Cryptopause

In the last 24 hours, Bitcoin and most cryptos were digesting the gains of the past two days. Bitcoin (-0.96%), Ethereum (-0.95%) and Ripple (-1%) are moving to their consensus price, but investors still had money to buy ATOM (+7.2%), XTZ (+6.9%), DASH (+6-1%) or ALGO(+22%), the best mover of all. In the Crypto token sector, there is a mix of mild red and green, but there were some big movers, such as JWL (+11%), Lambda (+25.6%), Elutium (+22.33%), Linkey (+24%), or Yuan Chain Coin (+20%).

Fig 1 - 24H Crypto Heat Map

The Market Capitalization of the crypto sector is almost unchanged during the last 24 hours. Currently, this figure is $203.832 Billion (-0.36%), while the traded volume dropped 31% to $24.96 Billion. The Bitcoin dominance descended slightly to 66.21%.

 

Hot News

The Cardano Foundation has launched AdaPay. Ada Pay allows stores and sites to accept ADA payments with almost-instant settlements in 35 fiat currencies.

According to Handelsblatt, a German newspaper, German banks, and other financial institutions would be able to buy, sell, and custody Bitcoin and other digital assets, as the German Bundestag is passing a piece of law that would implement the EU Money Laundering directive in which financial institutions could freely handle digital assets. Currently, it is banned by law.

US Fed is seriously considering the idea of a Digital Dollar, according to a piece of news by Cointelegraph, to counter the recent movements of the People's Bank of China. But a Central Bank issued digital currency faces some challenges. One of them is the loss of anonymity. Mr. Powell states it quite well:

"If it is designed to be financially transparent and provide safeguards against illicit activity, a general-purpose CBDC could conceivably require the Federal Reserve to keep running record of all payments data using the digital currency." (source: Cointelegraph.com)

 

Technical Analysis - Bitcoin

Chart 1 - Bitcoin 4H Chart

Bitcoin is moving sideways and now is close to its +1SD Bollinger line. The price has been bouncing between $7400 and $7,700 level on diminishing volume. All indicators are still bullish, so the most probable movement is for a continuation of the trend, with a target at $8,000. A break below $7,390 would probably trigger more buys, as this is a support zone.

SUPPORT	PIVOT POINT	RESISTANCE
7,390	7,490	7,700
7,300		7,890
7,200		8,045

 

Ripple

Chart 2 - Ripple 4H Chart

Ripple is almost unchanged from yesterday. Therefore all indicators, outlook, and levels are similar. The price resistance to overcome is still 0.231 while it is finding support in the mid-Bollinger line. XRP's perspective is still positive since the price moves close to the +1SD line, and the MACD is bullish. If the $0.23 is crossed, the next probable target is the $0.245 and the $0.25 level.

SUPPORT	PIVOT POINT	RESISTANCE
0.216	0.223	0.231
0.206		0.24
0.2		0.25

 

Ethereum

Chart 3 - Ethereum 4H Chart

Ethereum moved sideways as profit-taking activity has kept it from advancing above $156. The price has now crossed its 50-period SMA, which is good for buyers, and continue moving close to the +1SD line. The levels to observe and keep are the same as yesterday's levels. $156 is the resistance to break on its path to $170, while $150 is its nearest support. The overall outlook is bullish.

SUPPORT	PIVOT POINT	RESISTANCE
145	150	156
140		160
132		165

 

Litecoin

Litecoin moves sideways and above $47.6 level, although buyers seem weaker at this point. The price moves in the upper side of the Bollinger bands, and the MACD is positive, but we need to see some impulsive action to the upside to keep believing in the continuation of the upward trend. The levels to watch are $49 to the upside and $47 to the downside.

SUPPORT	PIVOT POINT	RESISTANCE
45.7	47.2	49
44		51
42.7		53

 

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