The Cryptocurrency Market Stages a Recovery: Bitcoin Private Takes the LeadMay 25, 2018, 10:10AM
After several days of consecutive decline, the cryptocurrency market makes a small comeback with most of the top 100 assets up by single digits.
After several days of consecutive decline, the cryptocurrency market makes a small comeback with most of the top 100 assets up by single digits. Bitcoin and Ethereum both remain relatively flat, but momentum looks positive in the short-term. Nevertheless, the market's overall technical setup remains bearish, and investors shouldn't expect today's move to lead to a long-term rally. The sector is now worth approximately $341 billion with Bitcoin dominance rising slightly to 38.1% of the total.
Bitcoin Technical Analysis
Bitcoin staged a brief (but impressive) rally yesterday, surging by $200 in a matter of minutes before forming what is known as a "bullish flag pattern" at the $7,500 level. However, today the market has given back most of its gains and rests around support levels at $7,400. In the near term, $7,700 may be a good price target for a bullish breakout. Over the longer term, investors should keep an eye on the 61.8% fibo at $9,898.
Ethereum Technical Analysis
Ethereum fell all the way to hard resistance at $550 before spiking at around the same time Bitcoin spiked yesterday. This surge in buying activity almost took prices to the important psychological resistance level at $600. It failed to breach this level and now goes into Friday at approximately $595.
Important Movers: Bitcoin Private
Bitcoin Private, a derivate of Bitcoin that is focused on privacy, has staged a massive rally after favorable tweets from John McAfee. McAfree is the creator of the well-known digital security company based in California. Bitcoin Private is up 32.5% in the last 24 hours to a per unit price of $26.10 and a total market cap of $533 million. Volume is relatively low at $2 million, but this move was large enough to take the coin to the 37th spot on Coinmarketcap, just below Siacoin and Bitshares.
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.