Markets Update: Cryptocurrencies Erase Two-Day Losses

Cryptocurrencies are seeing some relief during today’s trading sessions just before the weekend, as the top ten digital assets are currently up 3-11 percent. Most of the losses that took place two days ago have been erased as the total market capitalization of all digital currencies now tops $420Bn USD.

Also read: Court Orders Chilean Banks to Re-Open Crypto Exchange Accounts 

Cryptocurrencies Rebound Erasing Most of the Week’s Losses

Digital currencies are showing bullish momentum today as the losses 48-hours ago seemed to be a ‘bear trap.’ BTC/USD markets reached a low of $8,647 yesterday but then rebounded back to the $9,380 region earlier this morning EDT. At the moment the current weighted average for BTC/USD prices is hovering around $9,250 per coin and trade volume has been around $7.9Bn over the last 24-hours. Daily BTC/USD values are up 4.6 percent at the time of publication and 9.8 percent over the last week. The top five exchanges today swapping the most BTC include Okex, Binance, Bitfinex, Bitflyer, and Huobi. Out of all 1591 cryptocurrencies, BTC has an overall market valuation dominance today around 37 percent. The Japanese yen currently commands the most BTC trades today, capturing 53 percent of the market. This is followed by the USD (20%), tether (USDT 15%), KRW (4.9%), and the EUR (3.6%). The most popular trade today on the peer-to-peer platform Shapeshift is ETH for BTC swaps.

BTC/USD Technical Indicators

Looking at the 4-hour BTC/USD chart shows that bulls are trying to muster up the strength to break resistance at $9,500 and above. The two Simple Moving Averages (SMA) show the short term 100 SMA is well above the long-term 200 trendline. This indicates the path towards resistance should head towards the upside after some deep sell walls. The Relative Strength Index (RSI) shows the oscillator is meandering around 56.3, indicating consolidation is taking place. MACd looks poised to move northbound in the short term after dropping very low 8 hours ago. Order Books show BTC bulls need to smash past the $9,400 range all the to the $9,900 territory in order to surpass the $10K mark. At the moment this play could be in the cards unless the weekend brings a bunch of bear action. On the backside if bears do grab the reins again foundations look decent at $9,150 through $8,600, and after that things begin to thin.

BTC markets are hovering around $9,250 USD at 11:30 am EDT.

Bitcoin Cash Markets See Recovery

Bitcoin Cash (BCH) markets are doing quite well today as BCH values are up 3.8 percent. One BCH is hovering around the $1,388 territory and markets are still up by 31.7 percent over the last seven days. Trade volume has dipped a good amount since our last markets update down to close to $1Bn over the past 24-hours. The top exchanges swapping the most bitcoin cash during the April 27 trading sessions include Okex, Huobi, Bitfinex, Hitbtc, and Lbank. The top currency traded for BCH today is BTC as bitcoin core trades account for 35 percent of the 24-hour market volume. This is followed by tether (USDT 26%), USD (21%), the Korean won (11%), and the euro (1.7%). Alongside this, both ETH and BNB represent 1 percent of the BCH trades per coin.

BCH/USD Technical Indicators

BCH/USD charts show some similar activities taking place looking at indicators. The SMAs have a gap in between them but the 100 SMA and 200 SMA trendlines are not quite as wide as BTC charts. Still, with the 100 SMA above the long-term 200 trendline, the path to resistance for bitcoin cash should also be on the upside. 4-hour RSI indicates the oscillator is hovering around 58.6 while the MACd is around 36. This means currently BCH bulls are facing stiff resistance but should be able to chew through orders. Bulls will face some big sell orders around $1,420 and $1,500 again. Further, there are much tougher walls around $1,550-1,600 and after that is smoother sailing. On the backside, there are strong buy walls between now and $1,300 flat before things get thinner.

BCH markets are hovering around $1,388 USD at 11:30 am EDT.

The Verdict: The Past Four Months Left Traders Skeptical But Most Proponents Are Optimistic

Of course, the spikes during today’s trading sessions have created some confidence among traders today, and many believe some more price highs are coming. Some other notable increases today came from ETH markets, EOS, and Stellar. The past four months of bearish prices have added some skepticism towards price hikes but it seems a good majority of traders believe the bearish sentiment is over.   

Where do you see the price of BCH and BTC 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.”

Images via Shutterstock, Trading View, and Coinmarketcap.

Want to create your own secure cold storage paper wallet? Check our tools section.

The post Markets Update: Cryptocurrencies Erase Two-Day Losses appeared first on Bitcoin News.