Cryptocurrencies advance as Bitcoin was rejected at the $7.200 level
|Cryptocurrencies continue advancing, although investors are still nervous, so sales trigger every time a long bullish candlestick appears. That's what has happened with Bitcoin(+2.65%) when a large bullish candle on high volume drove its price close to $7,300. Sellers came in and pushed it back to $6,800, where it currently stands. The same has happened to Ethereum (+4.19%) and Ripple (+1.65%), all pushed back to their resistance levels.
Among the top capitalized, Bitcoin SV(+6.52%), Bitcoin Cash(+5.16%), and Monero(+6.51%) are the best performers. Our notable performance goes to EDC Blockchain(EDC) with a 74.58% raise.
In the Ethereum-based sector, MKR (+8,.86%) continues moving strong. SNX(+9.1%), QNT(+8.51%), and MB(+5.8%) also had a great day, although the token of the day goes to SXP with an 11.7% gain.
The market capitalization of the crypto sector went 2% up and now is valued at $189.434 billion that was achieved with 20% more volume, $45.193 billion in the last 24 hours. The dominance of Bitcoin continues stable at 65.42 percent.
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Technical Analysis - Bitcoin
Bitcoin is making a base around $6,800 after being rejected from the 7,280 area. The price still moves above its +1SD Bollinger line, and its MACD continues bullish, but the volume has dried up, and there is no strength to push it upwards. We still think the continuation will be to the upside, because, after the large candlestick that touched the $7,280 level was faded, creating a shooting star figure (and making an engulfing candle in the 1H and 2H timeframe), the price has been held at the $6,800 level instead of a continuation of the drops. That shows, buyers still have a say and that this upward leg has not ended.
|
Support |
Pivot Point |
Resistance |
|
6,180 |
6,550
|
6,800 |
|
5,850 |
7,400 |
|
|
5,500 |
7,700 |
Ethereum
Ethereum has made a large candle to $150 that was rejected, but the following candles have kept the same path. Thus, the upward leg is intact, and it will likely challenge the $150 level for a second time. All our technical indicators point to a bullish trend, and also, the Bollinger bands expanding confirm this direction.
|
Support |
Pivot Point |
Resistance |
|
123.00 |
129.00
|
135.00 |
|
110.00 |
142.00 |
|
|
100.00 |
150.00 |
Ripple
Ripple continues its slow ascent inside the, also, ascending wedge. The price has broken out above the upper line that was shaping a triangular formation and is now struggling to regain the $0.18 after it was rejected yesterday at the $0.187 level. We still see the overall sector moving up, and we estimate that Ripple will benefit from this bullishness and overcome the $0.18 resistance level to continue its path to $0.19 as its next target. Our technical levels remain the same.
|
Support |
Pivot Point |
Resistance |
|
0.1620 |
0.1700
|
0.1800 |
|
0.1500 |
0.1870 |
|
|
0.1400 |
0.1950 |
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