Digital assets have been bullish over the weekend, with total market capitalization moving back above US$200 billion [AU$314 billion] and holding those gains.
Around $6 billion has been added to crypto markets since Friday, with total cap hitting an intraday high of $210 billion during Sunday trading, April 19.
As trading begins in Asia this morning, things are holding steady and consolidation at this level is starting to occur.
According to TradingView, Bitcoin topped out at $7,300 but was unable to make any progress above this level and has retreated to around $7,180 where it was trading at the time of writing.
Monthly resistance is around $7,400, so it must break this in order to form a new high and make gains on $8,000 before the halving.
Analysts have identified a cup-and-handle pattern, which is a bullish continuation that appears to have happened with some of the altcoins already.
$BTC forming a cup and handle bullish continuation pattern. Lagging behind others but don't be surprised when this plays out. Already have seen the continuation patterns on $ETH $ZEC $LINK $XTZ and many more. pic.twitter.com/DScZiL8b4p
— IncomeSharks (@IncomeSharks) April 19, 2020
Ethereum, which has had a solid weekend, has also held on to most of those gains as it begins to consolidate around $185 today.
Most of the other altcoins have corrected slightly, and red is dominating the crypto cap charts. Bitcoin Cash and BSV are the biggest losers, with around 3% dropped from each.
Zcash is having a good run at the moment, with 11% added on the day, while MaidSafeCoin appears to have gone into a pump-and-dump pattern.
Image courtesy of gasostO/Pixabay