Crypto Prices Drift Sideways: The traders are confused and uncertain on the market

Another week has passed in cryptocurrency land, during which most digital asset markets have been consolidating tightly into a downward triangular pattern. At the moment, the entire crypto economy of all 2,000+ assets is hovering at about $120 billion with around $15.6 billion worth of global trades. Currently, bitcoin core (BTC) prices are meandering just above $3,650 with a market capitalization of about $63.8 billion. BTC captures roughly $5.2 billion in trade volume but the asset is down 2.6% for the week.

The second largest market valuation belongs to ripple (XRP) this Thursday, as each coin is swapping for $0.32 per unit. This gives XRP a market cap of around $13.4 billion and the market’s 24-hour volume is about $418 million worth of global trades. Ethereum (ETH) is trading for $122 per coin on global spot markets with a $12.8 billion market valuation. The cryptocurrency is down 0.96% today and 6.4% for the week. Lastly, eos (EOS) is up 0.86% today as each coin is trading for $2.43 per unit. Eos has around $667 million worth of 24-hour trades and a market cap of about $2.2 billion.

Bitcoin Cash (BCH) Market Action

Bitcoin cash (BCH) is trading for $132 per coin and has a market cap of about $2.3 billion this Thursday. BCH is currently up a hair at 1.02% during the last 24 hours, but the currency is down 4% for the week. The top five exchanges trading the most bitcoin cash today are Coinsuper (BCH/BTC), Huobi (BCH/USDT), P2pb2b (BCH/ETH), Dragonx (BCH/USDT), and Fatbtc (BCH/CNY). The dominating currency paired with BCH today is ETH as it captures 44.9% of trades. This is followed by USDT (29%), BTC (15.4%), USD (5.9%), EUR (1.7%), and JPY (1.5%). BCH is the seventh most traded coin by volume below XRP’s global volume and just above dash.

BCH/USD Technical Indicators

Looking at the four-hour charts on Bitstamp for BCH/USD shows there’s been a lot of changes since our last markets update. Things look more bearish, as the two Simple Moving Averages (SMA) have once again crossed hairs and the long-term 200 SMA is now above the 100 SMA trendline. This indicates that currently the path toward the least resistance is in favor of the bears. RSI levels are meandering in the indecisive middle range (~46.5) which is neither oversold nor overbought at press time.Stochastic shows similar readings and the MACd indicates some downward pressure over the short term. Looking ahead at order books shows similar resistance between the current vantage point and $135 and even larger walls between that range and $155. If the bears remain in control then they will see pit stops and strong buying between now and $110. After breaking the psychological $100 level, BCH bears will likely see some bigger foundation

Traders are again wondering what will happen next with the ever-dynamic cryptocurrency markets. Some traders believe we’ve seen the mythical bottom and are betting long positions from here on out. However, bitcoin futures expiries from CME and Cboe suggest those traders are short on BTC’s upcoming price performance. In contrast to futures prices, BTC/USD shorts on Bitfinex have dropped significantly and there are considerably less short positions than in the last three weeks. ETH/USD short positions are much lower than before as well with only 280,000 shorts. Civic CEO Vinny Lingham, who is sometimes referred to as the “Oracle” because of his past price predictions, explained in a recent interview that BTC will likely trade sideways for a few weeks.