Cryptocurrency Market Overview, Bitcoin, Ethereum and More: April 6, 2018
Apr 06, 2018, 7:00pm
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
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
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.
Altcoins
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.
