Crypto Markets

Cryptocurrencies Test Key Levels From 2017 Bull Trend

The cryptocurrency markets are trading at significant long-term price areas, with BTC currently channeling between key levels from the 2017 bull run. In other market action, BCH and ETH have continued to consolidate above the $100 area.

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 last two months, BTC has established a price range corresponding 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 are attempting to establish support at roughly $3,600 after bouncing off what may comprise a higher low at the $3,400 area. During 2019 so far, BTC is yet to re-test last year’s low of roughly $3,100, nor has price action broken above resistance at $4,400.

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

When looking back to mid-2017, the price levels correspond to key areas from BTC’s first run up to $5,000, in addition to the subsequent retrace and rally to five digits.

During the initial run to $5,000, BTC stair-stepped its way from $3,200 to $3,400 before jumping to establish a then-record high at roughly $4,400. BTC then established local support at $3,600 and then rallied to set a new record at $5,000.

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

After tagging $5,000, the $4,400 area comprised the shoulder line of the lopsided head and shoulders pattern that preceded the violent retracement down to $3,000. BTC currently 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 possible higher-low, with BCH currently trading for $119 after bouncing off support at $100. Despite the sideways price action, BCH has broken outside of multiple major descending trendlines in recent weeks.

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

When measured against BTC, BCH is also consolidating above 2018’s low, with bitcoin cash currently trading for 0.0335 BTC. Bitcoin cash is currently 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 also spent recent months trading between key price levels from ETH’s first break into triple figures during 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 test resistance at approximately $175 at the start of 2019, with the markets having since retraced to establish local support at $100.

When measured against BTC, ETH has again oscillated between significant long-term price zones, with ETH currently attempting to establish support at the 0.0333 BTC area, the market’s former record high that was established during March 2016 before being broken one year later.

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

ETH currently comprises the second largest crypto asset with a market cap of nearly $12.73 billion and a dominance of 10.50%.

What do you make of current market structure? Are predicting 2019 to be bull or bear? Share your thoughts in the comments section below!

Images courtesy of Shutterstock, Tradingview

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither 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.”

Tags in this story
2017, BCH, Bitcoin, bitcoin cash, Bitcoin Core, BTC, Bull, Cryptocurrencies, ETH, Ethereum, From, Key, Levels, Markets, N-Markets and Prices, Test, trend, update
Samuel Haig

Samuel Haig is a journalist who has been completely obsessed with bitcoin and cryptocurrency since 2012. Samuel lives in Tasmania, Australia, where he attended the University of Tasmania and majored in Political Science, and Journalism, Media & Communications. Samuel has written about the dialectics of decentralization, and is also a musician and kangaroo riding enthusiast.

Source link

You may also like

Forex News

Fed Minutes note concern about slowing global growth and China


Fed minutes released online

  • Full report
  • Important to continue to monitor financial market developments
  • Noted that some downside risks had increased
  • Business investment has moderated
  • Recent household data have been strong
  • Strong labor market, inflation near target
  • See continued sustained expansion
  • A few officials concerned that uncertainty not captured by the dot plot
  • Reserves might near efficient level later this year
  • Several participants said rate hikes might prove necessary only if inflation outcomes higher than baseline outlook


“Market participants pointed to a number of factors as contributing to
the heightened volatility and sustained declines in risk asset prices
and interest rates over recent months including a weaker outlook and
greater uncertainties for foreign economies (particularly…

Read More
Crypto Markets

Judge Appoints 2 Law Firms to Represent Quadrigacx Clients


Two law firms have been appointed to represent the clients of insolvent Canadian crypto exchange Quadrigacx in court. The number of affected users has been estimated at approximately 115,000 and lawyers will have to contact as many as they can. The digital asset trading platform owes them approximately $190 million.

Also read: Hacked NZ Exchange Cryptopia Allowed to Reopen

Miller Thomson, Cox & Palmer to Reach Affected Users

Nova Scotia Supreme Court Justice Michael Wood issued a decision on Tuesday, Feb. 19, announcing the appointment of Toronto-based Miller Thomson and…

Read More
Company News

Britain managing Huawei risks, has no evidence of spying: official


LONDON/BRUSSELS (Reuters) – Britain is able to manage the security risks of using Huawei telecoms equipment and has not seen any evidence of malicious activity by the company, a senior official said on Wednesday, pushing back against U.S. allegations of Chinese state spying.

FILE PHOTO: A 5G sign is seen during the Mobile World Congress in Barcelona, Spain February 28, 2018. REUTERS/Yves Herman/File Photo

Ciaran Martin, head of Britain’s National Cyber Security Centre (NCSC), said Britain had yet to decide on its security policy for national 5G networks, but that Huawei equipment was subject to detailed oversight and strict government controls over where it was used.

“Our regime is arguably the toughest and most rigorous oversight regime in…

Read More

Amid trade talks, China urges U.S. to respect its right to develop, prosper


BEIJING (Reuters) – The United States should respect China’s right to develop and become prosperous, the Chinese government’s top diplomat told a visiting U.S. delegation, reiterating that the country’s doors to the outside world would open wider.

Myron Brilliant, executive vice president and head of International Affairs at the U.S. Chamber of Commerce (2-L) and Chinese State Councilor and Foreign Minister Wang Yi (2-R) attend a meeting at the Ministry of Foreign Affairs in Beijing, China February 19, 2019. Wu Hong/Pool via REUTERS

The world’s two largest economies began their latest round of trade…

Read More
Crypto Markets

In the Daily: Elon Musk Talks Bitcoin, Shanghai’s Fudan University, Xdat Exchange


In this edition of The Daily we cover some largely supportive remarks the famous entrepreneur Elon Musk has made about Bitcoin, the latest academic institution to launch a blockchain R&D center, and a new offering from Malta-based exchange Xdat.

Also Read: Bank of Spain Report: Bitcoin Is a Solution for a System Without Censorship

Elon Musk Talks Bitcoin

The founder of Tesla and Spacex, Elon Musk, is once again making headlines about crypto. He recently went on the Ark Invest podcast to discuss the future…

Read More