The total value of the market is stuck around $270 billion as the segment failed to retain bullish momentum despite the spikes higher in the past week.
While most of the top coins are trading clearly above the June lows, given the dubious long-term outlook, bulls can’t really enjoy the summer lull.
BTC/USD, 4-Hour Chart Analysis
Although Bitcoin drifted over the previously dominant declining trendline, the coin still failed to show meaningful bullish momentum, while also failing to top the $6750 level.
Litecoin is among the weakest coins from a long-term perspective, trading well below the key $100 level, very close to its June low.
He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.
Bitcoin price is gaining momentum above $6,600 against the US Dollar. Bitcoin Price Trend This past week, there was a downside correction below the $6,700 support in bitcoin price against the US Dollar.
Key Highlights Ripple price jumped higher and broke the $0. 4750 and $0. 5000 resistance levels against the US dollar. Yesterday’s highlighted short-term declining channel was breached with resistance at $0.
Key Highlights ETH price gained momentum and cleared the $455-458 resistance zone against the US Dollar. Yesterday’s highlighted important contracting triangle was breached with resistance at $454 on the hourly chart of ETH/USD (data feed via Kraken).
Bitcoin Price Key Highlights Bitcoin price has broken above the double bottom neckline and bullish flag to signal upside momentum. Price is forming another bullish flag pattern, which might signal a continuation of the climb.
Key Points Bitcoin cash price traded further higher and broke the $750 resistance zone against the US Dollar. Yesterday’s highlighted declining channel was broken with resistance near $735 on the hourly chart of the BCH/USD pair (data feed from Kraken).
FOMO Moments Crypto land is quiet; Zero-ex, Nem, Neo, and Verge doing well this morning. Following the pump from the lowest dip of the year on Friday, crypto markets have been relatively stable over the weekend.
Bitcoin sits precariously perched at the bottom of the annual market low and many bitcoin investors aren’t sure what to make of it. Although the market seems to be continuing its drift to new lows with greater and greater ease, there are a couple of bullish signals worth considering while the market continues to consolidate: Figure 1: BTC-USD, Daily Candles, New Market LowOn Friday, June 29, 2018, for the first time this year, the daily candles closed below the annual low of $6,000s.
Key Points Bitcoin cash price moved a few points above $700, but it failed to gain momentum against the US Dollar. This week’s highlighted important bearish trend line was broken with resistance at $708 on the hourly chart of the BCH/USD pair (data feed from Kraken).
FOMO Moments Current performing altcoins are Ontology, Ethereum Classic, Zcash and Zilliqa. The good news for today’s crypto market update is that nearly all coins are in the green at the moment.
Key Highlights Ethereum classic price is slowly moving higher and is currently above $14. 50 against the US dollar. There is a major bullish trend line formed with support near $14. 40 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
Bitcoin (BTC) is still in recovery mode, but the bulls must keep prices above key support seen just below $6,500 to maintain momentum, the technical charts indicate. However, bargain hunters were short in supply and prices fell back below $6,600 at 01:00 UTC today. Bitcoin has spent a better part of the last seven hours
Key Highlights Ripple price gained upside momentum as it managed to hold the $0. 5000 support against the US dollar. There is an ascending channel forming with support at $0. 5400 on the hourly chart of the XRP/USD pair (data source from Kraken).
Bearish momentum appears to be accelerating across the cryptocurrency markets following the failure of BTC to hold above the long-term ascending trendline dating back to July 2017. As of this writing, the BTC markets appear to be falling to test support at the $6,000 USD area after forming a large descending triangle.
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