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The Cryptocurrency Market Upticks Today: The Technicals Look Favorable

Jul 4, 2018, 8:40PM
1 min, 23 sec READ

The cryptocurrency market continues its rally with a single-digit uptick today with most of the assets up by 0.15-2.0% in the last 24 hours.

The cryptocurrency market continues its rally with a single-digit uptick today. The top hundred assets display a mix of positive and negative performance with the overall trend being green while the top ten shows a fairly positive performance with most of the assets up by 0.15-2.0% in the last 24 hours. Overall, the market price correlations remain strong in the top ten, but they continue to weaken in the top hundred. 

The total cryptocurrency market is now worth $274.4 billion with Bitcoin dominance falling slightly to 41.8% of the total. Volume remains healthy with $15 billion worth of transactions going through in the last 24 hours, and the market looks set for continued gains as the week continues.  

Cryptocurrency market July 4, 2018

Bitcoin Technical Analysis 

Bitcoin completely shrugged off the negative news catalyst from India's Zebpay exchange, and prices surged to around $6,700-$6800 earlier in the day before falling slightly to its current levels just under $6,700. The good news is that there isn't much resistance from current prices to the crucial psychological resistance point at $7,000 (the monthly 61.8% Fib), and the market can expect to hit this level shortly. 

Etherum Technical Analysis 

Ethereum is also joining the rally. Today's small boost in Ether prices is part of a longer-term rally that has sent prices up by around 9.22% since last week. There has been a strong confluence area at the $476 level (Ether's 61.8% retracement), and if prices breach this level they could soar to the $500 level, an important psychological price point. 

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.