Cryptocurrencies drifting near resistance
|Cryptocurrencies are backing off from resistance levels, as the selling pressure outweighs the weak buying activity. Bitcoin (-2.33%) leads the drops among the top players, followed by Bitcoin Cash(-1.37%) and Bitcoin SV(-1.7%) and Tezos(-1.26%). The Star of the day is Groestlcoin (GRS), which comes out of virtually no value to $10,99 in minutes, raising its market cap to $821 million. I the Ethereum-based token section, LINK(+3.4%) lead the advances among the top-cap, whereas HEDG(-7.1%) and REP(-5.4%) lead the losses.
The Market capitalization of the crypto sector descends slightly to $177.963 billion (-0.5%), 1,6 billion less than 24 hours ago. The traded volume in the last 24 hours also dropped to $29.5 billion, a 21 percent drop from its previous value. Finally, Bitcoin dominance dropped slightly to 64.71 percent.
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Technical Analysis: Bitcoin
Bitcoin id dropping to its $6,270 support, as the last move up on low volume hit the $6,550 resistance, where sellers started to exert downward pressure. The price motion seems to be drawing a horizontal wedge. We see also that with the recent action, the price made a lower high. That means BTC is beginning a new leg of weakness that could face a visit of the lowe side of the wedge, at $5850. The MACD is close to a bearish crossover, as the price moves to the lower side of the Bollinger bands. The key level to hold is 6,270. If the price is held above it, it may find new buyers. If it goes below it, it would confirm the new downward leg.
|
Support |
Pivot Point |
Resistance |
|
5,850 |
6,270
|
6,500 |
|
5,500 |
6,800 |
|
|
5,000 |
7,000 |
Ethereum
Ethereum's price is holding neat the upper side of the horizontal wedge and moves in a very tight range. Right now, there is no hint about the direction, as the volatility has dried up. Buyers need to see a close above $135 on higher volume, whereas sellers are looking for a large bearish candle with a close below $130.
|
Support |
Pivot Point |
Resistance |
|
123.00 |
130.00
|
135.00 |
|
110.00 |
142.00 |
|
|
100.00 |
150.00 |
Ripple
On Monday, Ripple made a good-looking bullish candle with low volume that has been fading after that. The trading activity is still inside a triangular formation that is inside of an ascending wedge. The last movements show that, currently, there is no direction and that traders should patiently wait for the market to show its next move. The key levels to keep an eye on are the same: $0.18 and $0.17.
|
Support |
Pivot Point |
Resistance |
|
0.1630 |
0.1700
|
0.1800 |
|
0.1500 |
0.1850 |
|
|
0.1400 |
0.1900 |
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