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Market updates
Digital currency markets saw some gains during the first Saturday trading sessions. From the last update of our markets, the entire cryptocurrency economy has earned $ 4 billion and a slew of the best digital assets has increased between 2-6% in the last 24 hours.
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The main markets earn more than 5% in a few minutes
For at least a week, most cryptocurrencies have consolidated in value and have shown very few signs of volatility. On Friday, January 18, prices surged forward when cryptocurrency bulls attempted to break resistance levels for most of the day. Finally, during the early hours of Saturday morning, buyers managed to overcome certain levels of resistance, which produced gains for most of the most important digital assets.
At the moment the bitcoin core (BTC) is trading at $ 3,745 per currency and has a total market valuation of about $ 65.5 billion. BTC has increased by 2.5% for the day and by 2.2% in the last seven days. The second largest cap in the market still belongs to ripple (XRP) and each token exchanges for $ 0.33 per unit. The ripple markets rose today by 1.8% and are up for the week at 0.31% at the time of publication. The Ethereum markets (ETH) still hold the third market valuation and the ETH is trading at $ 125 per currency. The ETH markets have now risen by 2.4%, but in the last week prices fell by 1.4%. The last coin in the top five is EOS (EOS), which is up 2.1% today and 3.2% for the week. EOS is trading for $ 2.51 per currency and the markets have seen $ 736 million traded in the last 24 hours.
Bitcoin Cash market share (BCH)
Turning to the bitcoin liquidity markets (BCH), the data show that BCH is now growing at 1.78% with each currency traded for $ 131. However, markets are falling over the course of the week as BCH has seen a loss of 3% in the last seven days. The first five exchanges that exchange the most bitcoin money today are Lbank, Hitbtc, Binance, Huobi Pro and Digifinex. Ethereum is still dominating the currency pairs against BCH this weekend as the currency captures 48% of BCH operations. The following are USDT (22.8%), BTC (22.1%), USD (4.3%) and JPY (1.1%). Both the KRW and the EUR came down this Saturday as regards the spread of the dominant BCH couples. Bitcoin liquidity is the ninth cryptocurrency traded this weekend just below the QTUM markets and above the GTID.
Technical indicators BCH / USD
Looking at the four-hour BCH / USD chart on Bitstamp, the BCH bulls made slight progress during Saturday morning's trading sessions. The two Simple Moving Averages (SMA) still indicate that the path to lower resistance is the downside as the SMA 200 is still above the short-term 100 SMA trend line. RSI and Stochastic are approaching overbought regions but they are still meandering in the middle which indicates a certain indecision among traders.
The prices of short-term MACd may decline slightly, but it also indicates that the duration of today's movements seems strong. The short-term trend line of the MACd is higher than the long-term moving average, which suggests an increase in the short-term momentum. Little by little, trade volume also indicates that some short-term winds have begun to blow north. Looking at BCH's orders, the upward movement will be blocked until the $ 150 range and there will be some easier seas beyond that price range. On the back there is a good basic support up to $ 115 for BCH, but from that point of view things seem a lot weaker.
The verdict: the bulls must break a further resistance to maintain the positive divergence
As traders can see, there have been many signs that show a growing upward momentum but also signs of a constant bearish sentiment. Some of the reversal signs two weeks ago and today indicate that buyers have exceeded the previous short-term sales pressure. Traders still seem uncertain about how the markets will perform in 2019 and have played very sensitive positions in the last two weeks. Some of the signs that the bulls can continue to push the encryption prices to the north are the previous reaction of the graphs to the minimum, which can also be identified with the moving averages on the four hour, daily and weekly charts. Although the RSI and the Stoch-RSI show that there may be a slight correction, the positive divergences shown on the MACd of four hours would indicate an improvement in the dynamics. The range-bound activity shows that we may not approach the minimum visas in November and mid-December but there have been signs of exhaustion of buyers. Core Bitcoin (BTC) prices managed to remain above the $ 3,500 zone, which in turn kept the rest of the related digital assets afloat.
Earlier this week, the publisher of the Cryptopatterns newsletter, Jon Pearlstone, said that the BTC bulls must remain above the $ 3,500 range to gain momentum. Pearl identified a very large inverse head and shoulder model that has been in preparation for three months.
"Since mid-November, bitcoin has built a clearly defined inversely bullish head and shoulders model with a $ 5,000 range target," Pearlstone said on January 17th. "The last move to retest key support to $ was expected as part of this model, and current consolidation continues to provide bulls' advantage as long as support remains above $ 3,500."
Where do you see the price of BCH, BTC and other coins going from here? Let us know in the comments below.
Disclaimer: Price items and market updates are for informational purposes only and should not be considered as trading advice. Neither Bitcoin.comnor is the author responsible for any losses or gains, as the final decision to conduct a trade is taken by the reader. Always remember that only those in possession of private keys have the control of "money".
Images via Shutterstock, Trading View, Coinlib.io, Bitstamp and Satoshi Pulse.
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