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.
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Cryptocurrency Market Volumes Remain Healthy
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.
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.
BCH Markets See Some Uncorrelated Activity Spiking 4.8 Percent Higher Than BTC
BCH/USD Technical Indicators
Bitcoin cash 4-hour charts show the same SMA gap between the short and long-term trend lines. Again this indicates that the resistance will be tough for BCH bulls to tackle at the current vantage point. 4-hour Ichimoku shows BCH/USD levels are a touch oversold while RSI oscillators are hovering around the same regions as BTC. Bitcoin cash volumes showed some strong momentum this morning which escalated it 4 percent higher than a majority of cryptocurrency markets. MACd is also heading downwards as some sell-off is ensuing at this current price range but still holding steady.
Order books show bulls have to break past resistance at $840-880 to see some better movement towards the upside. There will be another pitstop around the $900 territory and if bulls can manage to muster strength past this region $1,000-1,100 is attainable. On the back side for support, there are foundations between now and $820 per BCH and then another stop around the $750 area. If the Displaced Moving Average (DMA) dips under $720 sub-$700 prices will likely come to fruition.
The Verdict: Traders Are Confident Spring Will Bring More Bullish Action
Overall cryptocurrencies, in general, are seeing some gains during today’s trading sessions. Ripple (XRP) and stellar (XLM) are showing some notable rises today between 2-6 percent and the privacy-centric coin monero (XMR) has spiked 12 percent. Verge (XVG) pumped pretty hard after the Pornhub integration announcement but the cryptocurrency dumped immediately after as XVG is down 25 percent. Digital asset enthusiasts seem confident a ‘true reversal’ is heading our way this spring as bulls are showing renewed energy after the ‘crypto winter’ comes to an end.
Where do you see the price of BCH and BTC heading from here? Do you think cryptocurrencies will see more gains? Let us know in the comments below.
Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”
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Source: Bitcoin.com