Markets Update: Cryptocurrencies Bullish Following Possible Higher Lows

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The cryptocurrency markets have enjoyed a day of significant bullish action, with only four of the top 80 crypto assets by capitalization posting a 24-hour loss as of this writing. ETH was the strongest performing leading market, comprising the only cryptocurrency in the top 25 by market cap to post a double-digit gain for the day. Also Read: Regulators Explain Why Bitcoin Futures Are Easier to Approve Than Bitcoin ETFs BCH and BTC Hold Above 2018 Lows After six weeks of sideways consolidation, many leading cryptocurrencies are testing local resistance areas after avoiding a retest of December’s lows. When measuring from December’s low to the peak of the immediately ensuing bounce play, bitcoin cash is currently testing resistance at the 0.618% Fibonacci retracement area (approximately $130) after establishing support at the 0.786% retracement zone (roughly $100). BCH/USD – Kraken – 1D BCH/BTC price is also testing resistance at the local 0.618% Fibonacci area after establishing support at 0.786%, with BCH currently trading for nearly 0.035 BTC. Bitcoin cash is the sixth largest cryptocurrency market with a capitalization of $2.31 billion and a dominance of 1.83%. BCH/BTC – Bittrex – 1D BTC has also posted a potential higher low after establishing support at the 0.786% retracement area. The bounce off the $3,400 area has seen BTC oscillate between the 0.618% and 0.5% retracement zones, with 1 BTC currently trading for roughly $3,700 on Bitstamp and $3,800 on Bitfinex. BTC/USD – Bitstamp – 1D Bitcoin core currently has a market cap of $65.8…
Source: Markets Update: Cryptocurrencies Bullish Following Possible Higher Lows

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