Crypto Market Analysis, Bitcoin, Ethereum, Altcoins April 4, 2018Apr 5, 2018, 3:22PM
An overview of the cryptocurrency market going into Tuesday, April 4rd, 2018. Bitcoin, Ethereum and the altcoins all post substantial declines
The cryptocurrency market flashes red across the board, giving up most of yesterday’s gains. Nevertheless, most of the major coins still hold above resistance going into Wednesday.
Total market value has fallen to around $260 billion with Bitcoin dominance holding steady at 45.5%. No major market events seem to be influencing price action, and momentum looks to be driven primarily by technical forces.
Bitcoin started the day holding steady below $7,500 but was unable to break past that resistance point, resulting in a sharp downward price movement at around 5:00 am Wednesday morning. The asset maintains a negative technical set up with support at around $7,000. Expect further declines if this level is breeched.
Ether was able to briefly hold above $400 but couldn't break past resistance at around $420. The price hovers around $380 going into Wednesday with support expected to be around $360 according to the 50% Fib retracement from the last decline.
The altcoin market is flashing red across the board with several assets down by double digits. However, despite the market sell-off, several assets have managed to post some impressive gains. Ontology, Bitcoin Diamond, and Ardor are all flashing green. Ardor's performance is the most impressive with a jump of almost 20% in the last 24 hours.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.