The cryptocurrency markets are buying and selling at important long-term value areas, with BTC presently channeling between key ranges from the 2017 bull run. In different market motion, BCH and ETH have continued to consolidate above the $100 space.

Also Read: ETF Filed With SEC to Invest in Bitcoin Futures, Bonds, and Mutual Funds

BTC Trades Between Major Long-Term Price Zones

For the final two months, BTC has established a value vary similar to areas of long-term significance.

Markets Update: Cryptocurrencies Test Key Levels From 2017 Bull Trend
BTC/USD – Bitfinex – 1D

As of this writing, bulls try to ascertain help at roughly $three,600 after bouncing off what might comprise the next low on the $three,400 space. During 2019 to this point, BTC is but to re-test final yr’s low of roughly $three,100, nor has value motion damaged above resistance at $four,400.

Markets Update: Cryptocurrencies Test Key Levels From 2017 Bull Trend
BTC/USD – Bitfinex – 4HR

When trying again to mid-2017, the value ranges correspond to key areas from BTC’s first run as much as $5,000, along with the following retrace and rally to 5 digits.

During the preliminary run to $5,000, BTC stair-stepped its means from $three,200 to $three,400 earlier than leaping to ascertain a then-record excessive at roughly $four,400. BTC then established native help at $three,600 after which rallied to set a brand new file at $5,000.

Markets Update: Cryptocurrencies Test Key Levels From 2017 Bull Trend
BTC/USD – Bitfinex – 1D

After tagging $5,000, the $four,400 space comprised the shoulder line of the lopsided head and shoulders sample that preceded the violent retracement right down to $three,000. BTC presently has a market cap of $63.55 billion and a dominance of 52.9%.

BCH Consolidates Above 2018 Low

Bitcoin Cash is consolidating at a potential higher-low, with BCH presently buying and selling for $119 after bouncing off help at $100. Despite the sideways value motion, BCH has damaged outdoors of a number of main descending trendlines in latest weeks.

Markets Update: Cryptocurrencies Test Key Levels From 2017 Bull Trend
BCH/USD – Kraken – 1D

When measured towards BTC, BCH can also be consolidating above 2018’s low, with bitcoin money presently buying and selling for zero.0335 BTC. Bitcoin money is presently the sixth largest cryptocurrency with a market cap of $2.14 billion and a dominance of 1.78%.

Markets Update: Cryptocurrencies Test Key Levels From 2017 Bull Trend
BCH/BTC – Bittrex – 1D

Ethereum Reclaims Second Largest Market Cap

Ethereum has additionally spent latest months buying and selling between key value ranges from ETH’s first break into triple figures throughout mid-2017.

Markets Update: Cryptocurrencies Test Key Levels From 2017 Bull Trend
ETH/USD – Poloniex – 1D (Calculated by Tradingview)

After reaching a low of $80 in December, ETH rallied to check resistance at roughly $175 at first of 2019, with the markets having since retraced to ascertain native help at $100.

When measured towards BTC, ETH has once more oscillated between important long-term value zones, with ETH presently trying to ascertain help on the zero.0333 BTC space, the market’s former file excessive that was established throughout March 2016 earlier than being damaged one yr later.

Markets Update: Cryptocurrencies Test Key Levels From 2017 Bull Trend
ETH/BTC – Poloniex – 1D

ETH presently includes the second largest crypto asset with a market cap of almost $12.73 billion and a dominance of 10.50%.

What do you make of present market construction? Are predicting 2019 to be bull or bear? Share your ideas within the feedback part under!


Images courtesy of Shutterstock, Tradingview


Disclaimer: Price articles and markets updates are meant for informational functions solely and may to not be thought-about as buying and selling recommendation. Neither Bitcoin.com nor the creator is accountable for any losses or features, as the final word determination to conduct a commerce is made by the reader. Always keep in mind that solely these in possession of the non-public keys are accountable for the “money.”

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Samuel Haig

Samuel Haig is a journalist who has been utterly obsessive about bitcoin and cryptocurrency since 2012. Samuel lives in Tasmania, Australia, the place he attended the University of Tasmania and majored in Political Science, and Journalism, Media & Communications. Samuel has written in regards to the dialectics of decentralization, and can also be a musician and kangaroo using fanatic.

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