Markets Update: BTC Consolidates About $7K After Breaking Trendline

Published at Thu, 30 Aug 2018 11:55:00 +0000
The BCH markets also rallied on the 27th of August, profiting by almost 10 percent from the end of the 28th. Since that time, the markets have retraced by roughly 4% more than two days, for approximately $540 for this writing using BCH trading.

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The third biggest cryptocurrency by market cap, XRP, is now investing in $0.33 after consolidating between $0.31 and $ 0.33 0.36 for more than a week.

Taking a look at the BCH/BTC charts, Bitcoin Cash gained roughly 3 percent over Bitcoin Core to retest the previous support area of 0.08 BTC during the 27th and 28th of August. The prior support area appears to have been validated a immunity, together with the BCH/BTC markets making a full return back to about 0.0775 BTC since.

BTC/USD – Bitfinex – 1D
XRP/USD – Bitfinex – 1D

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The action was driven with a short run, using Bitfinex submitting a retracement because shorts dropped to roughly 28,000 on the 24th of August in advertising pressure over the duration of seven days as of this writing.
Ethereum, the second biggest market by capitalization, has produced very similar price action to BTC and BCH in recent days when measuring against BTC, together with ETH rallying by 8.5% on the course of the 27th and 28th of October, before retracing by roughly 5.5% during the previous two days. ETH is now trading for $280.

The cryptocurrency markets are consolidating now, following BTC’s current split above the major descending trendline dating back to December’s all-time highs and following rally to about $7,150 USD.
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BCH Consolidates at Roughly $540

Markets and Prices

BTC Consolidates About $7,000 After Short Pants and Broken Trendline

BTC is presently trading for around $6,975, has a entire market capitalization of $120.5 billion, and a market dominance of 53.3percent

ETH/USD – Bitfinex – 1D

The BTC markets seem to be consolidating at approximately $7,000 now, after retracing about 2 percent from rsquo;s highs of roughly $7,150. The markets broke above a major descending trendline relationship back to the all-time drops of December 2017 on the 27th of August, together using BTC.
Also See: Reserve Bank of India Anticipates Alter to P2P Crypto Trading 

ETH Breaks New Lows Against BTC for 2018

Despite ETH having gained 12 percent from its own 2018 low of $250 over the 14th of August, the ETH/BTC markets are now breaking into fresh highs for 2018 now – now trading for around 0.04 BTC. Ethereum includes a market capitalization of almost $28.8 billion.
When measuring against BTC, XRP has dropped 15.5percent in the previous 12 days to now exchange for 0.0000475 BTC. The entire capitalization of all XRP is just $13.15 billion.

As of this writing, Bitcoin Cash is the fourth biggest crypto market by capitalization having a entire market cap of about $ 9.5 billion, and a market dominance of 4.2 percent.