Markets Update: Bear Market Adds Cryptocurrency Trading Uncertainty
Cryptocurrency markets have had a rough week over the last seven days as many digital assets lost quite a bit of value most had gained two weeks prior. Currently, markets are seemingly consolidating and have remained somewhat stable over the last 24-hours. At the moment Bitcoin Core (BTC) values have been hovering around $7,470-7,560 during the last few hours. Meanwhile, Bitcoin Cash (BCH) prices are steadily holding just above the $1K region at $1,038 per BCH at the time of publication.
A Crazy Volatile Week in Crypto-Land Filled With Lots of FUD
It’s been another crazy week in the world of cryptocurrency markets as most of the recovered gains most digital assets gathered from three weeks ago have been erased. Trade volume has been considerably low for nearly every market as the $13Bn worth of trades is less than half the volume we saw two weeks ago. Many cryptocurrency enthusiasts witnessed the U.S. Department of Justice (DoJ) initiated a probe earlier this week that aims to look for manipulation in Bitcoin market values. Interestingly enough those watching order books watched thousands of cryptos being sold at market rates just before the mainstream media announced the DoJ probe, which to some traders that phenomenon indicated actual manipulation from the very organization’s initiating the probe.
Bitcoin Cash Market Action
Bitcoin Cash markets have been seeing some losses over the past few days since our last markets update. Today’s trading sessions show BCH prices hovering around $1,038 as the past 24-hours have seen a drop of about 1 percent. Over the last seven days, BCH markets are down 13 percent with today’s trade volume hovering around $538Mn. Top exchanges trading the most BCH on May 26 are Okex, Hitbtc, Lbank, EXX, and Huobi. The top currency swapped with BCH today is BTC as the asset captures 44.8 percent of trades today. This is followed by tether (USDT 29.9%), USD (15.5%), KRW (7%), and the ETH (1%).
BCH/USD Technical Indicators
Looking at the 4-hour and 1-day charts for Bitfinex (BCH/USD) shows some mixed signals and deep consolidation. Right now RSI levels are around 39, showing oversold conditions, and the MACd shows convergence around -5 revealing momentum may pick up today. However, the two Simple Moving Averages (SMA) trend lines are still spread with the 100 SMA below the long-term 200 SMA. This indicates a continued bearish outlook as the path to resistance looks to the downside.
Bulls have eaten through lots of resistance over the past 24 hours and need to push past $1,070 for smoother seas. The next pitstop will be around $1,125 as BCH bulls will need to break this zone. If the bears continue relentlessly beating crypto-markets there are some solid foundations on the backside of BCH order books. Going downwards we will see pit stops at 950 and 900 per BCH if prices happened to drop that low going forward. Beyond that books become much thinner.
The Top Cryptocurrency Market Performances This Weekend
Overall most cryptocurrency markets are seeing some slight recovery today and consolidated behavior. Bitcoin Core (BTC) markets are up a hair at 0.61 percent for the intra-day but over the past seven days, markets are down 8.8 percent. BTC’s current weighted price average is $7,560 as BTC bulls are trying to break above current resistance. The second highest market cap held by Ethereum (ETH) is up today 0.42 percent and the price hovers around $605 per ETH. Ripple (XRP) markets are up 1 percent as one XRP is priced today at $0.62 cents. Lastly, the fifth position is still held by EOS, and out of the top five, it has improved the most seeing a 2 percent gain today. EOS is averaging around $12.65 per token at the time of publication.
The Verdict: Uncertainty Remains
The verdict this week is similar to our last markets update as traders still seem uncertain to where the ‘Good Ship Crypto’ will take them. 2017 was a wild ride but 2018 has been nothing but FUD, regulations, and bearish market sentiment. Even exciting developments and positive developments this spring have not been able to lift markets beyond the $10K region for weeks on end. Currently across social media, forums, and big trading groups on Telegram the sentiment remains uncertain over the course of the short term but long term sentiment continues to be bullish.
Where do you see the price of BCH, BTC, and other cryptocurrencies headed from here? Let us know in the comments below.
Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”
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