Cryptocurrency Market AnalysisApr 17, 2018, 3:11PM
The cryptocurrency market for Tuesday, April 17, 2018. Bitcoin, Ethereum, and the altcoins all post substantial recoveries, but will it continue?
Today is a green day in cryptocurrency, with most of the major assets staying flat or increasing slightly against the USD. There isn't much sector-wide news momentum, and most of the action seems to be the result of token-specific catalysts.
Technical indicators are widely favorable, and this suggests we are in a bull market. Total market size is $333 billion with Bitcoin dominance at 41%, a decline of around 4% from previous weeks as altcoins grow to represent a larger share of capitalization.
Is the bear market over? Investors look to Bitcoin, the flagship cryptocurrency for answers.
Bitcoin prices recently broke out of their long-term descending channel indicating that a bullish reversal may be in the making. However, the market saw strong resistance at around $8450-8500 where prices pulled back sharply. A move above $8,500 would indicate the official end of the bear market and a massive buying signal.
The ETH price recently made monthly highs of around $540 before correcting below the $525 support level to test hard resistance at $500. This was a bearish signal, and now the market is in do or die territory.
Ethereum continues to trade near major support levels at $450-500 against the USD with a major bullish trend line forming at this level on the hourly chart. A significant move below this level (perhaps to the $480 retracement would probably mark the death of this rally while a break above $450 would be an excellent long-term buying signal.
EOS is one of the best-performing assets in the top ten, up by around 10% in the last 24 hours to hit a per unit price of $8.79 and a total market cap of $7 billion. There is some psychological resistance around $9.00. Breaking past this level will be a major bullish catalyst.
The reasons for the rally are unclear, but it may have something to do with the upcoming EOS Dawn 3.0. The team will be holding a meeting in Argentina, and they are also offering prizes for the upcoming EOS Hackathon competition in Hong Kong.
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.