Markets Update: Cryptocurrencies Bullish Following Higher Lows

The cryptocurrency markets have enjoyed a day of significant bullish action, with only four of the top 80 crypto assets by capitalization posting a 24-hour loss as of this writing. ETH was the strongest performing leading market, comprising the only cryptocurrency in the top 25 by market cap to post a double-digit gain for the day.

Also Read: Regulators Explain Why Bitcoin Futures Are Easier to Approve Than Bitcoin ETFs

BCH and BTC Hold Above 2018 Lows

After six weeks of sideways consolidation, many leading cryptocurrencies are testing local resistance areas after avoiding a retest of December’s lows.

When measuring from December’s low to the peak of the immediately ensuing bounce play, bitcoin cash is currently testing resistance at the 0.618% Fibonacci retracement area (approximately $130) after establishing support at the 0.786% retracement zone (roughly $100).

BCH/USD – Kraken – 1D

BCH/BTC price is also testing resistance at the local 0.618% Fibonacci area after establishing support at 0.786%, with BCH currently trading for nearly 0.035 BTC. Bitcoin cash is the sixth largest cryptocurrency market with a capitalization of $2.31 billion and a dominance of 1.83%.

BCH/BTC – Bittrex – 1D

BTC has also posted a potential higher low after establishing support at the 0.786% retracement area. The bounce off the $3,400 area has seen BTC oscillate between the 0.618% and 0.5% retracement zones, with 1 BTC currently trading for roughly $3,700 on Bitstamp and $3,800 on Bitfinex.

BTC/USD – Bitstamp – 1D

Bitcoin core currently has a market cap of $65.8 billion and a dominance of 52.1%.

ETH Gains More Than 10% in 24 Hours

After starting 2019 with a test of resistance at the $160 area, ETH produced approximately four weeks of bearish momentum, before bouncing off resistance just above the 0.786% area at $100. Since then, ETH has gained almost 35% over the dollar, with the price of ethereum currently hovering just below the 0.236% retracement area at nearly $140.

ETH/USD – Bitstamp – 1D

When measured against BTC, ETH is testing resistance at the 0.236% retracement area of 0.037 BTC after having established support between the 0.786% and 0.618% Fibonacci area above 0.03 BTC at the start of the month.

ETH/BTC – Poloniex – 1D

Ethereum is currently the second largest crypto asset with a market cap of $14.58 billion and a dominance of 11.53%.

Do you think the bear trend has bottomed out or is more bloodshed still to come? Share your thoughts in the comments section below!

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