The cryptocurrency markets are trading at significant long-term price areas, with BTC currently channeling between key levels from the 2017 bull run. In other market action, BCH and ETH have continued to consolidate above the $100 area.
Also Read: ETF Filed With SEC to Invest in Bitcoin Futures, Bonds, and Mutual Funds
BTC Trades Between Major Long-Term Price Zones
For the last two months, BTC has established a price range corresponding to areas of long-term significance.
BTC/USD – Bitfinex – 1D
As of this writing, bulls are attempting to establish support at roughly $3,600 after bouncing off what may comprise a higher low at the $3,400 area. During 2019 so far, BTC is yet to re-test last year’s low of roughly $3,100, nor has price action broken above resistance at $4,400.
BTC/USD – Bitfinex – 4HR
When looking back to mid-2017, the price levels correspond to key areas from BTC’s first run up to $5,000, in addition to the subsequent retrace and rally to five digits.
During the initial run to $5,000, BTC stair-stepped its way from $3,200 to $3,400 before jumping to establish a then-record high at roughly $4,400. BTC then established local support at $3,600 and then rallied to set a new record at $5,000.
BTC/USD – Bitfinex – 1D
After tagging $5,000, the $4,400 area comprised the shoulder line of the lopsided head and shoulders pattern that preceded the violent retracement down to $3,000. BTC currently has a market cap of $63.55 billion and a dominance of 52.9%.
BCH Consolidates Above 2018 Low
Bitcoin Cash is consolidating at a possible higher-low, with BCH currently trading for $119 after bouncing off support at $100.
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