Miner.farm Crypto Currency Community Forum
Browse and post your favorite coin/crypto news, miner.farm and PiMP OS updates and announcements, mining guides, overclocking tips, and more...
Note: To change your forum username: login, click your avatar icon (top right?), Edit Profile. Change the "full name" field to your preferred username.
- Configuring the rig: Help / Getting started videos
- How to fix problems: Troubleshooting guides
- How to mine different algos / setup wallets: Strategy guides
- Keys and Downloads: your Miner.farm account page
- Post your rig pics to the rig showcase so we can all check out your awesome builds!
- Please subscribe/like/follow us on social media
Markets Update: Cryptocurrencies Dip Again Forming Consolidated Support
Just when cryptocurrency prices were starting to look better, digital asset markets shaved around $19 billion USD off the entire crypto-economy. Today the cryptocurrency ecosystem’s 1,900+ coins have an overall market capitalization of about $210 billion and about $14 billion in global trade volume.
The 2018 Dips
Markets are looking gloomy again as last week many markets had spiked between 5-30 percent in value over the last seven days. Of course, most of those gains were erased last night and during today’s cryptocurrency trading sessions. During our last markets update just two days ago, the entire crypto-cap was around $229 billion, but yesterday that all changed. Global digital asset trade volumes haven’t changed much as prices have begun to sink, when usually trade volumes pick up the pace during the dips.
This Tuesday bitcoin core (BTC) is valued around $6,435 as the cryptocurrency is down 2.4 percent over the last 24-hours. Still holding the top trade volume position BTC has about $4.4 billion in daily volume with a market valuation of around $111 billion. Ethereum (ETH) prices have dropped by 9.9 percent this Tuesday and one ETH is trading for $210 per coin at the time of publication. The third highest valued market capitalization held by ripple (XRP) saw seven-day gains of over 103 percent last week. This week is different for XRP as the currency is down 12 percent today ($0.45 per coin), but is still up 54 percent for the entire week. Bitcoin cash (BCH) values have dipped 6.4 percent today as one BCH is trading for $434 per coin today.
Bitcoin Cash (BCH) Market Action
Bitcoin cash markets are still up over 2 percent over the course of the last seven days. BCH holds the sixth largest trade volume today below eos and above litecoin. The decentralized cryptocurrency’s overall market valuation is hovering around $7.6 billion with $375 million in 24-hour trade volume. The top five exchanges swapping the most BCH today include EXX, Lbank, Hitbtc, Okex, and Huobi. Binance and Coinex also command 6-7 percent of the global BCH trades today each. The top currency pair traded with bitcoin cash this week is BTC as the digital asset captures 50.8 percent of worldwide exchanges. This is followed by USDT (30.9%), ETH (7.9%), USD (5.5%), QC (1.6%), and KRW (1.5%).
BCH/USD Technical Indicators
Looking at the 4-hour, and daily charts BCH/USD charts on Bitfinex show that bulls have failed to push past upper resistance two days ago. The Macd indicator (4-H) shows the bearish drop may be a touch overextended at the moment. Both the 4-H RSI (-34.8) and Stochastic (-28.4) momentum oscillators also show markets are entering oversold conditions. There’s a large gap between the two Simple Moving Averages (SMA) with the 200 SMA well above the 100 SMA trendline. This gap confirms the market trend won’t crossover just yet, as the path towards the least resistance is towards the downside. Looking at order books show some key support and resistance levels. On the upside, bulls will be held back from the current vantage point up until $460. A price of $500 per BCH and above shows more resistance levels for buyers to overcome. On the backside, bears will see a temporary stop at $410 and there will also be key foundational support around $380.
The Verdict: Skeptics Highlight Bets Against the Top Crypto-Markets and Consolidation
Of course, the verdict has changed for this particular markets update to a touch more skepticism. BTC/USD and ETH/USD short contracts are starting to rise again. Cryptocurrency prices are seeing some slight recovery today on September 25 after the initial drop the day before but not by much. Rob Sluymer the managing director and technical strategist at Fundstrat details that the recent dips put some cryptocurrencies in an uncertain position. Sluymer notes this week:
Last week’s decline leaves BTC in a fragile technical position as it attempts to stabilize/base at $6,100-$6,200 support. A break below $6,100 would signal a retest and possible break of $5,800 support with potential risk to $5,000.
Unless there’s a considerable trend reversal trader’s betting against crypto-markets, we could see another downside break to BCH lows of $350, BTC $5,700, and ETH $160. However others believe it is more likely digital assets will follow a consolidated pennant support, and prices will remain in these current ranges. A spike above BCH ($650), BTC ($7,200), and ETH ($290) would show a consistent bearish-to-bullish trend reversal signal.
Where do you see the price of BTC, BCH, and other coins headed from here? Let us know in the comment section below.
Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”
Images via Shutterstock, Trading View, and Satoshi Pulse.
Want to create your own secure cold storage paper wallet? Check our tools section.
The post Markets Update: Cryptocurrencies Dip Again Forming Consolidated Support appeared first on Bitcoin News.
We promise to keep your email safe and never spam you.
© 2014-2021 Miner.farm | By Miners, For Miners | Portable Instant Mining Platform, LLC