BTC/USD in Techinally Crucial Area
UPDATE : BYC/USD on vertical surge on late buying interest.
Important BTC/USD price levels to marked,
Year High – 1121.93 (February 25 2017)
Year Low – $734.64 (January 12 2017)
BTC/USD was last week under selling pressure and now approaching a possible big psychology zone which incidentally at 0.236 Fibonacci retracement and double bottom level. Yet, there would be marginal chances of anticipated any meaningful reversal without any fresh market lead. Technical rebound could be found near to the stronger support level within the territory of 2250 and 0.382 Fibonacci retracement. Yesterday surge keeping the price well in the symmetrical triangle and slightly aloft the ascending slope line.
Currently, all the indication pointing little recovery signs. The muffled crypto market are largely anticipated after 2 months of super bull run and the concern of scaling issue of Bitcoin. MACD somewhat resounded the ‘softness’ tendency but the leading line is near to the bottom where buyers could step in.
Impulsive Elliot Wave
From the Elliot Wave perspective, an immediate and rigid bounce from here could form wave 2 in the impulsive Elliot Wave Pattern. Thus, signaling Bitcoin is still firmly on the medium to long term bullish trend. But if the price moves and touches around 0.5 Fibonacci level, that could nullify the current long term Elliot Wave and rather short-sighted forming of corrective A-B-C wave. That’s look more likely at this moment.
Doji Hammer Anywhere Soon?
If today closes with hammer candlestick preferably with a longer tail, that’s reasonable hope a pullback to the uptick could happen for the next few days. But that might be not more than just another short-term technical bounce. The Bitcoin market is still heavily weighted on the outcome of the “Segwit2-hard fork” as well as the user-activated soft fork (UASF). The chances of chain split into two or even three Bitcoins remain to be seen. Market hates uncertainties. The July trading could be more risk-adverse in nature as most traders staying in the sideline and taking precautions steps awaiting coming August. Furthermore, many holders are putting their BTC offline to safeguard their bitcoins per se.
Ethereum Trading Volume Exceeds Bitcoin
The daily trading volume of BTC had been hooped by the volume of Ether traded, mostly due to the increasing demand of Ethereum from the current ICO activities. There are huge demand for ethereum as investors rush to convert Bitcoin to Ehter. Yesterday, Ether USD transaction was $190 million relative to Bitcoin transaction of $160 million, data sourced from cryptocompare.com.
The Marketcapitalization Share of Bitcoin vs Cryptocurrency
The Bitcoin market kept stable around $41bn, against $97bn for the total cryptocurrency market cap. That translate into about 42+% market share of all crytptocurrency combine. While Ethereum remain firm with about 26% market share, according to data compiled at coinmarketcap.com.