Bitcoin and altcoins: bounce or new leg Up?

Yesterday Bitcoin, Ethereum, and the rest of the coins continue descending but started to recover in the afternoon and created a credible bounce, especially on Ethereum (+6.74%), Bitcoin Cash (+5.98%), Dash(+7.09%) Tezos(+8.06%), and Bitcoin SV (+16.22%). The Ethereum tokens also followed the bounce, and the market leaders LINK (+6.39%), HEDG(+6.13%), ZRX(+7.84%), and BAT(+9.87%) with substantial gains, with a special mention to small-cap tokens moving actively among which are GNT (+17.9%), UBT(+19%), and ENJ(27.3%).

The market capitalization of the crypto sector increased by 1.37 percent, to 286.374 billion, and the volume traded in the last 24 hours was $67.5 billion, slightly below the previous cycle. Also, Bitcoin dominance descended somewhat and now is 62.25 percent.

Hot News

Craig Wright continues insisting that he is the "inventor" of Bitcoin and says he might take legal action against Bitcoin developers over infringement of his intellectual property. "As the sole creator of Bitcoin, I own full rights to the Bitcoin registry. People can fork my software and make alternative versions. But, they have no right to change the protocol using the underlying database." Craig Wright has not, so far, proved in court his claim to be the original Satoshi Nakamoto. In May 2019, Wright registered a copyright claim in the US for the original Bitcoin white paper and code. (source: Coindesk)

For its second time, decentralized finance lending protocol bZx has been exploited. The first attack ended up with 1193 ETH worth $298,000 lost. This time the estimated loss is 2,399 ETH or $642,932 at the current ETH valuation. These attacks may show that DeFi is still a field that needs development and rules to guarantee the safety of the funds in play.

Technical Analysis: Bitcoin

Bitcoin's price continued descending, momentarily piercing the bottom of the ascending channel. After some bottoming figures, the price is now showing signs of a trend change. Currently, the MACD made a bullish transition, but the price is still moving in the lower channel of Bollinger bands. A movement above $9,860 with strong volume would confirm the new leg up. A descent, below $9,730, would be followed by a retest of the $9,500 level.

Ripple

Ripple has bounced on the $0.27 level and moved above the $0.29 resistance. It created a bullish crossover in the MACD, but it is still in the lower channel of the Bollinger bands, this the price may still need some sideways action before gaining the strength to continue recovering its highs. A close above $0.3 would be excellent news for the bulls, as it would put it above its 50-period SMA again, and the price would start moving in the upper band. The upward trend is still valid, as the ascending trendline continues guiding the price.

Ethereum

Ethereum has bounced with strength from the $249 level and the upward trendline that guides the price action. The price is now at a resistance area between $263 and $275, showing signs of exhaustion. The MACD has made a bullish transition, and the BTC moves in the upper channel of the Bollinger bands. Thus, the bullish trend is healthy, but maybe we would see some consolidation before further upward movements. $ 263 is the level to hold.

Litecoin

Litecoin has bounced off from the $69 level and moved up, touching the $75.7 level, from which it is backing a bit. LTC is now in another consolidation area, and bulls and bears fight there to decide which side will win. A close above $75.7 is good news for the buy-side, a drop below $73 would mean more weakness ahead. The MACD made a bullish crossover, but the price still moves below the Bollinger mean line, and the Bollinger bands point south. Thus, the signs of the direction are mixed, so we need a confirmation of the it before trading it.

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