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Markets Update: Bulls Show Signs of Exhaustion as Crypto Prices Taper

May 23, 2019 |

Markets Update: Bulls Show Signs of Exhaustion as Crypto Prices Taper

Cryptocurrency prices have dipped slightly since our last markets update as most digital assets are down between 2-7% over the last 24 hours. Today, on May 23, the market capitalization of the entire cryptoconomy is around $ 237 billion and the daily global trade volume is roughly $ 77 billion.

Also Read: US Copyright Office Responds to Craig Wright’s Bitcoin Registrations

Crypto Markets Suffer From Slight Pullback

Over the last 24 hours, digital asset prices have dropped a hair, losing some of the gains obtained last week. At the moment bitcoin core (BTC) is down 2.7% for the day as well as losing 4% over the course of the week. Currently, one BTC is trading for $ 7,630 per coin and the entire market has a valuation of around $ 135 billion this Thursday. The second largest market capitalization belongs to ethereum (ETH) and each coin is swapping for $ 238. Ripple (XRP) is trading for $ 0.37 per coin and XRP markets are down 4.9%. The fifth largest market cap is held by litecoin (LTC) as each coin is trading for $ 86 but market prices have lost 3.9% today. Both LTC and EOS have been fighting for the fifth position over the last few hours, with market caps that are almost identical.

Markets Update: Bulls Show Signs of Exhaustion as Crypto Prices Taper

Bitcoin Cash (BCH) Market Action

Today bitcoin cash (BCH) markets are down 4.8% and roughly 5% over the last week. At press time, one BCH is swapping for $ 384 per coin and has a market valuation of around $ 6.87 billion. Right now, global BCH trade volume over the last day has been around $ 2.65 billion and BCH holds the fifth highest trade volume on May 23. The top five exchanges trading the most bitcoin cash are Coinbene, P2pb2b, Bitmart, Binance, and Huobi. Tether (USDT) is the most dominant currency pair with BCH, capturing 47% of today’s trades. This is followed by BTC (28.5%), USD (10.7%), KRW (8.5%), JPY (1.79%), EUR (1.72%), and ETH (0.54%).

Markets Update: Bulls Show Signs of Exhaustion as Crypto Prices Taper

BCH/USD Technical Indicators

Looking at the BCH/USD chart on Kraken shows BCH bulls have been showing some exhaustion after gathering decent momentum last week. Both 4-hour moving averages and oscillators currently show bearish sentiment and uncertainty is in the air. The Relative Strength Index (RSI 41.54) is impartial at the moment but the MACd, a momentum oscillator that subtracts the longer-term moving average from the shorter-term moving average, shows some losses could take place in the short term. The two Simple Moving Averages (SMA), both long and short term, are once again edging toward crossing hairs.

Markets Update: Bulls Show Signs of Exhaustion as Crypto Prices Taper

If the 100 SMA drops below the longer term 200, a bullish-to-bearish trend change could come to fruition. The Ichimoku Cloud (9, 26, 52, 26) baseline indicates the price may correct a hair in the short term. Order books show today’s resistance for BCH rests above the $ 390 mark, and again at the $ 420 zone. On the backside, if bears manage to leverage the bulls’ exhaustion, they will encounter foundational resistance at the current vantage point and $ 345 region.

Markets Update: Bulls Show Signs of Exhaustion as Crypto Prices Taper

Are Crypto Markets Following the Footsteps of the Past?

Cryptocurrency markets have been extremely volatile lately and after each price gain seen posted across most crypto asset markets, the bullish momentum begins to taper. Three days ago, a technical analyst from JP Morgan argued that BTC prices have touched overbought conditions.

Markets Update: Bulls Show Signs of Exhaustion as Crypto Prices Taper

“Over the past few days, the actual price has moved sharply over marginal cost,” explained Nikolaos Panigirtzoglou, global market strategist at JP Morgan. “This divergence between actual and intrinsic values carries some echoes of the spike higher in late 2017, and at the time this divergence was resolved mostly by a reduction in actual prices.” It seems many traders are still undecided on whether or not the bull run has begun and many are simply sticking to intra-day and scalp profits from the recent volatility.

Where do you see the price of bitcoin cash and the rest of the crypto markets heading from here? Let us know what you think about this subject in the comments 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, Bitcoin.com Markets, JP Morgan, and Coinlib.io.


Want to create your own secure cold storage paper wallet? Check our tools section. You can also enjoy the easiest way to buy Bitcoin online with us. Download your free Bitcoin wallet and head to our Purchase Bitcoin page where you can buy BCH and BTC securely.

