Cryptocurrency Markets See Some Slight Upswing
This weekend cryptocurrencies are seeing some slight jumps in value after roughly 8 full days of consolidation and sideways action. For instance, for most of the week BTC/USD prices hovered around the $6400 region but four days ago spiked really quickly to $6900 squeezing out a bunch of shorts. However, the squeeze was short-lived and did not last long as BTC/USD prices dipped back down to the $6400 zone again. Bitcoin cash (BCH) markets did the same thing touching a high of $567 on August 21 but reverted back to the $530 range.
The Top Digital Assets
The top trading volumes today belong to bitcoin core (BTC), tether (USDT), ethereum (ETH), EOS, and bitcoin cash (BCH). At the moment, BTC/USD values are hovering around $6749 per coin with $3.93B worth of daily trade volumes. BTC/USD is up around 3 percent this Saturday. Ethereum commands the second largest market valuation and ETH market prices are up 2.2 percent this weekend. One ETH is trading for $281 per coin at the time of publication. Ripple (XRP) prices are doing better today and are up 2.6 percent as one XRP’s spot price is averaging around $0.32 per coin. Lastly, EOS values have gained 2.84 percent today as each coin is worth about $5.06 across global exchanges.
Bitcoin Cash (BCH) Market Action
Bitcoin cash (BCH) markets are up 2.3 percent and each BCH is trading for $536 per coin. At press time BCH has around $293M in 24-hour global trade volume swapped on worldwide trading platforms. The top exchanges swapping the most BCH today include Binance ($44.92M), Okex ($40.75M), Coinex ($40.13M), Huobi Pro ($33.86M), and Hitbtc ($30.86M). The top currency pairs today swapped with BCH include tether (USDT 49.8%), bitcoin core (BTC 39.3%), USD (4.3%), KRW (2.1%), and QC (1.7%). Ethereum (ETH) captures about 1.54 percent of daily BCH trades this Saturday.
BCH/USD Technical Indicators
Looking at BCH/USD 4-hour charts on Bitfinex and Bitstamp shows the two Simple Moving Averages (SMA 100 & 200) have a decent gap with the longer term 200 SMA above the 100 SMA trendline. This indicates presently the path towards the least resistance is still towards the downside. The Relative Strength Index (RSI) is meandering around 50 at the moment showing consolidation and indecisiveness amongst traders. MACd has been heading northbound during the early morning BCH/USD trading sessions and shows room for improvement. Looking at order books indicates BCH bulls have some strong resistance up until $575. They will catch a short breather before being stopped again at $590-640 per BCH. On the backside, if bears gain control of markets then there are some solid foundations from the current vantage point up until $490 and then some beefier support around $475.
The Verdict: Positivity Increases but Skepticism Remains
Right now traders seem to have some increased optimism because markets are showing some slight gains over the past two days. Smart traders understand that betting on the eight months of bear markets ending is still not the greatest wager right now, and most remain cautious. A lot more bullish signals must be confirmed before a great majority of traders start betting long again. Until then people will remain skeptical of all the market action after the last eight months of bull traps and dead cat bounces.
Where do you see the price of BTC, BCH and other coins headed from here? Let us know in the comment section below.