On Wednesday, April 18, cryptocurrency markets have been bouncing all around over the past twelve hours as a few coins have seen some higher gains than most. Three-day charts show bitcoin core markets took a slight dip after touching a high of $8,425 USD on April 15, as spot prices are up 2 percent today and the fiat value per BTC currently rests between $7,900-8,100. Bitcoin cash markets are on a tear and have seen a significant upswing in market action during the day's trading sessions. The value of bitcoin cash is up 6.8 percent at a price of $825 per BCH.
Cryptocurrency Market Volumes Remain Healthy
Markets Update: Bitcoin Cash Gains Advance 4% Above BTC Digital currency markets are seeing some action today, after a majority of coins took a slight tumble yesterday during the early evening trading sessions (EDT). At the time of publication BTC's market value is hovering between $7,900-8,100 with a decent amount of trade volume over the past 24-hours. Daily global trade volume for BTC shows an accumulation of $7Bn worth of trades. The top five trading platforms swapping the most BTC volume today include Binance, Upbit, Bittrex, Okex, and Bitfinex. With over 1,500 digital currency markets in existence and an overall cryptocurrency market valuation of $335Bn bitcoin core dominance has slipped today down to 41 percent. The Japanese yen is again dominating the global trade volume on April 18 as the currency covers over 57 percent of the BTC trades. This metric is followed by the USD (18.8%), tether (USDT 13.8%), the South Korean won (3.3%), and the euro (3%).
BTC/USD Technical Indicators
Looking at the weekly, 30-minute and 4-hour BTC/USD charts show bulls are trying to press past resistance at the $8,100-8,400 territory which is quite thick. The two Simple Moving Averages (SMA) both long-term (200 SMA) and the short-term (100 SMA) have a decent gap between them with the 200 SMA above. This indicates the path to resistance will look to the downside as bulls are showing some exhaustion. However, the 4-hour chart shows the trend lines are looking to meet again in the short term. MACd is heading southbound while the Relative Strength Index (RSI) is meandering between 50-60 showing some consolidation is taking place.
Markets Update: Bitcoin Cash Gains Advance 4% Above BTC
BTC/USD Bitstamp 4-18-18
Order books show on the upside bulls have to muster through some thick sell orders between $8,200 and $8,600 after that could be some smoother sailing. BTC/USD charts have shown a bullish reversal above the downward trend line and these attempts at resistance will likely take place today. If bears manage to claw prices down then there is some key support between $7,800-$7,700. If the Displaced Moving Average (DMA) breaks below these foundations, prices will likely find a way to the $7,500-7,250 territories.
