File Image:REUTERS/Dado Ruvic/File Photo
File Image:REUTERS/Dado Ruvic/File Photo

Virtual currency appears to be gaining steam

By Time of article published Jan 22, 2018

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INTERNATIONAL - Cryptocurrency markets have seemingly reversed the downwards trend in value and have started to gain steam again.

At the moment, Bitcoin core markets are hovering around $12650 (R153667) to $12950. Volume was decent on Saturday, as BTC markets are seeing roughly $116billion (R1.41trillion) in global trade volume while Bitcoin core, Ethereum, and Tether were holding the highest trade volumes yesterday.

The top exchanges swopping the most BTC this weekend include Upbit, Bitfinex, Okex, Bithumb, and Binance. The South Korean exchange Upbit has been trading some notable volumes over the past few weeks and has become one of the largest exchanges worldwide.

Over the past few weeks, the greenback has been the top state-issued currency traded with BTC. However, this week Japan has taken the lead once again, as the yen now captures 36percent of the global trade volume.

This is followed by the greenback (32percent), Tether (12.8percent), the Korean won (7.5percent), and the euro (4.9percent). The most popular traded cryptocurrency paired with BTC on Shapeshift is still Ethereum. The overall market capitalisation of all 1469 digital assets is $635bn, and Bitcoin core markets dominated by 34percent, at the time of writing.

Looking at the charts, things are a bit more bullish than a few days prior. Volume is definitely not as strong, but buyers are controlling the market, and BTC/USD market values continue to rise. There is deep resistance right now at the $13000-$13150 zone, but bulls have been slowly chipping away at those orders.

It’s safe to say that BTC is struggling to break past crucial resistance levels, which could lead to a sell-off point if things cannot hold.

Currently, the two simple moving averages (SMA) have changed courses since our last markets' update. The short term 100 SMA is still below the longer term 200 SMA, which indicates the path to resistance will likely head southbound.

However, both RSI and stochastic oscillators are headed northbound showing more room for price improvements, but there’s also room to drop. Order books are showing thicker sell walls above the $13500 territory alongside even more in the $14000 regions.

On the backside, there is excellent support at the $12200 through $11900 zones, but after that the books start to thin out. A lot of traders believe the storm is not over. But more optimistic traders believe the storm is over. 

- News Agency (ANA)

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