Cryptocurrency markets have had a rough week over the last seven days as many digital assets lost quite a bit of value that most coins had gained two weeks prior. Currently, markets are seemingly consolidating and have remained somewhat stable over the last 24-hours. At the moment Bitcoin Core (BTC) values have been hovering around $7,470-7,560 during the last few hours. Meanwhile, Bitcoin Cash (BCH) prices are steadily holding just above the $1K region at $1,038 per BCH at the time of publication.
A Crazy Volatile Week in Crypto-Land Filled With Lots of FUD
It’s been another crazy week in the world of cryptocurrency markets as most of the recovered gains most digital assets gathered from three weeks ago have been erased. Trade volume has been considerably low for nearly every market as the $13Bn worth of trades is less than half the volume we saw two weeks ago. Many cryptocurrency enthusiasts witnessed the U.S. Department of Justice (DoJ) initiated a probe earlier this week that aims to look for manipulation in Bitcoin market values. Interestingly enough those watching order books watched thousands of cryptos being sold at market rates just before the mainstream media announced the DoJ probe, which to some traders that phenomenon indicated actual manipulation from the very organization’s initiating the probe.
Bitcoin Cash Market Action
Bitcoin Cash markets have been seeing some losses over the past few days since our last markets update. Today’s trading sessions show BCH prices hovering around $1,038 as the past 24-hours have seen a drop of about 1 percent. Over the last seven days, BCH markets are down 13 percent with today’s trade volume hovering around $538Mn. Top exchanges trading the most BCH on May 26 are Okex, Hitbtc, Lbank, EXX, and Huobi. The top currency swapped with BCH today is BTC as the asset captures 44.8 percent of trades today. This is followed by tether (USDT 29.9%), USD (15.5%), KRW (7%), and the ETH (1%).
BCH/USD Technical Indicators
Looking at the 4-hour and 1-day charts for Bitfinex (BCH/USD) shows some mixed signals and deep consolidation. Right now RSI levels are around 39, showing oversold conditions, and the MACd shows convergence around -5 revealing momentum may pick up today. However, the two Simple Moving Averages (SMA) trend lines are still spread with the 100 SMA below the long-term 200 SMA. This indicates a continued bearish outlook as the path to resistance looks to the downside…