Ahead of weekend, cryptocurrency market is seeing Bitcoin and major altcoins trade well inside familiar price range. Since the short burst of bullish influence gained during mid-week on news of Gemini Bitcoin ETF’s limited launch, crypto market lost some of its gains owing to profit booking activity but the price of top cryptocurrencies remain well in familiar price level holding steady above key hurdles it had managed to conquer in the early week’s trading session. As of writing this article, the overall market capitalization of cryptocurrency is currently at US$273 Billion as crypto market bulls await fresh directional cues for breakout trigger.
Bitcoin: The progenitor of modern cryptocurrencies is currently trading steady above mid-10K handle. The BTCUSD pair has managed to gain stable foothold above $10600 handle and is oscillating between $10695 to $10860 handle in a zig zag pattern awaiting breakout cues. BTCUSD pair is currently at $10840 up by nearly 2.37% on the day with a market cap of US$191.75 Billion USD still accounting for more than 60% of total activity in cryptocurrency market. When looking from technical perspective, the pair seems to be well supported in the downside while bulls await a trigger for breakout resulting in range bound price act. In immediate future, the bias favors continued positive price action but a break below $10600 during the weekend could cause the pair to become susceptible for decline below mid-10k handle. Expected support and resistance for the pair are at 10500, 10600, 10690 and 10860, 10900, 10985 respectively.
Ethereum: The second most valued cryptocurrency in terms of market capitalization has managed to hold its foot steady above key hurdles similar to Bitcoin. However, the ETHUSD pair is still roaming well near key hurdle of $175 which was conquered mid week when compared to Bitcoin which has managed to move up by one level. The ETHUSD pair is currently trading at $176.99 up by 2.86% on the day with a market cap of US$ 18.98 Billion down by nearly US$ 210 Million since Wednesday. When looking from technical perspective, the pair still remains in critical levels as even the slightest move towards downside could end up as bearish breakout declining below key hurdles in case the momentum gets a news driven boost. The pair needs to conquer $177 handle and gain steady foothold above said level to remain safe during the weekend as decline below $176 handle gives crypto bears an edge in favor of steep decline towards $172 handle. Expected support and resistance for the pair are at 175, 176, 176.90 and $177.5, $178, $179 respectively.
Ripple: Ripple, the third most valued cryptocurrency and second most valued altcoins has contrary to expectations managed to show considerable levels of stability. The XRPUSD pair has over the course of latter half of the week managed to remain steady above mid-0.25 handle. The pair is currently trading at 0.2585 up by 0.43% on the day with a market cap of US$ 11.06 Billion down by US$ 130 Million. Albeit trading positive and holding steady above key hurdles the decline in market cap is a clear sign that bears still have considerably sway over price momentum of altcoins while Bitcoins remain safe. When looking from technical perspective, similar to Ethereum, Ripple is also in a considerably worrisome position. The pair needs to hold steady above mid-0.25 handle and aim at conquering 0.26 handle to get out of bears’ territory. Expected support and resistance for the pair are at 0.2575, 0.2550, 0.2500 and 0.2600, 0.2650, 0.2670 handles respectively.
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