Today sees the market treated to another dose of negative news and a possibility that prices could yet drop.
The reported hack of cryptocurrency exchange Bithumb, where $30 million was stolen comes barely weeks after that of Coinrail.
That time, the market went south, cementing the bearish trend that prevailed.
We are yet to see what will happen in coming hours, noting that the hacking news reached the market during the Asian trading hours.
Bitcoin’s overall market dominance has risen slightly to just above 40 percent. The BTC/USD pair appears to have staved off the negative news from South Korea.
Although it’s trading at 1.7 percent in the red over 24 hours, Bitcoin remains nearly 3 percent in the green.
The coin must find support above the current prices to stay within the bullish trend.
BTC/USD experienced an encouraging upside on Tuesday, rising above $6,700 to close at $6779.
However, the coin has declined slightly over the last several hours to settle just above its support area at $6650.
Failing to move above the $6,800 resistance level means we are back into a bearish mode and could see it correct below towards its $6450 support level.
Bitcoin currently has a market cap of $113 billion and has seen a total of $3.9 billion worth of BTC traded.
Ethereum is trying to consolidate gains made in the last two days, though it’s slightly sliding towards its key support zones at $516 and $510.
ETH/USD looked to be on course to break above its $545 resistance line, but that has faced a charge from sellers.
The coin will remain within reach of that as the market shakes off the Bithumb hacking news. The major support zone below $500 remains $484.
If an upside materializes, we could see it break for yesterday’s high of $542 against the US Dollar.
Short-term, the crypto faces pressure from the bears and bulls have to consolidate above current price levels and aim for a position above $530.
Ethereum has a market cap of $52 billion with over $1.6 billion worth of ETH traded in the last 24 hours. Though 2 percent in the red, the crypto remains +9 percent in the green.
Ripple gained over Tuesday to surge to $0.558 before retracing to close at just below $0.54. However, the big question is whether it will hold above its major support area.
Ripple is trading just above $0.53 and has seen its value slide by about 3.8 percent. XRP is the only coin in the top five that is in the red over the last 7 days.
The coin must find support above its major support areas at $0.52. This will help prevent further loses towards the $0.51 level.
If it fails, it could undo the gains made during the last wave that had taken its price over $0.55.
Ripple’s market cap is $20 billion and has a daily trading volume of about $278 million XRP, which is nearly 80 percent higher over its trading volumes on Monday.
The XRP/USD pair will rely on positive market trends to stop any decline. Anything else will see it turn bearish.
Bitcoin Cash prices rose slightly on Tuesday from $885 to cross the $918 price mark and closed at just above $904.
However, after today’s uncertainty, BCH prices have declined by 3.25 percent over the last 24 hours. The bulls must consolidate above the current prices to avoid falling back to levels recorded on June 15.
BCH/USD is eyeing moves above the $900 resistance levels, though the short-term bullish trend may not hold as bears look for prices below that.
At the moment, the coin is trading just above its key support zone at $860. For buyers, the tight range between $860 and $865 holds a lot of significance.
If the prices correct lower, then we could see the bears re-emerge to dictate sentiment. If it declines below this, the next support level will be $850 and possibly further movement south.
On the flipside, however, any moves above $900 could open up a rally towards $1,000.
Bitcoin Cash currently trades at $873 and has had just over $415 worth of BCH traded in the last 24 hours.