Cryptocurrency market this week is seeing altcoins gain momentum as trading session progresses further into the week. News driven momentum was further reinforced by upbeat investor risk appetite in the cryptocurrency market and this has helped altcoins scale fresh monthly highs. Announcement from cryptocurrency payment service provider BitPay on debut of payment support for Ethereum gave altcoins a much needed boost to help scale critical resistance to the upside. Further, the price rebound in Ripple to fresh monthly highs also gave crypto bulls a sharp push to the upside while news of VanECK pulling back proposal for Bitcoin ETF which was scheduled for final review by US SEC on October 2018 despite limited launch of their services for institutional clients hurt Bitcoin bulls considerably resulting in Bitcoin remaining stagnant below mid-10K handle. The overall market capitalization of Cryptocurrency market as of writing this article is at US$ 275 Billion.
Bitcoin: Bitcoin, the most valued cryptocurrency continues to trade trapped within familiar price levels which in short term is limited between $10100 and $10310 handles respectively. As of writing this article, BTCUSD pair is trading flat at $10,197 up by 0.08% on the day with a market cap of US$ 183.99 Billion. When looking from technical perspective, the pair is sandwiched between several key supply levels on either side which are preventing the pair from gaining a price momentum with clear directional bias. The short term rebound capacity in immediate and near future trading sessions are likely to face a really strong resistance around $10310 handle, while there is strong support at $10167 handle in immediate and near future trading session. RSI indicator which is used to measure the momentum of price action leans towards oversold region but remains above oversold threshold while price trend indicators are also painting a picture of prevalent bearish bias in short term. The pair needs to breach past strong resistance at $10233 and $10278 handles and stay steady above said levels for bulls to gain strength for attempting to conquer hurdle at $10310 price handle. The pair now needs a strong trigger and supporting factor to help BTC bulls conquer above mentioned resistance levels before making an attempt to scale $10310 handle.
Ethereum: Ethereum, the second most valued cryptocurrency and most valued altcoins is seeing a fresh burst of positive price momentum with a clear bias in favor of further upside move. The prevalent bias surrounding Ethereum was influenced by news of BitPay’s decision to provide payment services via Ethereum alongside its existing BTC payment support. This has helped the ETHUSD pair conquer key psychological hurdle at $185 handle which prior to this weekend had been serving as a key resistance level preventing further upside move for last two weeks. However, the burst of positive move was strong enough to serve as trigger and strength for ETH bulls to sustain positive price momentum resulting in the pair climbing back above $200 handle, price levels last seen on 20th August 2019. The ETHUSD pair is currently trading at $214 up by 8.17% on the day with a market capitalization of US$ 23.11 Billion. Both RSI indicator which is used to measure price momentum and Simple moving average indicators which are used to measure price trend hint at further positive price action for the pair in immediate and near future trading sessions. Moving forward the pair is likely to face strong resistance around $219 handle which is broken successfully will lead to pair aiming for 240/250 handles to the topside while there is strong support to downside at $204.18 and $199.88 handles respectively.
Ripple: Ripple the second most valued altcoins saw a boost of more than 16% over the course of last two trading sessions. While it was still trapped inside familiar price level below $0.26 handle which had been keeping upside capped so far this month, Ripple got a fresh burst of positive momentum as altcoins recovered spurred by gains in Ethereum. This helped XRP bulls breach past short to medium term hurdle at $0.2600 handle and conquer $0.2800 price level which is viewed as key psychological and critical support levels. But the burst didn’t just stop there as the pair managed to climb all the way above 0.30 handle and even manage to test $0.3110 handle during today’s intra-day trading session. While the pair has declined from intra-day highs, it is still trading steady above mid-0.30 handle and as of writing this article is at $0.3065 up by 15.01% on the day with a market cap of US$13.15 Billion. Similar to Ethereum, Ripple’s technical picture also hints at continued bullish price move as visible from SMA’s and RSI indicator which measure trend and price momentum. However, Ripple unlike Ethereum seems to have hit a hurdle to the upside. The pair has managed to conquer and stay above several key hurdles and remains steady above $0.305 handle and in immediate and near future trading session the pair is likely to retain its hold above $0.300 handle but it needs to breach past $0.3110 for any chance of sustained long term positive price move. However, consolidation above $0.30 handle will leave XRP bulls and future at mercy of board market investor sentiment which could reopen the path for downside move towards $0.28 handle. In immediate future, the pair’s future remains biased in favor of further positive price action ahead of weekend.
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