Cryptocurrency Market Update: Bitcoin Gold nurses wounds, Bitcoin and Ethereum seeking support
|- Bitcoin Gold price is barely holding above $10.00 following a retreat from Monday’s high above $11.00.
- Bitcoin bulls are playing defense at $9,100 after hitting an intraday high (resistance) at $9,200.
- Ethereum price upside is limited below a three-month descending trendline.
The entire the cryptocurrency market is in the red on Tuesday during the early hours of the European session. The losses that dominated the market last week have become unstoppable, to say the least. Selling activities have become the order of the day with recovery attempts sabotaged before maturing.
Related reading: Cryptocurrency Market News: Bitcoin set for another gruesome week
Bitcoin Gold market update
Bitcoin Gold was arguably the best-performing cryptocurrency on Monday. However, on hitting a snag marginally above $11.00, the price retreated under $10.00. At the time of writing, BTG/USD is trading 3.51% lower after adjusting from $10.38 (opening value) to $10.00 (prevailing market value). On the upside, an intraday high has been formed at $11.52 (current medium-term resistance zone).
Interestingly, the price is still holding the ground above the moving averages whereby the 50-day SMA and the 200-day SMA form confluence support at $9.00. This shows that buyers still have the upper hand. However, the RSI’s downward slope suggests that the path of least resistance is to the south.
Chart of the day: BTG/USD daily
Bitcoin market update
As for Bitcoin, gains back to $10,000 have become a mirage. The light at the end of the tunnel continues to dim as bears get stronger. Bitcoin bulls have been forced to concentrate on defensive tactics. For instance, the moment, BTC/USD is trading at $9,130. Holding above $9,100 is key for gains past $9,200 (short term resistance). Note that another retest of the $9,000 area could be detrimental for Bitcoin with possible losses towards $8,000.
BTC/USD daily chart
Ethereum market update
Ethereum price is locked below a three-month descending trendline. The massive gains in January and February culminated in dire losses in March. From a yearly high of $290 in February to yearly lows of $90 in March. Recovery from March lows was also significant until Ether hit the barrier at $250.
Like Bitcoin, ETH/USD bulls are now playing defense. Attention is going towards keeping the price above $220 if not $225. Gains above $230 are likely to give buyers another fighting chance at $250 and $300 respectively. For now, the 50 SMA is aiding in keeping the price above $220 while a breakout is anticipated above the key descending trendline.
ETH/USD daily chart
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