Posted 2 years ago | by Ben Armstrong
Crypto Market Gains
The CCI30, a measure of the 30 most valuable cryptos, is trading at 2,914. Over the last 24 hours, The CCI30 is trading up, and seems to be recovering from the selling pressure that brought most of the major tokens down during the last week of trading.
Bitcoin (BTC), the world's most valuable token measured by market cap, is more or less flat over the last 24 hours. BTC is currently trading at $8,311 USD, and has traded as high as $8,404 USD over the last day. Bitcoin seems to be finding a base at $8,000, a level that has provided support over the last month.
BTC prices have fallen from their summer highs, and may continue lower if the $8,000 USD level fails to hold. Taking a look at the price action of BTC over the last 6 months shows that the $8,000 USD level may be a breaking point for the rally that started in the spring. The $9,500 USD level acted as support over the last few months, but it gave way during last week's selling.
Ethereum (ETH), the world's second most valuable token, is trading with more than a 1% gain over the last 24 hours. ETH is presently trading at $184.68, and has traded as high as $187.69 USD over the last day. ETH seems to be trading in-line with the rest of the crypto complex, and has shed some value overnight.
From a long-term perspective, we can see that ETH has once again found support at the $165 USD level, and seems to be bouncing back toward the $200 USD level. Much like BTC prices, ETH is at a critical price level, and the entire 2019 bull market is on the line. If the $160 USD level gives way, ETH prices have little support above the $100 USD level.
The crypto complex has been steady over the last 24 hours, but there are some long-term bearish signals emerging. The world's two most valuable tokens are trading near critical support, and any break downward could be the start of a test of the 2018 bear market lows.
If we see more selling enter the marketplace, the consequences for crypto bulls may be dire.
Forewarned is forearmed, and there is no time like the present to hedge winning positions. There seems to be a negative bias towards alternative assets emerging, and central banks may have tokens in their sights.