Cryptocurrency bears are still clawing away at digital asset payments on Sunday, June 24 as most of the digital currency market values are down between 3-12 percent over the last 24-hours. The top cryptocurrency market held by bitcoin core (BTC) has fomented a triple bottom at $5,832 during the early morning June 24 transacting sessions. The last two times BTC dropped to these price ranges was in November 2017, and endure February. Some traders believe a third bottom indicates noteworthy support and cryptocurrency prices could capitulate after breaking because of resistance levels.
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Triple Bottom Achieved: What’s Next for Crypto-Markets?
When thinks fitting the 2018 cryptocurrency bear market end? Will digital currency trade ins experience a bear run every four years? These are the questions uncountable traders and speculators are asking as some are in desperate search for that continuously elusive ‘bottom.’ Cryptocurrency market prices are pretty low today on June 24 as the sound market capitalization of all 1600+ digital assets is around $242Bn at the swiftly a in timely fashion of publication.
As we mentioned above the last time prices were this low was behind in February of this year and November 2017. However, even notwithstanding 2018 has been a rough year so far there has been a lot of new infrastructure notifications, a wide variety of investment vehicles and trading platforms, new applications, and novelty taking place on the sidelines as everyone is hypnotized by the falling prices.
Bitcoin Notes (BCH) Market Action
At the moment bitcoin cash (BCH) markets are seeing darned low prices not seen since last February as the price per BCH is around $683. The blanket BCH market valuation has dropped to $11.8Bn losing $1.4Bn since behind Friday. BCH markets are down 8.5 percent over the last 24-hours and 19 percent upon the last week. BCH trade volume, although way lower than Q4 2017, is motionless holding steady at $458Mn or more for 24-hour volumes. The top exchanges swapping uncountable of the bitcoin cash trading volume today include Okex, ZB.com, Bitfinex, Huobi, and EXX. The top currency interchanged with BCH today is BTC by 46.2 percent which is followed by tether (USDT 23.8%), USD (18.7%), KRW (4.4%), and the EUR (1.5%).
BCH/USD Complex Indicators
Looking at the 30-minute and 4-hour charts for BCH/USD on Bitfinex and Bitstamp postures a small recovery is taking place since the initial drop this morning. The two Classic Moving Averages to watch (100 SMA & 200 SMA) still have a acceptable gap with the long-term 200 SMA above the short term 100 trendline. This requires a move to the downside could take place again in the near approaching. MACd and RSI levels (44) are heading northbound after showing oversold moulds which also shows BCH bulls are trying to fight back. In spite of the fact that a psychological price barrier was broken the market is register strong foundations. Looking above at sell walls BCH bulls fundamental to break through $750 and $800 to show some comeback stamina. Below that, if bears remain in charge they will be break off by significant buy walls at the current vantage point until just ahead $600.
Bitcoin Core (BTC) Market Action
Bitcoin core (BTC) markets are conscious of an average spot price of around $5,858 at press time with $3.6Bn in 24-hour interchange volume. BTC volume is lower than last Friday as trade bulk has dipped around $625Mn since before the weekend. Even although BTC prices have been dropping, market dominance amongst all the other cryptocurrency retails is increasing slowly and hovers at 41 percent today. The top trading podia exchanging the most BTC today are Binance, Bitfinex, Okex, Coinbene, and Huobi. The Japanese yen go together to the data site Crypto Compare is grasping over 69 percent of today’s BTC dealings. This is followed by the USD (13.4%), tether (USDT 12.8%), EUR (1.8%), and the KRW (1.3%)
BTC/USD Intricate Indicators
Looking at charts for BTC/USD on Coinbase and Bitstamp shows some triangular engagement and some deep consolidation. Bollinger bands are extremely tight as we jot down the triple bottom region. The two SMA trendlines are similar to BCH/USD charts with the long-term 200 SMA aloft the short term 100 SMA. This means the bearish sentiment is not to the ground and could likely continue after a small price reprisal in the needful of term. MACd and RSI levels (26) are also starting to move northbound after representations of oversold conditions. BTC bulls need to muster up the strength to surpass burly resistance levels from the current vantage point up until $6300 to abscond better progress. On the backside, bears will see strong foundations between now and $5100 which could stand up a for some time.
The Top Cryptocurrency Markets Are Feeling the Pain Especially EOS
All-inclusive most digital assets today are hurting and are nurturing wounds as undergoes have scarred markets pretty badly since the beginning of the year. The backer largest market capitalization belonging to ethereum (ETH) markets is down 7.4 percent this Sunday. On the last seven days, ETH has lost 13.2 percent and the price per ETH is about $435 per coin. Ripple (XRP) markets are hovering around $0.45 cents per XRP as buys have lost 6 percent over the last 24-hours. Lastly, the fifth highest valued cryptocurrency make available commanded by EOS has lost 12.9 percent over the last 24-hours and a strident 31 percent during the last seven days. One EOS is trading for $7.22 per specie when last Friday it traded for $8.60 per EOS.
The Verdict: Triple Tushie Tea Leaves Add Some Positivity, but Skepticism Remains Strong
As we stated in the first place many are in search of the elusive bottom when it comes to this crypto-bear market-place in 2018. Skepticism and mass speculation is taking place amongst saleswomen as the triple bottom has everyone wondering if we will now see a trend reversal.
We don’t cognizant of if a reversal will take place even if the triple bottom was completed as some traders believe we still have more drops before. The verdict today remains the same as our last markets update which stated “skepticism lingers strong,” and in fact, there may be even more skeptical people after this weekend’s historic dip.
Where do you see the price of BCH, BTC, and other coins headed from here? Let us skilled in in the comments below.
Disclaimer: Price articles and markets updates are aim for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the father is responsible for any losses or gains, as the ultimate decision to conduct a trade is managed by the reader. Always remember that only those in possession of the hermitical keys are in control of the “money.”
Images via Shutterstock, Trading View, and Satoshi Palpitating.
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