Crypto Market Hits New 2018 Lows

Both Ether and Dash continue to look bearish versus bitcoin. Ether hit new multi-month lows during the past seven days while Dash hit a new yearly low yesterday. The crypto market as a whole recorded a new 2018 low in market cap at 227 billion dollars, a far cry from the 813 billion top hit in the early part of the year.

Ether Still in Downtrend

Ether continues the downtrend vs BTC. The altcoin traded as low as 0.054 BTC last Friday before recovering somewhat. We are currently quoted not far from the lows at 0.05542 BTC.

Technically ETH/BTC remains in a bearish trend on the daily charts. To end it the bulls need to stage a breakout above the 0.05845 BTC swing high. A break beyond 0.063 BTC is needed for a new rally. Below current prices we have support at the March low of 0.05240 BTC followed by the 0.05 round figure. This is a another possible area where the downtrend may stall. On the longer-term charts the picture is still the same. We are in a range on the weekly charts and slightly bullish on the monthlies.

New Yearly Low for Dash

Dash hit a new 2018 low today at 0.02691 BTC. We are trading somewhat off the lows at 0.02825 BTC right now.

Similarly to Ether, DSH/BTC is also in a downtrend on the daily charts. To end it we need a breakout above the 0.03 BTC round figure. Slightly below here we find the most recent swing high at 0.02968 BTC, which may act as some resistance. More resistance higher up can be found at 0.03120 BTC and 0.03332 BTC. A break above the 0.03489 BTC high is needed to potentially trigger a new uptrend in prices.

With the break of the 0.031 BTC level, there are no strong support levels on the downside. Potential levels include the most recent low at 0.02691 BTC and the 0.025 round figure. These are followed by more levels at 0.02140 BTC and the next round figure at 0.02 BTC per coin. On the longer-term charts the picture is mixed. Dash is bearish on the weeklies but neutral on the monthly charts.

Trade altcoins on Forex with FXOpen broker

Petar Kotevski

Petar is a forex trader and writer with 9 years of experience in financial markets. He has been following bitcoin since 2010. A year ago, as the BTC market matured, he started getting more involved by writing articles on bitcoin and other alternative currencies.

More Posts

By with No Comments 0 218