THELOGICALINDIAN - Cryptocurrency markets accept apparent some backbone over the aftermost seven canicule as abounding agenda assets are up amid 3 to 40 percent At the time of advertisement the absolute agenda bill bazaar assets of all 1600 cryptocurrencies is about 239B USD The markets attending far added optimistic than a few weeks ago but abbreviate affairs on Bitfinex adjustment books for BTCUSD approaching markets in accurate is advancing its alltime aerial already afresh
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Cryptocurrency Markets See Some Gains This Week
Many bodies are apprehensive back the cryptocurrency buck bazaar of 2018 will end. Some accept the tides are already alteration while others accept it will abide to be a arduous year of dipping markets. There are still Wall Street bigwigs who anticipate BTC will ability $20K by the year’s end and association like Fundstrat’s Tom Lee admonish us of these predictions every week. Meanwhile, this anniversary a array of agenda assets accept apparent abundant beyond assets than BTC’s 7.7 percent account rise, as some rose aloft 15 to 40 percent over the aftermost seven days. For instance, bitcoin banknote (BCH) acicular 17.8 percent during the aftermost week, eos jumped 24 percent, and birr saw a 40 percent jump.
Bitcoin Core (BTC) Market Action
Right now BTC is aerial about $7,274 in amount and is up 0.15 percent over the aftermost 24 hours. BTC’s bazaar valuation today is about $125.3B and $3.9B in trades accept been swapped over the aftermost day. The top bristles exchanges trading the best BTC are Bitflyer (69%), Binance (5.7%), Bitfinex (3.9%), Bitmart (3.3%), and Coinbene (2.9%). Right now there is lots of binding (USDT) actuality swapped with BTC as BTC/USDT pairs are about 59 percent today. This is followed by USD (16.8%), JPY (12.2%), KRW (3.2%), and EUR (2.9%).
BTC/USD Technical Indicators
At the time of writing, BTC/USD 4-hour archive appearance some absorbing activity. The two Simple Moving Averages (SMA) accept afresh beyond hairs with the SMA 100 aloft the longer-term 200 SMA. This indicates the aisle appear the atomic attrition is the upside and prices may see some added advancement pushes. However, the Relative Backbone Index (RSI) is aerial about 64.3 assuming some bullish burnout and overbought markets. Order books announce that buyers charge to beat $7,500 and addition pitstop at $7,850 to accretion college ground. On the backside, if bears accumulate added backbone again there’s lots of basal abutment amid the accepted angle point and $6,500.
Bitcoin Cash (BCH) Market Action
Currently, bitcoin cash prices are about $626 per bread and BCH has a bazaar appraisal of about $10.8B. Over the aftermost 24 hours, BCH markets accept apparent about $399M in all-around barter volume. The top trading platforms swapping the best BCH accommodate Lbank 16.47%, Coinex 13.65%, Okex 13.29%, Binance 10%, and Huobi 8.55%. The top currencies commutual with BCH today accommodate binding (USDT 46%), BTC (26.7%), ETH (12.4%), USD (8%), and QC (2.4%).
BCH/USD Technical Indicators
Looking at the 4-hour BCH/USD blueprint on Bitfinex and Bitstamp shows some differences amid the BTC/USD chart. For instance, the two SMA trend curve appearance the longer-term 200 SMA is able-bodied aloft the 100 assuming the atomic attrition is against the downside. The RSI oscillator for BCH/USD archive is meandering about 62 which indicates some ambiguity afterwards some accepted cull back. Looking at adjustment books appear the upside shows from now until $680 there is abundant resistance. Appear the downside, able abutment can be apparent amid now and $610, and at $550.
The Verdict: Enthusiasts Seem Positive, But Traders Are Betting Against BTC as Shorts Near Last August’s ATH
Cryptocurrency proponents assume optimistic the bearish trend will end soon, based on the affect to be empiric on amusing media, Telegram trading babble groups, and forums. However attractive at abutting markets on Bitfinex, Bitmex and others appearance bodies are action heavily adjoin BTC’s amount activity up. BTC/USD abbreviate affairs on Bitfinex are boring abutting the best aerial (ATH) that took abode on August 21.
There was a baby abbreviate clasp that took abode the afterward day but the clasp was short-lived. Right now there are 33,408 shorts on the barter and alone 25,974 continued positions. Again, either two things could happen: either the shorts accompany the amount bottomward and bears get their way or lots of abbreviate positions will be awkward which is what happened aftermost April.
Where do you see the amount of BTC, BCH and added bill headed from here? Let us apperceive in the animadversion area below.
Disclaimer: Price accessories and markets updates are advised for advisory purposes alone and should not to be advised as trading advice. Neither Bitcoin.com nor the columnist is amenable for any losses or gains, as the ultimate accommodation to conduct a barter is fabricated by the reader. Always bethink that alone those in ascendancy of the clandestine keys are in ascendancy of the “money.”
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