Bitcoin and Ether Market Update: February 20, 2020
The total crypto market cap is flat since Monday morning and still stands at $279.9 billion. Top ten coins mostly in red for the last 24 hours with EOS (EOS) and Bitcoin Cash (BCH) leading the pack with 10.7 and 8.2 percent of losses respectively. At the time of writing bitcoin (BTC) is trading at $9,591 on the Bitstamp daily chart, while ether (ETH) moved to $260 and Ripple’s XRP fell down to $0.274.
Bitcoin remained flat around $9,900 on Sunday, February 16 and closed the week with a 2.8 percent loss.
On Monday, the BTC/USD pair continued to slide and was trading in the sub-$9,600s area during intraday. It dropped as low as $9,465, but bears were not able to push for a daily close below the first-mentioned mark and ended the session at $9,686.
The most popular cryptocurrency perfectly rebounded from the Fibb 23.60 level at $9,535 on Tuesday, February 18 and preserved the uptrend by climbing up to $10,192. Buyers once again found themselves above the psychological level of $10k, but the middle line of the corridor already turned into a resistance line.
The third day of the workweek saw bitcoin nosediving to $9,588. The coin was trading as low as $9,312 during intraday as the Tuesday scenario came into play once more.
24-hour trading volumes started to increase on Monday morning and peaked at $50 billion in the evening. They remained in the $48-$50 billion zone on Tuesday and on Wednesday climbed to $55 billion.
After peaking at $286 on February 14 the Ethereum Project token ETH entered a correction. It continued to slide on Sunday, February 16 and fell down to $259 after trading in the $276-$234 zone throughout the day. It closed the seven-day period with a 13 percent increase thanks to its good performance in the first half of the week.
It started the new trading period by jumping off the $235 line. We were looking at the $230 mark (which also coincides with the Fibonacci 38.20 level) for support, but the ether bulls called in an early reversal. The ETH/USD pair moved up to $268 on Monday and completely erased all losses from the previous session.
On Tuesday, February 18, the ether extended its gains to $281 and was just a step away from the last registered high at $286.
The mid-week session on Wednesday was bad for ETH bulls as the coin fell all the way down to $258 erasing 8.8 percent of its value. It found support right at the $250 line.
We need to closely monitor the $230-$270 area. As previously mentioned, the ETH was ranging in there for more than 20 days back in May-June 2019 before breaking out. Bulls will have to hold above $275 and consolidate there in order to set the ground for further gains.
Trading volumes began to pick up on Monday and increased to $25 billion after staying in the $20-$22 zone on Sunday. They climbed up to $30 billion on Tuesday and Wednesday.