Cryptocurrency market update: Bitcoin and major altcoins attempt a comeback

Cryptocurrency market update: Bitcoin and major altcoins attempt a comeback

Recovery momentum extends on Saturday across the crypto space.

Bitcoin Cash leads the rebound amongst the top five dominant cryptocurrencies.

Top 5 coins’ price overview

Bitcoin’s (BTC/USD) recovery from two-week lows is seen fizzling out over the last hours, having faced rejection at the 38.2% Fibonacci Retracement (Fib) of the recent sell-off , placed near 8,880. The bears are now heading back towards the next support aligned at 8,800 (23.6% Fib level). The most widely traded cryptocurrency is down 3% over the last 24 hours, with it’s market capitalization standing at $ 159.51 billion.

Ethereum (ETH/USD), the second-largest digital asset with the current market capitalization of $20.09 billion, is struggling to extend its overnight recovery, as the bears continue to guard the 186 handle. The downside bias will resume if the price breaches 184.45, where the 50% Fib level of the latest decline and rising trendline support coincide. At the press time, ETC/USD exchanges hands around 185, little changed over the last 24 hours but up 0.65% so far this Saturday.

Ripple (XRP/USD) retraces the latest leg up to now trade back below the 280 handle, as the recovery momentum seems to lack follow-through amid quiet Saturday trading. The recovery in the No. 3 coin could regain poise, only if it reclaims the downward sloping 50-hourly Simple Moving Average (HMA) at 282.91. Ripple is seen 1.5% higher on the day, enjoying a market capitalization of $12.10 billion.

Bitcoin Cash (BCH/USD) extends the early bounce from eleven-day lows, […]