Bitcoin, Ethereum and Ripple Price Analysis: Market survives Bithumb hack
|- Bithumb, one of the most prominent Crypto Exchanges in the world, has been hacked and lost 31$ millions in users coins. The company board announced the refund of all the stolen tokens.
- The hack has had direct impact in markets, with sells across the board but limited impact in technical scenarios, at least for now.
Bithumb, one of the biggest exchanges in the Crypto sphere, has been hacked. This is another blow to the user´s confidence in the Crypto Industry, which has an immediate impact on prices. Crypto investors don´t want to accept that potential profits are always linked to risk, and this includes the possibility of suffering a hack attack. In other markets, theoretically well-regulated and supervised, small investors are permanently under the danger of being plundered by the arbitrary decision of the large shareholders. Moreover, nobody got them back their money, while in this case a Bithumb speaker immediately announced that the company would refund all the stolen coins.
The investors have some options to protect their assets in software or hardware cold storage systems, as we have explained at FXStreet.com in the first article of an educational guide series written by our analyst Yohay Elam.
BTC/USD 240 Min
The BTC/USD lost the EMA50 level conquered yesterday. But more than this step back in price taken across the Crypto board, the key factor to take into account should be the midterm lack of confidence that this long list of bad news could lead us into.
Going to the technicals, Bitcoin trades around $6,634 after touching the support by price congestion at $6,560. Below this level, the $6,400 is the latest opportunity for the bulls, as below this point nothing positive to them could happen.
On the upper side, the first target to take back the exponential average and if possible, a fast forward movement above $6,850 to send a strong signal to the market. At the $7,000 level the SMA100 awaits. That will be the critical test of the real market sentiment.
The MACD at 240 Minutes is moving consistently above the zero line, adding upside weight to the coming days. Now, it seems that the fast average could cross downward the slowest, but statistically that was a level confirmation pattern.
The Directional Movement Index at 240 Min shows us that the sellers' activity indicator (D+) grew following the bad news and now it is tied to the buyers' activity indicator (D-). Once we get the tie-breaker, we will have more info.
ETH/USD 240 Min
The ETH/USD moved upwards yesterday, reached the SMA100 and then had a small retracement. After testing the EMA50, it has ignored the congestion price level at $520 and Ethereum is moving up in the mid-European session time.
Today, the SMA100 trades slightly above the $540 and this is the real target for the day. Any move higher would be impressive, but anything lower will send a weak message that the markets will not ignore.
The MACD at 240 Minutes is moving consistently above the zero line, adding upside potential to the coming days. Now, it seems that the fast average could cross downward the slowest, but statistically that was a level confirmation pattern.
The Directional Movement Index at 240 shows us that the buyers still have the advantage over the sellers, which slightly reacted to the bad news and moved under the ADX line, while the buyers still are moving above it.
XRP/USD 240 Min
The XRP/USD continues in its particular setting. The bullish day came and went and Ripples did not profit enough, losing the opportunity to conquer the EMA50 that was surpassed for a couple of hours. Today, Ripple has traded down to the $0,52 level, where it has stopped waiting for news to lead the price.
If XRP/USD moves down, the first target is at $0,505, followed down by some weak support levels until the final edge at $0,45.
On the upper side, the EMA50 line, also a price congestion midterm line, trades at the $0,55 price level, which is the first target. Above this level, the XRP/USD needs to keep pushing up and try to get to the $0,582 price level.
The MACD at 240 Min in Ripple differs from the other assets analyzed because it is moving below the zero line. This exception adds uncertainty and a gloomy atmosphere to the Ripple universe.
The Directional Movement Index at 240 Min shows us that the sellers' activity indicator (D+) went up following the bad news and now it is tied to the buyers' activity indicator (D-). Only the tie-breaker will give us more info.
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