The post Markets Update: Bulls Show Signs of Exhaustion as Crypto Prices Taper appeared first on Bitcoin News.

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Markets Update: Crypto Prices Show Strong Recovery After Binance Loss

May 8, 2019 |

Cryptocurrency markets are doing much better the day after the digital asset exchange Binance lost roughly 7,000 BTC ($ 40 million). Immediately after the trading platform officially announced the multi-million dollar loss, the cryptoconomy shed billions but since then most digital assets have recovered and markets are doing surprisingly well.

Also read: $ 500K of BCH Shuffled in Record-Breaking Cashshuffle Transaction

Cryptos Recover After Dropping a Few Percentages Following the Binance Loss of $ 40M

May 7 was a crazy day for crypto enthusiasts when the exchange Binance announced the loss of $ 40 million worth of BTC. The company claims it was hacked and has been forced to suspend deposits and withdrawals for one week. After the official announcement began to virally spread across social media, bitcoin core (BTC) markets tumbled from Tuesday’s high of $ 5,900 per coin to a low of $ 5,751 according to Bitstamp’s data. Many other coins followed suit with BTC and shed some percentages on May 7 as well. For at least 4-5 hours, markets consolidated but soon after that the crypto bulls have pushed prices back up and most coins have regained what they lost on Tuesday.

Today, on May 8 the entire market capitalization of all 2,000+ digital assets hovers around $ 184 billion. BTC is priced around $ 5,917 per unit at press time and has a market cap of around $ 104.6 billion. Ethereum (ETH) markets are up 5% for the week but because of yesterday’s chaotic action, ETH is down 2.4%. One ETH is swapping for $ 168 and the entire market valuation is roughly $ 17.8 billion. The third largest market cap is ripple (XRP) at $ 12.6 billion today and each XRP is trading for $ 0.30. Lastly, litecoin (LTC) markets are down 1.9% and each LTC is trading for $ 73 at the time of publication.

Bitcoin Cash Market Action

Bitcoin cash (BCH) markets are down 1.4% after yesterday’s losses but over the last seven days, the digital asset is still up by 5.1%. Trade volume is around $ 1.49 billion and each coin is trading for around $ 283. The top five exchanges trading the most bitcoin cash include Coinbene, Lbank, P2pb2b, Bitmart, and Binance. The leading trading pair with BCH today is tether (USDT) with 56% of all trades. This is followed by BTC (28.8%), USD (6.8%), KRW (4.5%), and ETH (1.5%), while EUR and JPY trail behind the top five pairs. BCH has a market valuation of around $ 5 billion and it’s the sixth most traded currency by volume on May 8.

BCH/USD 7-day chart on May 8, 2019.

Technical Indicators

Looking at the 4-hour chart on Kraken shows BCH bulls are steadily trying to surpass upper resistance. Currently, the short term Simple Moving Average (SMA) is still above the longer term 200 trendline. This means for now the path toward the least resistance is still toward the upside. Most momentum oscillators are currently suggesting a selloff and the Relative Strength Index is around ~55 which is somewhat impartial.

4-Hour BCH/USD on May 8, 2019 with Bollinger Bands, RSI, and MACd.

MACd levels show strong sell signals at the moment and the Stochastic is hovering around 66.76 at press time. Order books indicate that there will be some tough resistance between now and the $ 300 zone. Moreover, there will be tougher sell walls to beat between $ 315-330. If bears manage to outpace the bulls then they will be stopped by buy walls around all the way until $ 270 and then again at the $ 240-250 region.

The Verdict: Crypto Markets Continue to Remain Unphased After Bad News

Despite the dips, cryptocurrency markets seemingly look as strong as they did the day prior, before the Binance loss was revealed. Exchange issues have become an increasing concern for crypto advocates with the recent Quadriga CX loss, and the Bithumb hack. Alongside this, traders have been leery about the issues between the New York Attorney General and Bitfinex. Crypto markets lost 10% after the initial injunction on April 24 but had regained most of the losses. After the Binance news, markets have reacted in a similar fashion by seemingly shrugging off the bad news in less than 24 hours.

Where do you see the price of bitcoin cash and the rest of the crypto markets heading from here? Let us know what you think about this subject in the comments 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, Bitcoin.com Markets, and Coinlib.io.


Want to create your own secure cold storage paper wallet? Check our tools section.

 

The post Markets Update: Crypto Prices Show Strong Recovery After Binance Loss appeared first on Bitcoin News.

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