fxs_header_sponsor_anchor

The Cryptocurrency Market Update: Bitcoin is in recovery mode ahead of the weekend

  • Bitcoin (BTC)  has reached a strong resistance area.
  • Altcoins are range-bound in Asian. in green on a day-to-day basis.

The cryptocurrency market has recovered from the recent sell-off; however, the further upside in major coins looks to be limited in the short run Bitcoin and all major altcoins are mostly range-bound during early Asian hours, with marginal gains registered on a day-to-day basis. The total cryptocurrency market capitalization increased to $201 billion from $196 billion this time on Thursday; an average daily trading volume stayed retreated to $59 billion. Bitcoin's market share settled at 66.9%.

Top-3 coins price overview 

BTC/USD is hovering around $7,400 during early Asian hours; This area is packed with technical levels, which makes it hard to break. Once it happens, the upside may gain traction with the next focus on $7,700 and the recent high of $7,700. On the downside, thee coin is supported by a confluence of SMA50 (Simple Moving Average), SMA100 and the lower line of the Bollinger Band 1-hour clustered on approach to $7,300.

BTC/USD, 1-hour chart


 
Ethereum is struggling to settle above $148.00; however, with little success so far. At the time of writing, ETHUSD is changing hands at $147.98,   which is 2% higher from this time on Thursday and unchanged since the beginning of the day. The initial support awaits us at $147.00. It is reinforced by SMA50 1-hour and the lower line of 1-hour Bollinger Band. The upside is limited by $148.00 and $148.70 (the upper border of 4-hour Bollinger Band). Once it is out of the way, $150.00 will come back into focus.

ETH/USD, 1-hour chart


  
Ripple's XRP topped at $0.2268 late on Thursday but failed to hold the ground. At the time of writing, XRP/USD is changing hands at $0.2210, unchanged since the beginning of Friday, with over 3.5% gains on a day-to-day basis. The initial support is created by a psychological $0.2200. However, we will need to see a sustainable move below $0.2170 (SMA200 1-hour) for the sell-off to gain traction. The resistance is created by a $0.2260-0.2270 area that includes the recent high and the upper line of 1-hour Bollinger Band. 

XRP/USD, 1-hour chart


 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.