Cryptocurrency market update: Bitcoin and Ethereum calm lingers snubbing positive news
|- Bitcoin price falls in deep slumber unable to escape range resistance.
- Ethereum defends the support at $120: Upside still laced with tough hurdles.
A look at the market on Friday shows that cryptocurrencies will close the week in the red. The trading this week has been uneventful as digital assets showed a high level of stability. The same cannot be said for last week’s trading which faced a waterfall drop on Thursday where Bitcoin tanked below $3,500. The market opened the week at $124 billion but it is likely to close it at the current $122 billion. Bitcoin dominance is still more than half the market share, precisely at 52.4%.
Bitcoin price technical picture
Following the sharp drop last week, Bitcoin price has fallen in deep slumber. It seems the bulls have taken a nap leaving just enough momentum to prevent the price from sliding below the range support at $3,550. The attempts made to push the price above the range resistance at $3,700 have been thwarted by selling pressure. Besides, the price is trading below both the 50-day and the 100-day Simple Moving Average (SMA). The 50-SMA is limiting the gains slightly above the current BTC value ($3,627). The gap between the Moving Averages is widening to show that bear pressure will continue in the coming sessions ahead of the weekend.
BTC/USD 4-hour chart
Ethereum price technical picture
Ethereum, on the other hand, is also stuck in a range with the upside capped at $130. ETH is valued at $112.92 at press time and it is likely that it will continue trading in the same range for a few days. However, a break past the range resistance will open the road for a correction towards $140 (key resistance). On the flip side, support is established at $120 and $115 respectively.
ETH/USD 4-hour chart
Read more:
Bitcoin and all major coins ignore positive fundamentals
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