Bitcoin’s strong recovery puts cryptos in the bullish path
|After 24 hours of continuous descents, Bitcoin(+4.88%) had recovered the whole drop in a single bullish candlestick that recovered all the losses and made a new high. The upward movements were relatively similar on major cryptos and altcoins, with BCH (+3.69%), ETH (+3.45%), and EOS (+3.02%) being the closest to the BTC movement. GRS (-19.56%), after its galactic ascent of over seven thousand percent yesterday, there is no surprise that it is retracing part of the acquired gains, being the worst performer of the top-20 coins. HEDG (+7.22%) is leading the profits of the most capitalized Ethereum-based tokens, followed by LINK (+3.05%) and BAT(+2.86%). Today's notable mention should be awarded to ECOREAL, which is up +863 percent.
Fig 1 - 24H Crypto Sector Heat Map
The market cap of the crypto sector went up 2.83 percent, and now its value is $185.111 billion. The 24-hour traded volume also grew 28 percent and was $39.132 billion. Finally, the dominance of Bitcoin rose to 65.46 percent, almost an entire point.
Fig 2 - 24H Crypto Market Cap and Traded Volume
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Technical Analysis – Bitcoin
Chart 1 - Bitcoin 4H Chart
Bitcoin made a large bullish candlestick that engulfed the previous eight bearish candles, broke through the $6,550 level, and made a new high near $6,800. The price is now above the +1SD Bollinger line, and its MACD turned to bullish too. Finally, this movement has broken the horizontal wedge to the upside. This is what we were looking for in terms of a directional clue. Right now, the price is consolidating its gains, but this strong move will set the pace for today's and tomorrow's movement on BTC and the crypto sector.
|
SUPPORT |
PIVOT POINT |
RESISTANCE |
|
5,850 |
6,180 |
6,800 |
|
5,500 |
7,000 |
|
|
5,000 |
7,400 |
Ethereum
Chart 2 - Ethereum 4H Chart
Ethereum also made an engulfing candlestick that pierced through the $135 resistance level and the upper trendline of the horizontal wedge in which it was moving, creating, also, a new higher high. ETH's price moves now above the +1SD line and seems headed to test its next resistance level of $142.
|
SUPPORT |
PIVOT POINT |
RESISTANCE |
|
123.00 |
129.00 |
135.00 |
|
110.00 |
142.00 |
|
|
100.00 |
150.00 |
Ripple
Chart 3 - Ripple 4H Chart
Ripple has made a kind of morning star formation whose bullish candle pierced through the second-previous bearish candle's high and also crossed the upper descending trendline of the triangular structure slightly. The next current candle continues its upward move above the +1SD line and with a MACD making a bullish transition. Although XRP's move is not as convincing as on BTC and ETH, we estimate that XRP has a slightly upward bias, that may be helped by the overall market mood.
Its next resistance level is $0.18, but the current market action could drive it up to $0.19.
|
SUPPORT |
PIVOT POINT |
RESISTANCE |
|
0.1620 |
0.1700 |
0.1800 |
|
0.1500 |
0.1870 |
|
|
0.1400 |
0.1950 |
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