THELOGICALINDIAN - The cryptocurrency markets are accumulation today afterward BTCs contempo breach aloft the above bottomward trendline dating aback to Decembers alltime highs and consecutive assemblage to about 7150 USD
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BTC Consolidates Around $7,000 After Short Squeeze and Broken Trendline
The BTC markets arise to be accumulation at about $7,000 today, afterwards retracing almost 2% from yesterday’s highs of almost $7,150. The markets bankrupt aloft a above bottomward trendline dating aback to the best highs of December 2017 on the 27th of August, with BTC ambulatory by about 6% over the advance of two days.
The bullish activity was apprenticed by a cogent abbreviate squeeze, with Bitfinex announcement a 28% retracement in affairs burden over the advance of seven canicule as shorts fell from about 39,000 on the 24th of August to almost 28,000 as of this writing.
BTC is currently trading for about $6,975, has a absolute bazaar assets of $120.5 billion, and a bazaar ascendancy of 53.3%
BCH Consolidates at Roughly $540
The BCH markets additionally rallied on the 27th of August, accepting by about 10% by the abutting of the 28th. Since then, the markets accept retraced by almost 4% over two days, with BCH trading for about $540 as of this writing.
Looking at the BCH/BTC charts, Bitcoin Cash acquired almost 3% over Bitcoin Core to retest the above-mentioned abutment breadth of 0.08 BTC during the 27th and 28th of August. The above abutment breadth appears to accept been accepted a resistance, with the BCH/BTC markets bearing a abounding amend aback to about 0.0775 BTC since.
As of this writing, Bitcoin Cash is the fourth better crypto bazaar by assets with a absolute bazaar cap of $9.5 billion, and a bazaar ascendancy of 4.2%.
ETH Breaks New Lows Against BTC for 2018
Ethereum, the additional better bazaar by capitalization, has produced actual agnate amount activity to BTC and BCH in contempo canicule back barometer adjoin BTC, with ETH ambulatory by 8.5% over the advance of the 27th and 28th of October, afore retracing by almost 5.5% during the aftermost two days. ETH is currently trading for $280.
Despite ETH accepting acquired 12% from its 2018 low of $250 on the 14th of August, the ETH/BTC markets are breaking into new lows for 2018 today – currently trading for about 0.04 BTC. Ethereum has a bazaar assets of about $28.8 billion.
The third better cryptocurrency by bazaar cap, XRP, is currently trading for $0.33 afterwards accumulation amid $0.31 and $0.36 for over a week.
When barometer adjoin BTC, XRP has absent 15.5% in the aftermost 12 canicule to currently barter for 0.0000475 BTC. The absolute assets of XRP is $13.15 billion.
Do you anticipate we will abide to see bullish activity in the cryptocurrency markets? Join the altercation in the comments area below!
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