Cryptocurrency Market Overview, Bitcoin, Ethereum and More: April 6, 2018Apr 6, 2018, 4:00PM
Bitcoin, Ethereum and the altcoins post substantial declines and the technical setup remains negative. Bitcoin Diamond stages a massive rally.
Today is another bearish day for the cryptocurrency market with the majority of asset flashing red for the second day in a row. However, the declines are not substantial, and most major coins are down by low single-digits. The total market cap of the sector is just below $250 billion with $11 billion in daily volume. Bitcoin dominance has increased slightly to 45% of the total market.
Bitcoin prices are testing the 38.2% Fibonacci extension level at around $6500 and there is potential for more declines in the short term if it breaks below this level. The market now sees support at the 50% extension (around $6240) and if this level fails, prices could fall as low as the 61.8% extension ($5934).
Ethereum has fallen lower, but despite the losses, prices have managed to hold on to support at $360 against the dollar. A short-term bearish technical pattern has formed with resistance at around $385. If prices can breach the resistance level, it would indicate a short-term buying signal. However, the long-term outlook remains bearish.
The altcoin market is widely bearish going into Friday but most of the top assets have posted mild single-digit declines. There are several positive movements in the market, with the Stellar Lumen token holding flat and Bitcoin diamond posting a massive 22.52% gain to hit a total market cap of $370 million.
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.