What is going on in the market today ?
Bitcoin surge stalls
On Wednesday, key crypto assets traded marginally lower.
Having soared by up to 10% on Monday, the most popular crypto asset, Bitcoin finally managed to break out of a triangle formation that if holds could point to another move up, trying another crucial mark.
The given price action showcased on the chart below was rapidly sold-off. Nevertheless, it managed to do a decisive break out of the downward triangle. As follows from this, it should be closely watched, as some market experts at Daily FX pointed out. They added if BTC are capable of concluding above this triangle over the next few trading marathons, it will point to renewed bullish sentiment, which could make the price return to the 200-day moving average and the leap between $7,200 and $7,300.
As a matter of fact, the 200-day moving average, currently staying at $7,210 happens to be a major momentum indicator.
During early Wednesday trading marathon, the currency pair BTC/USD demonstrated an outcome of about $6,492.68. Versus Tuesday’s reading it went down by 0.5% on the Kraken exchange.
In addition to this, main altcoins, which are any other crypto assets except Bitcoin, are gradually demonstrating small losses on Wednesday. As a matter of fact, the currency pair ETH/USD inched down by about 0.7% coming up with an outcome of $202.52. Moreover, the currency pair BCH/USD headed south by nearly 1.8% ending up with $438.80. As for Litecoin, the currency pair LTC/USD declined by about 0.06% being worth $52.50. The currency pair XRPXRP/USD was intact, sticking with a result of nearly 46 cents.
Meanwhile, in Bitcoin futures, October delivery XBTV8 futures expired today dived by 0.08% on the day ending up with $6,423.29. Aside from that the CME Group October delivery contract BTCV8 was intact, sticking with an outcome of about $6,420.
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