Skip to content

Blockchain News Feed

All the latest news on Blockchain & Cryptocurrencies

Menu
  • Home
  • News
  • Exchanges
  • Market Analysis
  • YouTube
  • Brave Browser
Menu

Markets Update: Leading Cryptocurrencies Break Above Bear Channels

Posted on juni 6, 2018 by Blockchain News

Markets Update: Leading Cryptocurrencies Break Above Bear Channels

The bullish action witnessed by the cryptocurrency markets last week has seen many leading markets break above the bearish descending channels which have guided price action in recent weeks. The last couple of days has seen the many markets retrace – with many traders closely watching to see if the markets can hold up and confirm the formation of a higher low, or if they will wash out to produce more bearish momentum.

Also Read: Bitcoin Cash and Ethereum Trading Volume Soars But Ripple Keeps Falling

BTC Tests Major Trendline

The BTC markets recently posted a green weekly candle for the first time in the last four weeks – signaling for the potential for bitcoin to produce a second consecutive higher low since February’s washout down to $6,000 USD. Should support at approximately $7,000 successfully hold, many traders predicting that more bullish momentum may be in store the BTC markets. Transversely, a break-down from the current price area to retest $6,000 would also comprise the rejection of the long-term ascending trendline dated from July 2017. Should this trendline break, such would likely comprise the catalyst for further bearish price action across the cryptocurrency markets.

Looking at BTC on the 4-hour chart, one can see that it has broken above the immediate descending bear-channel in which the markets have trended for several weeks, as with many other cryptocurrency markets. If BTC can stay outside of said channel, such may be a signal for coming upward price action.

As of this writing, BTC is trading for approximately $7,600 and exerts a market dominance of 37.7%. The market capitalization of the bitcoin markets is $130.2 billion.

BCH Consolidates Above $1,000

BCH/USD has also broken out the bear channel in which price action has trend since early May after gaining approximately 15% since the start of June. If prices are able to hold up, BCH will have produced its first higher low for 2018 – potentially comprising the first signal that Bitcoin Cash may be exiting the bear trend that has dominated market action throughout 2018.

The BCH/BTC markets have also broken above a bear-channel, with Bitcoin Cash gaining over BTC by approximately 10% in the last week.

As of this writing, BCH is trading for approximately $1,150 USD, or 0.15 BTC, with BCH comprising roughly 5.7% of the total capitalization of all crypto markets combined. Bitcoin Cash is the fourth largest crypto market by capitalization with a market cap of nearly $19.8 billion.

 

ETH/BTC Forms Symmetrical Triangle

As of this writing, ETH appears to have bounced off an ascending trendline for the second time since in 2018 that dates back to December, after ETH gained approximately 10% during the last weekend over bitcoin. Whilst ETH/BTC currently appears to be forming one of several potential symmetrical triangles, a break of the immediate ascending trendline could lead to a significant breakdown relative to BTC. ETH is trading for 0.0777 BTC as of this writing.

When paired against USD, ETH has gained roughly 17% in the last week – bouncing from a recent low of approximately $520 to currently be trading for nearly $610. Looking at the daily chart, the ETH/USD markets appear to be creating a new price channel above the long-term ascending trendline from early 2017, and outside of the descending trendline that drove price action from January until early-April.

Looking at immediate price action on a 4-hour chart, ETH appears to have just crept above last month’s bear-channel, however, a break-out above the descending trendline is still far from confirmed as of this writing.

The market dominance of Ethereum is approximately 17.6% as of this writing. The market capitalization of ETH is nearly $60.9 billion.

Other Leading Markets Bounce Above Bear-Channels

The third largest crypto market by capitalization, Ripple has gained approximately 11.5% over USD this week, rallying from approximately $0.605 to $0.676.

When measuring against BTC, XRP has gained roughly 10% in the last 7 days and is currently trading for 8915 satoshis after having broken above last month’s bear-channel. Ripple has a market capitalization of $26.67 billion.

EOS has produced a significant bounce in recent days, gaining around over 16% from the last month’s low of roughly $12.15 and breaking above May’s descending channel. EOS/USD currently appears to have bounced off support at the previous all-time-high area from 2017 of approximately $14. When compared with BTC, EOS gained approximately 12% from $0.00165 to $0.00185.

EOS is currently the fifth largest cryptocurrency by market cap with $12.67 billion.

Do you think that the markets are forming a higher low? Or a dead cat bounce before more downward price action? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Trading View.


Need to calculate your bitcoin holdings? Check our tools section.

The post Markets Update: Leading Cryptocurrencies Break Above Bear Channels appeared first on Bitcoin News.


Source: Bitcoin.com
Original Post: Markets Update: Leading Cryptocurrencies Break Above Bear Channels

Ledger Nano X - The secure hardware wallet

Recente berichten

  • Axie Infinity creator works with studios to push Web3 adoption through new games
  • Axie Infinity’s Ronin Blockchain Overhauls Tech, Expands to New Game Studios a Year After $625M Hack
  • Why Elon Musk, Over 2,600 Tech Experts Are Calling For ‘Immediate Pause’ In AI Development
  • Blockchain and regulated stablecoins to be widely used by 2030, industry execs say
  • Crypto Whales and ‘Smart Money’ Now Accumulating One Ethereum-Based Altcoin: On-Chain Data

Categorieën

  • Altcoin Buzz
  • Altcoin Buzz News
  • AMBcrypto
  • Bitcoin.com
  • Bitcoinist
  • BTC Manager
  • CCN
  • Coin Mastery
  • Coindesk
  • Coinpower News
  • Cointelegraph
  • CryproSlate
  • Crypto Daily
  • Crypto News (.net)
  • Cryptocoin News
  • Cryptocurrency News
  • CryptoDaily.co.uk
  • CryptoPotato
  • CryptosRUs
  • Daily HODL
  • DataDash
  • Ethereum Worldnews
  • Exchanges
  • ICO's
  • Invest in Blockchain
  • Market Analysis
  • News
  • News BTC
  • Newsbit
  • Portfolio
  • Pricecheck
  • Ready Set Crypto
  • The Modern Investor
  • ToshiTimes
  • Use The Bitcoin

Archieven

  • maart 2023
  • februari 2023
  • januari 2023
  • december 2022
  • november 2022
  • oktober 2022
  • september 2022
  • augustus 2022
  • juli 2022
  • juni 2022
  • mei 2022
  • april 2022
  • maart 2022
  • februari 2022
  • januari 2022
  • december 2021
  • november 2021
  • oktober 2021
  • september 2021
  • augustus 2021
  • juli 2021
  • juni 2021
  • mei 2021
  • april 2021
  • maart 2021
  • februari 2021
  • januari 2021
  • december 2020
  • november 2020
  • oktober 2020
  • september 2020
  • augustus 2020
  • juli 2020
  • juni 2020
  • mei 2020
  • april 2020
  • maart 2020
  • februari 2020
  • januari 2020
  • december 2019
  • november 2019
  • oktober 2019
  • september 2019
  • augustus 2019
  • juli 2019
  • juni 2019
  • mei 2019
  • april 2019
  • maart 2019
  • februari 2019
  • januari 2019
  • december 2018
  • november 2018
  • oktober 2018
  • september 2018
  • augustus 2018
  • juli 2018
  • juni 2018
  • mei 2018
  • april 2018
  • maart 2018
  • februari 2018
  • januari 2018
  • december 2017
  • november 2017
  • oktober 2017
  • september 2017
  • maart 2017
  • juni 2016
  • juli 2014
  • september 2013
  • augustus 2013
©2023 Blockchain News Feed | Design: Newspaperly WordPress Theme