Blockchain

Crypto Tech Analysis: Bitcoin Continues To Stagnate While Altcoins Consolidate

As the week comes to an end, the scenario in cryptocurrency market hasn’t changed much since the weekend. Bitcoin the most valued cryptocurrency still continues to stagnate in familiar price levels while altcoins are trying to take hold of gains from mid-week in consolidative price move. The overall market capitalization of the cryptocurrency market stands at US$ 274.81 Billion as of writing this article. There aren’t any major events scheduled in the weekend, which suggests cryptocurrency market is likely to see price action dictated by broad based investor sentiment as trading session progresses into the weekend.

Bitcoin: Bitcoin continues to stagnate in familiar price levels. The price of BTCUSD has for now found a stable foothold above $10100 handle but BTC bulls continue to struggle for upward move owing to lack of trigger and strength to push through with a breakout rally. BTCUSD pair lacks a clear directional bias and remains trapped inside a descending channel in long term outlook when looking from a technical perspective. However, the short term picture paints a different scenario where the pair is waiting for directional cue and could attempt yet another bullish breakout instead of continuing its bearish decline based on market proceedings. The BTCUSD pair is currently trading at 10197.2 up by 3.31% on the day with a market cap of US$183 Billion. While the chart shows price is well inside descending channel’s territory, the price is still moving above critical support of $10100.42 price mark and above 9 SMA line. While the price may be below 50 &100 SMA’s the price is moving parallel to mentioned SMA’s which act as trend indicator. The parallel price action with SMA lines moving flat is an indication of lack of directional bias and neutral trend. The RSI indicator used to measure the momentum is also seeing signal line move with an upward incline in neutral level of 50 which is clear indicator that bulls hold steady albeit fighting tooth and nail with bears for control of price action. For the pair to regain bullish momentum, it needs to breach past strong supply found at confluence region of $10276 to $10286 which acts as hurdle for the pair to breach and remain steady above $10300 handle.

ETHUSD: Ethereum, the most valued altcoins in terms of market capitalization still continues to trade with steadily with a bullish bias supported by upward momentum gained earlier this week. While Ethereum similar to most other altcoins did attempt to consolidate its gains post mid-week boost post profit booking activity, ETH bulls still seemed to have strength left from early weeks’ boost which has resulted in the pair aiming to re-conquer weekly highs and move past said level as trading session heads towards the weekend. As of writing this article, ETHUSD pair is trading at $217.27 up by 4.76% on the day with a market capitalization of 23.47 Billion USD. A look at the price action in daily chart from technical perspective also reinforces the bullish bias that seems prevalent surrounding ETH bulls. The price of ETHUSD pair is trading steady above 9 & 50 SMAs and parallel to 100 SMA albeit below said levels. SMA’s are used to indicate ongoing price trend and the price action suggests that short term trend remains in favor of further upside move. RSI indicator which is used to measure momentum of price action is moving with upward incline towards overbought region and is currently at 68 mark. As long as the pair remains steady above $197.50 handle short term bias will remain in favor of ETH bulls but the pair needs to breach past $219.90 mark for another bullish breakout attempt failing which the price action will enter range bound consolidative price action in bull’s price range territory from 197-219 handles.

XRPUSD: Ripple managed to scale several key psychological hurdles during mid-week trading session. But the upside momentum was quite short lived as the price fell below two major critical levels and short term bias has turned bearish. As of writing this article, XRPUSD pair is trading at $0.2928 up by 0.79% on the day with a market capitalization of 12.80 Billion USD. When looking from a technical perspective, the price has declined below key psychological levels of $0.31 & $0.30 handles which have now turned as major resistance zones. The price is moving below 9 SMA signal line which has made a clear downward curve and is moving with steep downward incline. However, the price is still moving steady above 50 & 100 SMA’s which suggests the medium to long term trend is still in favor of XRP bulls. The pair has an immediate support near $0.2800 – $0.2796 price range which provides considerable level of supply and acts as a major support range to the downside. A breach below this price range will take the pair towards $0.2667 handle which acts as next major support and last line of defence preventing the pair from declining to monthly lows. The RSI indicator which is used to measure price momentum is seeing signal line move with downward incline but remains well above neutral level and is currently near 55 mark. The pair needs to sustain its hold above the mentioned support price range of $0.2800 – $0.2796 price levels for XRP bulls to attempt a move to rescale $0.30 handle during the weekend.

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The post Crypto Tech Analysis: Bitcoin Continues To Stagnate While Altcoins Consolidate appeared first on Crypto-News India.

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