The cryptocurrency market is currently experiencing the second most positive upsurge in price action this year. Post the positive bull run in late June when Bitcoin scaled new 2019 highs and saw eight consecutive sessions of bullish price action, the ongoing rally is second most positive price rally of the year. Current rally is seeing seventh consecutive session of positive price run causing market capitalization of Bitcoin and overall crypto market to see an increase of nearly 23% in value. The price action in cryptocurrency market is usually driven by investor sentiment in the global market and ongoing scenario has influenced a set of chain reaction. The price action of cryptocurrency market in last three months has given investors a clear picture on critical support levels to the downside and the bullish potential of cryptocurrency market in immediate and near future which is a scenario of increased demand for cryptocurrencies. This has caused nearly top level 100,000 ASIC miners to come back online increasing activity in the market which provides fundamental support for continued bullish price rally in immediate future, however, Bitcoin has hit short term resistance to the upside post early intra-day upsurge while altcoins are expected to follow behind by end of the day suggesting cryptocurrency market is en-route for corrective price rally in immediate future. Overall market capitalization of cryptocurrency market as of writing this article is at US$ 307 Billion as per information in coinmarketcap website.
Bitcoin: Bitcoin the progenitor of cryptocurrency is currently range bound slightly below intra-day high with a market capitalization of US$ 206 Billion. As of writing this article, BTCUSD pair is trading at $11,609.3 up by 8.06% on the day. In late Asian market hours, post scaling intra-day high of $11,643.5 the pair has been trading range bound above $11,550 handle but below $11,650 handle consolidating its hold near mid-11K mark. But Bitcoin bulls seem to have run out of steam which suggests that once the consolidation is over, Bitcoin is likely to see some level of corrective price action lead by lack of further impetus for bullish price run and short term profit booking activity which could drag the pair as low as $11,200 before Bitcoin resumes bullish price run.
Ethereum: Ethereum, the second largest cryptocurrency in terms of market cap is currently trading at $227.67 up by 4.47% on the day with market capitalization of US$ 24.63 Billion. When looking from technical perspective, RSI indicator which is used to identify momentum of the price action is seeing signal line move with upward incline but well below overbought region hinting at continued upward price action. The price is well above 9,50 and 100 SMA’s in all intra-day charts also suggesting continued positive price run in immediate future which suggests that Ethereum unlike Bitcoin is yet to scale its peak and will take some while before seeing corrective price rally. But the price is well below $235 handle which has been capping further upside across July and the price level needs to be breached for ETH bulls to continue upward momentum failing which corrective price rally and profit booking activity could push the ETHUSD pair back near $200 handle. Market bias and investor sentiment suggests that the pair is likely to continue further upward momentum over lack of bearish influence in immediate future.
Ripple: Ripple, has been experiencing a relatively muted price momentum compared to Bitcoin and Ethereum which saw relatively explosive upsurge since last Wednesday. However, Ripple has also managed to see slight gains over the course of last seven trading sessions. The XRPUSD pair is currently trading at 0.3204 up by 2.64% on the day with a market capitalization of US$ 13.85 Billion. Ripple has finally managed to scale psychological price handle of 0.32 handle which had been capping further upward price momentum in recent past. However, Ripple bulls lack the strength required to make a follow through, resulting in consolidative price rally in late-Asian/early European trading session. When looking from technical perspective, the price has declined below 9 SMA in intra-day charts albeit remaining well above 50 & 100 SMA’s. RSI indicator which is used to measure momentum is also seeing the signal line move towards neutral level albeit slight upward inclination. The pair needs to scale resistance at 0.3265 handle for continued upward momentum failing which it will remain range bound above mid-0.31 to mid-0.32 price levels in immediate and near future trading session.
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