Bitcoin and Cryptos trying to create a Base
|This weekend Cryptocurrencies descended slightly, although the major digital assets created a base. Bitcoin(+0.88%) respected its 8.500 support. Ethereum(+0.43%) did the same and is trading above its $216 level, after several attempts to break it. Ripple (-0.4%), lost its $0.236 level but it held above $0.229 most of the time. The best performers of the weekend were Bitcoin SV, with a 3.5 percent advance and Ethereum Classic, which moved up to $8.01, or 4.7 percent.
The Ethereum-based tokens move mostly up, with Link (+4.36%), HT(+10.88%), REP (+8.64%) and, notably, KNC (+32.65%) being the best performers among the top capitalized. Whereas, HEDG(-8.44%), SNX(-11.6%), DX(-18.16%) and MOF(-37.97%) were hit hard.
The market cap of the digital sector descended to $245,505 billion. However, right now, it is 0.59 percent higher than 24 hours ago, while the volume in the last 24H was $40.359 billion, well below the $76 billion experienced on Friday, although it is growing in the last 24H. Finally, Bitcoin dominance is kept at 64.03 percent.
Hot News
JPMorgan published a report this week dealing with the issues digital assets face for mainstream adoption and also the viability of stablecoins and corporate coins such as Facebook's Libra. They note that libra-style stablecoins may fail during a short-term liquidity. They pointed out also that "A lack of short-term liquidity facilities, particularly those relatively insulated from market forces, introduces the risk that activity grows faster than the underlying base of currency can safely support." Thus, they think the regulatory compliance that would be required on stablecoins would be high. Source: JPMorgan Perspectives Report.
Technical analysis - Bitcoin
Bitcoin has tried to make a bottom this weekend. The price continues descending slightly but moved in a tight range between $8,800 and $8,500. The price today has made a bullish candle, after a couple of small bodies with lower wicks, in a kind of morning star reversal figure. Buyers are still weak, and BTC did still not managed to close above the mean-Bollinger line. The levels to observe are these two mentioned: $8,800 and $8,500.
|
Support |
Pivot Point |
Resistance |
|
8,525 |
8,600
|
8,800 |
|
8,300 |
8,990 |
|
|
8,100 |
9,150 |
Ethereum
Ethereum is also making a bottoming figure with $216 as the support level. The price is making a slightly descending triangular formation or pennant. The last three candlesticks were bullish but with higher shadows, which means sellers stepped in at the top of them. Also, the price still moves in the lower channel of the Bollinger Bands. A strong close above $225 would change its short-term outlook. A break below $216 would be a victory for sellers.
|
Support |
Pivot Point |
Resistance |
|
216.00 |
219.00
|
225.00 |
|
210.00 |
230.00 |
|
|
202.00 |
235.00 |
Ripple
Ripple has made a triangular bottoming figure. The last hours the price has been retracing the large candlestick that pierced through $0.229. The current situation is still bearish since the price still moves below the mid-Bollinger line. The levels of interest are $0.229 to the downside and $0.236 to the upside.
|
Support |
Pivot Point |
Resistance |
|
0.2230 |
0.2290
|
0.2360 |
|
0.2170 |
0.2400 |
|
|
0.2100 |
0.2460 |
Chainlink
Chainlink went up and almost touched the $4.4 level, to, then retrace and move towards $3.85, which supported it. In the last hours, Link made a bullish figure, and its price is trying to reach the higher channel of its Bollinger bands, while the MACD is close to making a bullish transition. We still think Link is bullish, and just dragged down by the current market mood.
|
Support |
Pivot Point |
Resistance |
|
3.85 |
3.95
|
4.15 |
|
3.65 |
4.40 |
|
|
3.37 |
4.69 |
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