Markets Update: Cryptocurrency Prices See Relief After Three Day Losses
Cryptocurrency prices have dropped significantly over the past 72 hours after reaching new highs on May 5. When Bitcoin Core (BTC) prices touched a high of $9,940 USD this past Saturday buyers met resistance and the price tumbled to a low of $8,975. BTC prices today are hovering along between $9,100 and $9,400. Bitcoin Cash (BCH) market values touched a high of $1,829 on May 5, but have subsequently dropped to an average of $1,625 during today’s trading sessions. Overall most cryptocurrency markets are seeing some gains today after suffering from three days of losses.
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Bitcoin Cash Markets See 4% Gains Today
Cryptocurrencies have lost value over the past 72 hours but are starting to rebound at the time of publication. Currently out of the 1,595 different digital assets, the entire cryptocurrency market cap is around $437Bn today with $22Bn in 24-hour trade volumes. Bitcoin Cash markets today are up over 4 percent and have seen 14.3 percent worth of gains over the past seven days. BCH trade volume during the May 9 trading sessions is around $1.2Bn over the past 24 hours. The top five exchanges swapping the most BCH today are Okex, Upbit, Bithumb, Bitfinex, and Huobi. In terms of price compared to Bitcoin Core values, BCH is worth Ƀ0.1770 at the time of writing and has been slowly approaching the Ƀ0.2 region. BTC captures 35 percent of today’s BCH trades and this is followed by tether (USDT 22.8%), KRW (20%), the USD (17%) and the euro (1.3%).
Bitcoin Cash (BCH) May 9, 2018.
Looking at charts shows BCH bulls are trying hard to push past resistance at the moment. The 4-hour chart reveals the two SMA trendlines still have a decent gap between the 100 SMA and the 200 SMA. The short-term 100 SMA is well above the 200 SMA indicating the path to resistance should be on the upside. MACd is dipping southbound at the moment while the Relative Strength Index oscillator is holding around 55 indicating some consolidation forming.
Bitfinex BCH/USD markets on May 9, 2018.
Bollinger Bands are extremely tight during the day’s trading sessions as a breakout could be imminent. Looking at order books shows that bulls have some thick resistance ahead up until $1,700, and then another large mountain of sell orders between $1,750-1,850. If things turn for the worse then foundations can be found on the backside between now and $1,550. A break below $1,550 will lead to another solid pitstop around $1,460. At the moment it doesn’t look like bears will take the reins anytime soon.
The Top Cryptocurrencies Today
Overall cryptocurrency markets are doing pretty well today. Looking at the number one market valuation shows Bitcoin Core (BTC) markets are up 1.4 percent and 1.99 percent over the course of the last week. Currently, one BTC is trading for $9,343 and has a 24-hour trade volume of about $7.2Bn. Ethereum (ETH) is the second largest market cap and its currency is averaging around $754 per ETH. Ripple (XRP) is down today around 0.53 percent and 5.2 percent over the past seven days. One XRP is trading at $0.80 cents per coin. Lastly, the number five position below BCH is the digital asset EOS which is down 1.9 percent today and is priced at $17.91 per token.
Cryptocurrency market caps via Satoshi Pulse on May 9, 2018.
The Verdict: Market Sentiment Remains Optimistic
Over the past week, most cryptocurrencies have seen some negative decline but a lot of traders are positive this month will be a turning point.
Data from the past three years just before the Consensus conference and this year’s charts make Tom Lee think that BTC will rally by 70% next week.
Nearly every year for the past four years just before the Consensus conference in New York BTC prices and other cryptocurrency values have rallied significantly. Fundstrat advisor Tom Lee thinks the same thing may happen during the event in mid-May stating that BTC and other digital assets could rally more than 70 percent soon. Even after three days worth of dips, market sentiment is still optimistic.
Where do you see the price of BCH and other cryptocurrencies 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 Satoshi Pulse.
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