Cryptocurrencies Retracing, after Prolonged Uptrend
|Cryptocurrencies gave out part of the gains acquired in the week, as Bitcoin (-2.45%) was unable to break above $10,500. The worst performers are Bitcoin SV (-6.75%), Ethereum classic (-6.99%), Iota (-7.6%) and Algorand(-11.57%).
Most Ethereum tokens are also retracing, including LINK (-2.19%), LEO(-3.94%) and REP (-8.62%). Among this selling mood, there were also excellent performers, such as THETA(+11.73%), CENNZ(+14.42%) ELF(+14.28%), and CHZ(+16.18%).
The market capitalization of the crypto sector receded to $299.637 billion, 1.33 percent less, and the traded volume in the last 24 hours went to $76.980 billion, 11.9 percent above yesterday's figure. Finally, Bitcoin's market dominance is currently 62%.
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Technical Analysis: Bitcoin
Bitcoin is still showing selling pressure, its price moving in a support area, but the last candlestick is pushing the price near the edge of a downside breakout. The price is moving to the lower Bollinger band, as the MACD signal mode bearishness. The level to watch is $10,068. If BTC moves below it, the next target is $9870 and $9,730.
Support |
Pivot Point |
Resistance |
10,068 |
10,280
|
10,465 |
9,870 |
10,650 |
|
9,730 |
10,800 |
Ripple
After a selling spike made on Thursday, Ripple made another unsuccessful attempt to move above $0.335. Now it has created another large bearish candle close to the $0.313 level, and the MACD made a Bearish transition. Thus, we think XRP is going to endure more consolidartion after its large upward movement. The primary trend continues being bullish, and the present action is just a healthy consolidation to move the price out of the overbought condition.
Support |
Pivot Point |
Resistance |
0.3130 |
0.3220
|
0.3350 |
0.3000 |
0.3450 |
|
0.2900 |
0.3600 |
Ethereum
Ethereum is doing a healthy consolidation of the recent gains. In fact, its retracement has been relatively short compared to the large profits acquired in a few days. The price is moving in the range between $262 and $275 and is approaching the Bollinger Band mean line, although, on a daily chart, the price shows still a strong overbought condition. The primary upward trend is in a very healthy condition; thus, long-term investors may apply the "buy the dip" motto.
Support |
Pivot Point |
Resistance |
259 |
268
|
275 |
255 |
290 |
|
249 |
300 |
Litecoin
Litecoin continues moving in a horizontal range between $78.4 and $81.5, still in the upper Bollinger band. The MACD is in a bearish phase, which just states the corrective nature of the current movement. The primary trend is still up, since all technical indicators, except for the MACD, points to that conclusion. The levels to keep are $78.4 and $81.5, as these mark the range limits.
Support |
Pivot Point |
Resistance |
78.4 |
81.5
|
84 |
75.7 |
86 |
|
73 |
88 |
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