair will aim to scale resistance at $10000 and $10500 handle failing which current standstill scenario will continue to remain unchanged.
Ethereum: The market capitalization of Ethereum is currently at $23.19 Billion with the ETHUSD pair trading at $216.27 down by 2.68% on the day. The ETHUSD pair managed to scale resistance levels mentioned in my previous articles around $205 handle and has managed to trade with positive bias for the majority of last three trading session including today. While remaining trapped inside familiar price levels, Ethereum, unlike Bitcoin, has managed to display a clear bias skewed towards further upward price action while profit booking activity on intra-day gains continue to act as hurdle preventing further gains. But given strong hold above $205 handle for last two trading sessions, the pair is likely to continue trading with positive price action over the weekend ignoring today’s short burst of the corrective price rally. Expected support and resistance handles are at $205/$210 and $225/$235 respectively.
Ripple: The market capitalization of Ripple is currently at $13.51 Billion with XRPUSD pair trading at $0.3146 down by 1.16% on the day. While XRP has relatively low intra-day decline among top three crypto coins, this is the coin which suffers the most to sustain a positive price action so far and is likely to continue suffering in immediate and near future trading sessions. For now, to the upside, 0.32 handle continues to act as a great barrier capping the possibility of further upward price momentum. Further, there is also considerable resistance in 0.31 handle which suggests that in trading session during the weekend, there is a high chance for pair to decline to 0.30 handle or below. For ripple to continue trading with a positive bias, it needs to breach mid-0.31 handle and remain stable near mid-0.31 handle as decline below 0.3120 handle opens the path for a sharp drop in immediate and near future trading sessions.
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