Markets Update: Top Cryptos Reclaim Support as RVN Rallies
Originally published on: Bitcoin News
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March 06, 2019
The leading cryptocurrency markets are attempting to reclaim the losses incurred during Tuesday’s dip, with many crypto assets having rebounded to currently trade above last week’s support zone. In other market action, RVN has been among the top performing markets of the last fortnight, up 145% since Feb. 24.
BTC Bounces to Test Previous Support Zone
Bitcoin core produced a 2% bounce today, reclaiming much of Tuesday’s losses. Presently, BTC is testing resistance at last week’s support range of approximately $3,900 on Bitfinex and $3,800 on Bitstamp. When measuring from the Feb. 8 bounce, BTC appears to be testing resistance at the 0.382 Fibonacci retracement area after bouncing off support at the 0.5 Fibonacci area.
The stochastic RSI shows disparity across the larger timeframes, with the markets potentially appearing overbought on the weekly and three-day charts, with the stochastic RSI sitting above the 80 threshold, and appearing oversold below the 20 threshold on the daily chart.
BTC currently has a market capitalization of $68.29 billion and dominance of 51.8%.
Bitcoin Cash Retests $130
BCH is currently trading for $132 after bouncing 7% to erase yesterday’s losses. The $130 zone has acted as a magnet area for BCH price action, with $130 consistently oscillating between comprising support and resistance since early January.
When measuring the recent rally from the start of February, BCH appears to be testing resistance at the 0.5 Fibonacci retracement zone after bouncing off support at the 0.618 area.
When measured against BTC, BCH is testing resistance at 0.034 BTC, a price level that has comprised a magnet area for price action since the start of January.
Bitcoin cash is currently the sixth largest cryptocurrency with a capitalization of almost $2.34 billion and a dominance of 1.77%.
ETH Support Turns to Resistance at $140
Ethereum has also rallied to test last week’s resistance area, with current prices sitting just below $137 after gaining 9% yesterday.
Looking from ETH’s most recent bounce off the $100 level during early February, ethereum appears to be testing resistance at the 0.316 Fibonacci retracement area after bouncing off support at the 0.618 Fibonacci zone.
When measured against BTC, ETH is currently trading for 0.035 BTC. Ethereum is the second largest crypto asset with a market capitalization of nearly $14.35 billion and a dominance of 10.88%
RVN Rises Up Market Cap Rankings
Despite posting a 10% retracement over the last 24 hours, RVN has ranked among the top gaining markets of the past week, gaining more than 130% against the dollar since Feb. 25 to currently trade for $0.024.
When measured against BTC, RVN has gained nearly 125% in approximately 10 days, with RVN currently trading for approximately 600 satoshis. Ravencoin is now the 62nd largest crypto asset with a capitalization of $69.07 million.
Do you think that last week’s support zones will hold as resistance, or will the leading markets again break higher still in the coming days? Share your thoughts in the comments section below!
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