The BTC markets are currently attempting to establish a higher low above $6000 after failing to break above resistance at $6800 at the end of June, whilst BCH appears to have bounced off the critical support area of $600 – $650 for the second time in 2018. In recent altcoin market action, Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX) have produced gains of roughly between 10% and 20% after Coinbase confirmed on the 14th of June that it is currently “exploring” listing said markets.
Also Read: Australian Bank Bans Use of Mortgage Funds for Crypto Speculation
BTC Rangebound Between $5800 and $6800
Since gaining 18% from the 29th of June low of approximately $5800 to the local high of roughly $6840 on the 7th of July, the BTC markets have retraced by over 8% during the last seven days – with current prices hovering at approximately $6250.
Market sentiment is mixed, with price action currently testing a key support level on the daily charts after failing to break above the significant resistance area of approximately $6800, however, appearing to produce what could turn into an inverse head and shoulders formation – should support at $6200 hold, thus producing a higher low.
Looking at the stochastic RSI, one can see that both the 1-week, 1-day, and 12-hour charts appear heavily oversold – with the stoch RSI below the 20 threshold, whilst the 3-day chart is showing a retrace from a test of the 80 threshold.
BCH Markets Retrace Heavily in Recent Weeks
As of this writing, the BCH markets are sitting at approximately $700 after testing the critical support area of roughly $650 earlier this week.
Looking at the weekly charts, the markets
