It seems that all the market bulls have moved on to US and Japanese equities, avoiding cryptocurrencies. The cryptocurrency market failed to break out of its consolidation, and its capitalisation rolled back 1.3% to $2.13 trillion, inside the range from last Friday. Fear remains the main driver of the market.
Bitcoin pulled back from its 200-day moving average, falling back below the $58K upper boundary of the last six-day range. The first cryptocurrency is under much more pressure than many altcoins, which are making a gradual recovery. A consolidation above $59K would be seen as a local victory for the Bulls.
Ethereum is testing its 200-day MA near $3100 for the fourth day. So far, it has failed, but bullish candles are fixed for the third day in a row. Litecoin is also showing positive momentum, although, like Bitcoin, it is under pressure from expected payments to Mt. Gox creditors.
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