Cryptocurrencies Mildly Positive to hit resistance levels
|In the last 24 hours, cryptocurrencies were drifting, and trading was thin. After a failed attempt to dump the sector at 18:30, buyers came in and aborted it, driving the price of Bitcoin (+1.35%) 300 points up. Ethereum Classic (+8%) and Bitcoin SV (+7.6%) continue leading the advances, followed by Binance coin (+5.47%). In the Ethereum Token section, HEDG (+4.3%) continues its advances. SNX(+6.8%), OMG(+6.67%), THETA (+7.14%) NEXO(+6.3%) are among the best top performers. Whereas, GNT(+24%), LPT (+37.7%) and WPR(+74%) lead the advances.
The market capitalization of the sector went up 1.3%, to $243.337 billion. That was accomplished on a traded volume of $29.566 billion (-14.15%). The dominance of Bitcoin descended slightly and is currently 65.63%.
Hot News
US congress is going to discuss a bill that will make it easier for people to pay using bitcoin. The proposal called the Virtual Currency Fairness Act of 2020, which was introduced on Thursday proposes a tax exemption on transactions under $600.
Bitfinex has added a feature on its trading platform, which allows creating up to 100 linked accounts to one master account. That feature was demanded by institutional traders. It can also be used to deploy multiple strategies. "A trading fund can divide trading accounts between different traders, and reconcile profit and loss across each trading account" (source: The Block).
Investment firms Goldman Sachs and Blackrock are in talks with major China banks backing blockchain technology: According to a report published by dailyhodl.com Goldman Sachs is seeking to acquire 51% stake in a joint venture with Industrial Commercial Bank of China (ICBC), whereas Blackrock is in negotiations with Singapore Temasek Holdings Pte. to create a joint wealth management firm with state-owned China Construction Bank.
Technical Analysis - Bitcoin
Bitcoin is suffering from heavy selling pressure near $8,000. After the large upward candle made yesterday, the asset tried to break the $8,000 barrier, but, so far, the price has been rejected. On the technical side, we see the MACD has made a bullish crossover, and the price is slightly above the mean-line of the Bollinger bands, and touching its 50-period SMA. The close above $8.8K is vital for the buyers who seek BTC to climb to the 9k area. The outlook is still bullish, but a failure to break above $8800 would create more downward pressure.
|
Support |
Pivot Point |
Resistance |
|
8,560 |
8,670
|
8,760 |
|
8,380 |
8,860 |
|
|
8,200 |
9,000 |
Ripple
Ripple is moving mildly up, although it is facing stiff resistance at $0.24. On the technical side, the price is moving un the upper Bollinger channel and above its 50-period SMA, which acts as an ascending trendline. Also, the MACD has transitioned to a bullish phase. Thus, the bias is positive, but the same we said for the Bitcoin applies here. The price needs to break the $24 barrier to give steam to the buying side. If that is not accomplished, the selling pressure will win the battle.
|
Support |
Pivot Point |
Resistance |
|
0.2300 |
0.2340
|
0.2400 |
|
0.2250 |
0.2470 |
|
|
0.2200 |
0.2540 |
Ethereum
Ethereum continued moving mildly up after its price bounced back from its 50-period SMA on Tuesday. Currently, the price moves in the upper Bollinger band channel, and the MACD started a bullish phase. The only cloud in this bright horizon is the $170 key resistance level. Therefore, the key levels to watch are $170 to the upside and $164.7 to the downside.
|
Support |
Pivot Point |
Resistance |
|
164.7 |
167.5
|
170 |
|
162 |
173.5 |
|
|
159 |
177 |
Litecoin
Litecoin is behaving slightly more positive than the rest discussed here. The price managed to make a close above $53.3 and is trying to move forward to test its $60 key level. The price is moving near the +1SD line, and the MACD is also bullish. Thus, if the rest of the sector holds, we see LTC seeking to test the highs made on Jan 17.
|
Support |
Pivot Point |
Resistance |
|
55.9 |
57.1
|
58.6 |
|
53.9 |
60 |
|
|
51.5 |
62.5 |
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