Bitcoin Finding Resistance, Litecoin Rocketing up!
|In the last 24 hours, the crypto sector had another push to new highs, and Bitcoin (-0.31%) moved slightly above to $9,500 but failed to hold and lost all its gains. Litecoin(+7.8%), though, was pushed as high as $70, although currently is retracing. Also Bullish was Ethereum (+3.3%), EOS(+2.06%), and Ripple (+1.5%).
Many Ethereum tokens also moved bullishly. MRK(ç+6.76%) and LINK (+3%) are the best performers among the top capitalized.
Fig 1 - 24H Crypto Heat Map
The market capitalization of the crypto sector is close to 1 percent above its value 24 hours before, although that is due to the Asian Session pullback. Currently, the market cap is $258.6 billion. The traded volume continues to be high at $51 billion, moving 11% over the previous value.
Fig 2 - 24H Crypto Market Cap and Traded Volume
Hot News
According to a piece of news by Ambcrypto.com under the new cryptography law, Bitcoin and Ethereum don't meet the requisites. The new law, mentions that the RSA encryption that blockchains should use must include China's national standards SM1, SM2, SM3, and SM4, which BTC and ETH do nor meet.
The National Bank of Cambodia is going to launch a digital payments network this quarter, according to a Cointelegraph article. The director-general of the National Bank of Cambodia, CheaSerey, announced that the system would be operational within the present fiscal quarter
"Bakong will play a central role in bringing all players in the payment space in Cambodia under the same platform, making it easy for end-users to pay each other regardless of the institutions they bank with." (Source: contelegraph.com)
Technical Analysis - Bitcoin
Chart 1- Bitcoin 4H Chart
Bitcoin's price has been rejected after touching the $9,550 level. The price has created an Evening Star figure and is retracing to its $9,300 support, although with a small volume. The price still is on the upper side of the Bollinger bands, so we need to see if the $9,240 support holds. The MACD still signals a corrective phase; thus, it is no surprise the price action wanders and retraces.
|
SUPPORT |
PIVOT POINT |
RESISTANCE |
|
9,240 |
9,396 |
9,550 |
|
8,970 |
9,665 |
|
|
8,760 |
9,820 |
Ripple
Chart 2 - Ripple 4H Chart
Ripple made an ascending movement that created a new higher high in its upward leg. Its price was rejected at $0.2465 and is headed to test the $0.24 level. On the technical side, XRP's bias is still bullish, since its price is moving near the +1SD line and above its 20,50 and 200-period SMA. Again, the critical level is $0.24.
|
SUPPORT |
PIVOT POINT |
RESISTANCE |
|
0.2330 |
0.2400 |
0.2500 |
|
0.2300 |
0.2560 |
|
|
0.2250 |
0.2600 |
Ethereum
Chart 3 - Ethereum 4H Chart
Etherum was very bullish yesterday; its price went from $172 to close to $188. Currently, it is retracing the last candle, although it is a healthy movement, as its price was too overbought. The action moved to near the +1SD Bollinger line and is trying to consolidate its gains above $180. The MACD is also in a bullish phase. Thus, we consider this a consolidation before attempting to assault the $190 zone.
|
SUPPORT |
PIVOT POINT |
RESISTANCE |
|
179.00 |
180.00 |
187.00 |
|
174.00 |
190.00 |
|
|
169.00 |
195.00 |
Litecoin
Chart 4 - Litecoin
Litecoin had a very sharp movement yesterday, moving from $58 to $70, a 20 percent movement amid news of the LTC community raising funds to push thee WimbleWimble implementation. WimbleWimbleis an obfuscation protocol to make transactions less transparent and enhance privacy.
Technically, the price seems very bullish, although a bit overextended. We think it will take some hours to settle before trying to push above $70, but currently, this asset is hot so that it wouldn't surprise me another leg up.
|
SUPPORT |
PIVOT POINT |
RESISTANCE |
|
64.50 |
67.00 |
70.00 |
|
62.50 |
72.50 |
|
|
60.00 |
77.00 |
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.