The Strongest day in Altcoins Signal a New Crypto bull market
|Bitcoin SV (+80%) signaled the way to the rest of the altcoins and tokens in a day with strong advances in almost all the crypto sector. DASH(+52.35%), Bitcoin Cash (+18.2%), EOS(+13.21%), Tron (+12.23%) were among the strongest in a day where Bitcoin (+2.21%) lost two points of dominance. The Ethereum token sector, although moving up, it was relatively less brilliant. The best performers among the top capitalized were LINK (+10.6%), OMG(+11.93%) , REP(+11.98%) and BAT(+13-34%).
Fig 1 - 24H Crypto Sector Heat Map
The market cap of the crypto sector moved up by 9.45% and currently is $239.054 billion. That was done with %80.575 billion traded volume in the last 24 hours, 203.5% volume increase that potentially shows the kickoff of the 2020 alt season. Although Bitcoin went up with the rest of the sector, it did not move as bullishly as the rest of the sector, so, it lost over two points of dominance, which now sits at 65.98%
Fig 2 - 24H Crypto Market Cap and Traded Volume
Hot News
Craig Write registered a notice of compliance to the US District Court of Southern Florida with the addresses he claims has the private keys to 1.1 million BTC he mined together with the late Dave Kleiman.
US Securities and Exchange Commission published a warning letter on Jan 14 asking citizens caution with initial coin offerings (iEOS).
“Be cautious if considering an investment in an IEO. Claims of new technologies and financial products, such as those associated with digital asset offerings, and claims that IEOs are vetted by trading platforms, can be used improperly to entice investors with the false promise of high returns in a new investment space." (source: SEC)
Grayscale Investments, one of the leading companies with crypto assets and bitcoin exposure, announced it would resume its private share sales. The company periodically offers those shares, which are now again available to accredited investors.
Technical Analysis - Bitcoin
Chart 1 - Bitcoin 4H Chart
Bitcoin had quite a good day on Tuesday, although it lagged the overall market. BTCUSD moved up from about $8500 to touch $8,860, 4.24% move that drove the price near its +3SD line. Currently, it is retracing 61.8% of this movement, and the price moves near the +1SD line, and out of the overbought region. It is likely the price continues in a sideways action to meet it Bollinger mid-line, as this action is usual. The overall outlook is bullish. The critical level to hold is $8,445.
|
SUPPORT |
PIVOT POINT |
RESISTANCE |
|
8,445 |
8,560 |
8,860 |
|
8,200 |
9,034 |
|
|
8,000 |
9,300 |
Ripple
Chart 2 - Ripple 4H Chart
Ripple had a perfect day. Its price moved up to touch $0.245, where it bounced off. Currently, it is retracing and getting out of the oversold region. The price action is still strong and moving above the +1SD line with the MACD also bullish. The level to hold is $0.225, and its next target should be $0.25.
|
SUPPORT |
PIVOT POINT |
RESISTANCE |
|
0.2250 |
0.2290 |
0.2400 |
|
0.2100 |
0.2500 |
|
|
0.2000 |
0.2660 |
Ethereum
Chart 3 - Ethereum 4H Chart
Ethereum moved sharply on Tuesday, its price reaching the $170 level, to, then, being rejected. That is normal, as the price was ascending following the +3SD line, which shows the strong bullish momentum. But momentum ends, and the price became too overextended. That is what is currently happening. The price is getting out of the overbought region and now moves close to its +1SD line, something usual during uptrends. The key level to keep is %155. The next targets for ETH are the breach of $170 and, next, $177.
|
SUPPORT |
PIVOT POINT |
RESISTANCE |
|
155.00 |
159.00 |
170.00 |
|
148.00 |
177.00 |
|
|
141.00 |
186.00 |
Litecoin
Chart 4 - Litecoin 4H Chart
Litecoin also had a great day, its price breaking several resistance levels and moving from $49.5 to $60, a 20% jump in price. Right now, the price is getting out of the oversold levels, as it is happening with the other crypto assets analyzed today, but LTC is moving firmly up, and with volume, so we still expect the price will seek the highs made in November ($67). the level that must be maintained is $55, whereas the short-term targets are located at $62.5 and $ 64.5.
|
SUPPORT |
PIVOT POINT |
RESISTANCE |
|
53.00 |
56.00 |
60.00 |
|
51.50 |
62.50 |
|
|
48.00 |
64.60 |
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