Bitcoin and Altcoins Under Pressure Despite Consensus 2018
- Bitcoin and Ethereum failed to catch strong bids, and are currently under bearish pressure.
- Cryptocurrencies are struggling to gain traction despite positive sentiments around the Consensus 2018 conference.
- Lack of volumes and low liquidity distorted th
The Consensus 2018, the largest conference in the crypto world, ended yesterday and many investors and traders are disappointed. Many experts estimated that the conference in New York could spark a much needed rally in bitcoin. However, there was no major upward move in bitcoin and other major cryptocurrencies.
According to Tom Lee, managing partner at Fundstrat Global Advisors, the prior Consensus rallies have yielded gains between 10% and 70%. Before the conference, he expected the Consensus rally to be even larger this year as "attendance this year is up dramatically and it’s coming at a time when Bitcoin/Crypto is down YTD [year-to-date]."
Instead, bitcoin, ethereum, ripple and bitcoin cash were seen trading with a negative bias. A few probable reasons for no bullish strength could be lack of volumes, over diversification by investors in small cap coins for quick returns, and low liquidity.
Bitcoin price corrected higher during the past two sessions, but gains were limited by the USD 8,450 and USD 8,500 resistance levels. BTC/USD is currently trading flat near USD 8,250 (GMT 9:00 AM).
It seems like the price is trading in a broad range between USD 8,200 and USD 8,500. It may continue to consolidate before making the next move either towards USD 9,000 or below USD 8,000.
Ethereum seems to be struggling to hold gains above USD 700. ETH/USD traded towards the USD 720 resistance, which prevented gains. It is currently up around 1.6% to USD 698, with an immediate resistance at USD 710 and USD 720.
A push above USD 720 may well open the gates for a run towards USD 750. On the flip side, a break below USD 690 could ignite a fresh bearish wave towards USD 665.
Bitcoin Cash and Ripple
Bitcoin cash was able to stay above the USD 1,200 support and recovered more than 2% to USD 1,280. BCH/USD is currently struggling to move above USD 1,300, which is a major barrier for buyers. On the downside, supports are at USD 1,250 and USD 1,240.
Ripple is still capped near the USD 0.70 resistance. XRP/USD is currently up 2.4% to USD 0.687, but buyers are facing tough challenge near USD 0.70. Above this, the price may move towards USD 0.75.
Other Altcoins Market Today
Recently, two altcoins, RLC and VERI gained traction and moved up by 39% and 12% respectively.
The altcoin market is currently slightly in the green zone with gains between 2-8%. However, there is clearly a lack of strength and buying sentiment.