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Market Updates
Digital currency markets posted gains in Saturday's morning trading sessions. Since our last update of the markets, the entire cryptocurrency economy has gained $ 4 billion and many of the major digital badets have increased by 2-6% in the last 24 hours.
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Major markets gain more than 5% in minutes
For at least a week, most crypto currencies have consolidated and have shown very little sign of volatility. Friday, January 18, prices soared as the cryptocurrency bulls tried to break the resistance levels all day long. Finally, on Saturday morning, buyers managed to surpbad some resistance levels, which generated gains for most major digital badets.
At present, bitcoin core (BTC) exchanges at $ 3,745 per piece and has a global stock market valuation of about $ 65.5 billion. BTC is up 2.5% for the day and 2.2% over the last seven days. The second largest market capitalization still belongs to the Ripple (XRP) and each token is traded for $ 0.33 per unit. The markets for increases increased by 1.8% today and increased for the week to 0.31% at the time of publication. The Ethereum (ETH) markets still hold the third highest market value and the ETH trades at $ 125 each. EPF markets rose by 2.4% today, but last week prices fell by 1.4%. The last piece in the top five is Eos (EOS), up 2.1% today and 3.2% for the week. EOS is trading at $ 2.51 per coin and the markets have seen trading $ 736 million in the last 24 hours.
Bitcoin Cash Market Action (BCH)
While acting in Bitcoin Markets (BCH), the data show that BCH is up 1.78% today, with each coin trading for $ 131. However, markets are down over the week, with BCH losing 3% in the last seven days. The top five stock exchanges with the most bitcoins are Lbank, Hitbtc, Binance, Huobi Pro and Digifinex. Ethereum still dominates currency pairs against BCH this weekend, as the coin accounts for 48% of BCH's transactions. Then come the USD (22.8%), the BTC (22.1%), the USD (4.3%) and the JPY (1.1%). KRW and EUR both plunged this Saturday regarding the spread of the dominant BCH pairs. Bitcoin is the ninth most traded cryptocurrency this weekend, just below the QTUM markets and above the GUSD stablecoin.
BCH / USD Technical Indicators
Looking at the four-hour BCH / USD chart on Bitstamp, the BCH bulls moved slightly higher during the Saturday morning trading session. The two simple moving averages (SMA) always indicate that the path that leads to at least resistance is the disadvantage, since the level of 200 SMA is always above the trend line of the 100 SMA in the short run. The RSI and the stochastic approach the regions of overbought, but remain in the middle, which indicates a certain indecision among traders.
Short-term MACd issues may fall slightly again, but this also indicates that the duration of today's movements seems strong. The short-term trend line of the MACd is above the long-term moving average, suggesting a near-term momentum. The gradual increase in the volume of trade also indicates that short-term winds have begun to blow to the north. By reviewing BCH's order books, bullish movements will be blocked up to $ 150 and there will be milder seas beyond this price zone. In the back, there is a good basic support up to $ 115 by BCH, but from there, the situation seems much lower.
The verdict: the bulls must break their resistance to maintain a positive divergence
As traders can see, there are many signals of rising momentum, but also of a bearish sentiment. Some of the reversal signals reported two weeks ago and today indicate that buyers have overcome past short-term selling pressure. Traders still seem uncertain about the performance of the markets in 2019 and have been playing positions very gently over the past two weeks. Some of the signs that bulls may continue to drive down cryptography prices to the north are the previous response of the cards to the troughs, which can also be identified with the moving averages of the monthly, weekly and weekly charts. Even though the RSI and Stoch-RSI indices show that there may be a slight correction, positive divergences on the four-hour MACd would indicate an improvement in dynamics. Beach activity shows that we can not get close to the troughs observed in November and mid-December, but there were signs of buyer fatigue. Bitcoin core (BTC) prices were able to stay above the $ 3,500 area, which kept the remaining correlated digital badets afloat.
Earlier this week, Cryptopatterns news editor, Jon Pearlstone, said the BTC bulls must stay above the $ 3,500 range to gain ground. Pearlstone has identified a significantly important reversed head and shoulders pattern, under construction for three months.
"Since mid-November, Bitcoin has created a clearly defined inverted head-to-shoulder model with a target of around $ 5,000," said Pearlstone on Jan. 17. "The latest setback to test key support at $ again was expected." As part of this trend, ongoing consolidation still provides an advantage for bulls as long as the support exceeds $ 3,500. "
Where do you see the price of BCH, BTC and other coins from here? Let us know in the comments below.
Warning: Price articles and market updates are for informational purposes only and should not be considered as business advice. Or Bitcoin.comneither the author is responsible for the losses or gains, because the ultimate decision to make a transaction is made by the reader. Always remember that only the private key holders control the money.
Images via Shutterstock, Trading View, Coinlib.io, Bitstamp and Satoshi Pulse.
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