Bitcoin, Altcoins not finding buyers
|In the last 24H Bitcoin (+0.67%) and most cryptocurrencies are moving in a range, its buyers not strong enough to push prices up. Therefore, most of them are consolidating with close to zero net gains in the last 24 hours, after a weekend of losses. The most bullish among the top digital currencies is Bitcoin Cash (+1.39%). Ravencoin (+8.34%) and WaykiChain (+13.6%) were the best performers. Among the Ethereum tokens, HT (+6%), MRK (+7.5%), DGD(+17%), MATIC(+17.15%), and SNK(+21.7%) were moving with strength.
Fig 1 - 24H Crypto Heat Map
The present market capitalization is $199.737 billion, 1.3 billion over yesterday's figure, while the volume traded in the last 24 hours descended to $23.3 billion (-13.94%). Finally, the dominance of the bitcoin dropped slightly to 65.95%.
Fig 2 - 24H Crypto Market Capitalization and Traded Volume
Hot News
Sri Lanka's Central Bank uses crypto-based KYC processes, as revealed by an article by embcryto.com today. They stated their main goals with the use of this technology to "further advance Sri Lanka's financial sector" and "increase financial inclusion in Sri Lanka."
Virgil Griffith, an Ethereum researcher, was detained in Los Angeles last week for violating the International Emergency Economic Powers Act ("IEEPA") when he traveled to North Korea to attend a blockchain conference" to teach his audience how to use blockchain technology to evade sanctions." His presentation was titled "Blockchain and Peace." Griffith was released by the judge today, pending trial.
"We are very pleased that today the judge found that Virgil should be released from jail pending trial. We dispute the untested allegations in the criminal complaint. Virgil looks forward to his day in court when the full story can come out." (Source: coindesk.com)
CME and BAKKT are both close to launch their BTC option products. The Chicago Mercantile Exchange has released the details of its BTC options contract. The asset will have the size of one BTC Future, exercising on all months, and a $25 value per tick. The strike intervals will be of 1,000 and 10,000 points.
Bakkt, on the other hand, will release its own Options product on Monday next week.
Technical Analysis - Bitcoin
Chart 1 - Bitcoin 4H Chart
Bitcoin is creating a sideways channel that is consistent with further drops. The price broke the upward trendline yesterday, and now the price is fighting with the neckline of the inverted H&S pattern, which is placed at about $7,300.
From the trading action, we see that there is no bullish conviction, and the upward candles are faded quickly. The MACD indicator is the only hint of a potential upside movement, as it is creating a bullish crossover.
The levels to keep are $7,160 for a downside move and $7,460 for an unlikely upside movement.
|
SUPPORT |
PIVOT POINT |
RESISTANCE |
|
7,160 |
7,300 |
7,460 |
|
7,000 |
7,570 |
|
|
6,890 |
7,700 |
Ripple
Chart 2 - Ripple 4H Chart
Ripple is still moving inside a tight channel between 0.22 and o.2266. The asset doesn't have the strength to move to the upper side of the channel, but the $0.22 is holding on tiny volume as if waiting for something to happen. Traders need to wait for volume and volatility. Buyers would like XRP to close above 0.2266, while sellers should wait for a drop below 0.22 with high volume. If that happens, ETH potential target is a test of the $0.2 level.
|
SUPPORT |
PIVOT POINT |
RESISTANCE |
|
0.2170 |
0.2220 |
0.2266 |
|
0.2133 |
0.2310 |
|
|
0.2080 |
0.2340 |
Ethereum
Chart 3 - Ethereum 4H Chart
Ehtereum is moving, like the rest of the top cryptos, inside a horizontal channel and decreasing volume. In this case, the levels to keep watching are $146 and $151, but the most crucial hint will be a sharp rais in volume accompanying the price action.
As with BTC, the MACD hints for a bullish continuation.
|
SUPPORT |
PIVOT POINT |
RESISTANCE |
|
146.70 |
149.00 |
151.00 |
|
144.50 |
154.00 |
|
|
142.00 |
156.00 |
Litecoin
Chart 4 - Litecoin 4H Chart
After making lower lows and lower highs, Litecoin is sitting in a tight range between $45.4 and $46.7. This time, the MACD is not hinting a bullish crossover, but the last bullish candlestick shows a much higher volume than the next fading candle. On the other hand, the price still is moving below the -1SD line, and the Bollinger band points southwards. Therefore we keep our bearish outlook on this one.
|
SUPPORT |
PIVOT POINT |
RESISTANCE |
|
45.40 |
46.25 |
46.70 |
|
44.50 |
47.50 |
|
|
43.30 |
48.00 |
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