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Cryptocurrency markets are steadily coasting along after suffering from some volatile low swings last week. Overheen the past 24 hours, most cryptocurrencies are still te the crimson nurturing losses inbetween 1-3 procent, and a few are te the green by a few percentages. At the time of publication, the price of bitcoin contant (BCH) is hovering around $850 vanaf coin. Meantime, bitcoin core values are meandering just above the $6,500 region.
SEC Announcement Adds 2nd Wind Into the Cryptocurrency Market Sails
Since last week’s ‘Bloody Sunday’ cryptocurrency market have seen some slight recovery but not by much. Markets were ripping off pretty low up until the U.S. Securities and Exchange Commission (SEC) exposed cryptocurrencies that are decentralized are not securities. After the SEC’s head of the Division of Corporate Finance, William Hinman, made thesis statements digital asset markets eyed a petite rally and this thrust has kept markets from drawing lower, at least for a brief period of time. The overall market valuation for all 1600+ cryptocurrencies is presently worth around $280Bn USD and 24-hour trade volume for the entire lotsbestemming of digital currencies is $Ten.8Bn.
BCH Market Activity
Bitcoin contant markets have steadily held above the $840 $855 region overheen the past few hours with around $303Mn te 24-hour trade volume. Just like before last week’s dump, trade volume is pretty vapid and act has simmered down overheen the past day. The top exchanges interchanging the most BCH today are Okex, Exx, Hitbtc, and Bitz. Bitcoin core (BTC) presently represents 48.8 procent of the trades interchanged with BCH today. This is followed by tether (USDT 28.8%), USD (13%), KRW (4%) and ETH (2%). Spil of this writing, one BCH is omschrijving to 0.1309 BTC, and bitcoin metselspecie is the fifth highest trade volume.
BCH/USD Technical Indicators
The daily and 4-hour charts on Bitfinex showcase that BCH bulls have some resistance ahead te order for the markets to progress upwards. The two Plain Moving Averages (SMA) on the 4-hour BCH/USD chart showcase the short-term 100 SMA is above the long-term 200 trendline.
The two SMAs recently crossed hairs and this indicates a stir to the upside could be ter the cards. Both the Relative Strength Index (RSI) oscillator (54) and the MACd voorstelling deep consolidation and a touch of uncertainty. Looking at order books shows BCH bulls have some solid resistance past the $870 mark and some more inbetween $900 $950. On the backside, stronger foundations have bot built up overheen the past few days and BCH bears will see some pit stops around $825 and $775.
BTC Market Act
Spil mentioned above, bitcoin core markets have bot hovering just above the $6,500 territory for most of today’s trading sessions. Trade volume overheen the past 24 hours for BTC is around $Three.1Bn and the overall market capitalization today is $111Bn. The top five exchanges by BTC trade volume on June 16 are Bitfinex, Coinbase, Bitstamp, Openleggen, and Neraex. The Japanese yen today is predominant BTC trades today by overheen 71 procent. This is followed by tether (USDT 14.3%), USD (9.1%), KRW (1.6%), and the EUR (1.3%). Presently, BTC dominance amongst all the other markets is 39.9 procent.
BTC/USD Technical Indicators
4-hour and daily charts for GDAX and Bitstamp’s BTC/USD markets vertoning fairly a bit of consolidation spil well. Wij can see from this chart that the two SMAs have also crossed paths with the 100 SMA just above the 200 SMA trendline. This indicates the path of least resistance will be towards the upside, but much like the BCH/USD 4-hour chart the gap is puny, and the two could lightly cross again.
RSI levels are the same spil well (52) and the MACd looks to be heading southbound soon. The current resistance zone for BTC bulls is inbetween $6650 and $6775 (20 and 50 Mama) at press time. On the back side, bears will meet resistance inbetween 6400 and 6200 and significant foundational buy support beyond that. If things were to go into the sub-$6K region, the $5K region will likely hold for a very long time. However, at any time inbetween this vantage point and that theoretical region, wij could see a strong impulse gam upward.
The Top Cryptocurrency Markets
On Saturday, June 16 the 2nd highest valued market held by ethereum (ETH) is up 1.7 procent and one ETH is averaging around $500. Ethereum values overheen the last seven days are down 14 procent. Ripple XRP markets are down 0.Four procent overheen the last 24-hours and down Legitimate procent during the course of the week. One XRP is trading for $0.53 cents vanaf token. The fifth largest market, EOS, is up 0.12 procent and down 23 procent overheen the last seven days. The EOS token is trading for $Ten.67 and the currency holds the fourth highest trade volumes today.
The Verdict: Skepticism Remains Strong
The verdict this weekend still leans towards the bearish side taking into consideration the current charts, but mostly, market volumes have bot considerably low. The SEC news helped add some positivity to an otherwise utterly gloomy week spil far spil markets were worried. Traders are likely to remain skeptical for the time being until some bullish signals emerge. The good news is markets have found support merienda again but where it will take us from here is hard to say.
Where do you see the price of BCH, BTC, and other coins headed from here’ Let us know ter the comments below.
Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered spil trading advice. Neither Bitcoin.com strafgevangenis the author is responsible for any losses or gains, spil the ultimate decision to conduct a trade is made by the reader. Always recall that only those ter possession of the private keys are ter control of the ‘money.’
Pics via Shutterstock, Trading View, Crypto Compare, and Satoshi Pulse .
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