Markets Update: Cryptocurrencies Try to Regain Strength After the Recent Dip

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The Satoshi Revolution

Markets Update: Cryptocurrencies Try to Regain Strength After the Recent Dip
MARKET UPDATES
Jan 23, 2018 | Jamie Redman | 46541 | 18
Markets Update: Cryptocurrencies Try to Regain Strength After the Recent Dip
Protact.net
A vast majority of cryptocurrencies were suffering from losses yesterday after last weekend’s recent spikes in value. Bitcoin core (BTC) prices have dropped since touching the $13K zone back down to the $10K region while most of the digital asset markets were also down yesterday are up now. At the moment BTC has climbed just above the $11,300 zone and bulls are trying to hold that value.

Also Read: U.S. Rating Agency to Issue Bitcoin and Cryptocurrency Grades Wednesday

The Downward Price Trend Continues
Markets Update: Cryptocurrencies Try to Regain Strength After the Recent DipMany cryptocurrency enthusiasts are wondering when the price dips will stop this year, as 2018 has seen bearish sentiment across all the digital asset markets. The drop in value was followed by 2017’s meteoric year of constant bull runs. Since reaching a high of $19K, BTC prices have been trending lower with a few slight bounces back up in between. At the moment BTC/USD markets show an average of $11,300 per BTC and trade volume is rather flat with only $10Bn swapped over the past 24-hours. This morning bulls have been relentlessly trying to re-test the $11K region following a few prior failed attempts.

Right now the top five exchanges trading the most BTC includes Bitfinex, Okex, Binance, Upbit, and GDAX. The USD has jumped past the Japanese yen once again as the most traded national currency traded with bitcoin core markets. The top five nation state-issued currencies traded with BTC includes the USD, JPY, EUR, and the KRW. Tether USDT is the third currency within that lineup that’s not a national currency tied to a specific country.

BTC/USD Technical Indicators
Looking at BTC/USD weekly, daily and hourly charts show bears currently have the reigns right now. The two Simple Moving Averages are still spread apart with the 100 SMA below the long-term 200 trendline. This usually indicates some more downward action is in the cards unless the price can find support. Using Fibonacci extensions at 38.2% through 61.8% reveals a sell-off could lead to anywhere between $9200 and even lower at $8500. Order books on the back side show similar foundational support if the price breaks below $10,100.

Markets Update: Cryptocurrencies Try to Regain Strength After the Recent Dip
BTC/USD RSI and Stochastic levels on January 23, 2018.
On the flip side if buyers can manage to muster up some inner strength then the path to $12K has little resistance at press time. The bounce back at 12 pm EDT to the $11,150 range has given some traders hope. However, the issue with this specific downward trend is more correlated with lower volumes then resistance at higher price ranges. RSI and Stochastic have headed southbound but seem like they might bounce back upwards shortly. Right now bulls are charging with extreme fervor.

Markets Update: Cryptocurrencies Try to Regain Strength After the Recent Dip
The mid-day spike shows BTC/USD market prices are averaging $11,300 at 12 pm EDT on January 23, 2018.
Bitcoin Cash Prices Are Following BTC’s Market Patterns
Markets Update: Cryptocurrencies Try to Regain Strength After the Recent DipBitcoin cash (BCH) markets have been following a similar pattern towards lower fiat values. Today one BCH is averaging around $1,720 per token with $638Mn in global trade volume. The top five exchanges swapping the most bitcoin cash today includes Hitbtc, Okex, Bitfinex, Bithumb, and Huobi. BCH is currently holding the sixth highest 24-hour global trade volume just below the EOS token. At the moment the top five currencies traded with bitcoin cash includes BTC, USD, USDT, KRW, and EUR. At the moment, BTC accounts for over 50 percent of the BCH trades today.

BCH/USD Technical Indicators
BCH charts are very similar to BTC charts, and there’s been a significant correlation between both markets these past few weeks. Short and long-term SMA reveal the same findings with the 100 SMA below the 200 indicating some lower BCH prices could happen as well. Bitcoin cash RSI and Stochastic oscillators are no different as levels are pretty low but show room for improvement. Order books show that if BCH bulls can break resistance at $1,850 there’s a good chance even higher prices could follow. On the back side, however, unlike BTC charts BCH shows some substantial support zones between current prices all the way to $1,300.

Markets Update: Cryptocurrencies Try to Regain Strength After the Recent Dip
BCH/USD market prices are averaging $1,720 at 12 pm EDT on January 23, 2018.
The Top Crypto-Assets
Overall most of the top cryptocurrencies are in the green right now in contrast to yesterday’s performance. Out of the top five, the second largest market capitalization is held by ethereum (ETH), which is up 1.99 percent with an average price at $999 per ETH. Ripple (XRP) prices are up 12 percent as one XRP is trading at $1.38. Lastly, the fifth position is still held by cardano (ADA), as markets are up 3 percent which places ADA prices around $0.56 per token.

Markets Update: Cryptocurrencies Try to Regain Strength After the Recent Dip
The top ten cryptocurrencies except for EOS are in the green.
With the Current Political Climate and Regulatory Crackdowns Crypto-Forecasts Are Skewed
At the moment predictions on where cryptocurrency prices are headed are skewed. South Korea has caused a lot of fear and uncertainty that has seemingly affected markets a great deal. Further digital asset prices spiked during the U.S. government shutdown while traditional stocks and bonds were shaken. U.S. investors may be jumping back into traditional markets that have begun to rise again now that the U.S. has decided to end the shutdown. With global markets aside, regulations have been concerning a lot of cryptocurrency enthusiasts these days which has been eclipsing market optimism this year. However, Tuesday afternoon’s mid-day rally is showing things may be looking up for the rest of the week.

Where do you see the price of BTC, BCH and other digital assets heading from here? Do you think cryptocurrencies will see more gains? Let us know in the comments below.