The Cryptocurrency Market Update: Bitcoin is in recovery mode ahead of the weekend
- Bitcoin (BTC) has reached a strong resistance area.
- Altcoins are range-bound in Asian. in green on a day-to-day basis.
The cryptocurrency market has recovered from the recent sell-off; however, the further upside in major coins looks to be limited in the short run Bitcoin and all major altcoins are mostly range-bound during early Asian hours, with marginal gains registered on a day-to-day basis. The total cryptocurrency market capitalization increased to $201 billion from $196 billion this time on Thursday; an average daily trading volume stayed retreated to $59 billion. Bitcoin's market share settled at 66.9%.
Top-3 coins price overview
BTC/USD is hovering around $7,400 during early Asian hours; This area is packed with technical levels, which makes it hard to break. Once it happens, the upside may gain traction with the next focus on $7,700 and the recent high of $7,700. On the downside, thee coin is supported by a confluence of SMA50 (Simple Moving Average), SMA100 and the lower line of the Bollinger Band 1-hour clustered on approach to $7,300.
BTC/USD, 1-hour chart
Ethereum is struggling to settle above $148.00; however, with little success so far. At the time of writing, ETHUSD is changing hands at $147.98, which is 2% higher from this time on Thursday and unchanged since the beginning of the day. The initial support awaits us at $147.00. It is reinforced by SMA50 1-hour and the lower line of 1-hour Bollinger Band. The upside is limited by $148.00 and $148.70 (the upper border of 4-hour Bollinger Band). Once it is out of the way, $150.00 will come back into focus.
ETH/USD, 1-hour chart
Ripple's XRP topped at $0.2268 late on Thursday but failed to hold the ground. At the time of writing, XRP/USD is changing hands at $0.2210, unchanged since the beginning of Friday, with over 3.5% gains on a day-to-day basis. The initial support is created by a psychological $0.2200. However, we will need to see a sustainable move below $0.2170 (SMA200 1-hour) for the sell-off to gain traction. The resistance is created by a $0.2260-0.2270 area that includes the recent high and the upper line of 1-hour Bollinger Band.
XRP/USD, 1-hour chart
Author
Tanya Abrosimova
Independent Analyst
