Bitcoin and Altcoins Continue Up with a Positive Mood
The past weekend was positive for cryptocurrencies. Today, most of the digital assets are well in the green, with Bitcoin Cash (+7%), Monero (+8%), Dash(+9.4%), and DogeCoin (+16%) being the best performers. Whereas, Atom drops 6 percent. Among the Ethereum coins, CEL(+5.5$), MOF (+13.7%), and QTN (+18.89%) are moving with strength, though, among this bullishness, SNX drops a significative 6.14%.
With the last push up, the market cap of the sector went above the $202 billion (+2.7%), with a traded volume in the previous 24H of $26 billion (+18.71%). Finally, Bitcoin dominance is currently 67.81%.
Hot News
China's central bank, the People's Bank of China, announces that its digital currency is "progressing smoothly." This statement was given during its annual work conference held last week in Beijing.
According to news outlet ambcrypto.com, the Qatar Financial Centre Regulatory Authority has forbidden cryptocurrency trading and "anything of value that acts as a substitute for currency, that can be digitally traded or transferred and can be used for payment or investment purposes."
Former Barclays executive, Mark Hipperson. has revealed plans for the first Regulated UK's crypto bank in 2020. The new bank, called Ziglu, would allow its customers to spend their digital assets using a MasterCard debit card with instant crypto-to-fiat conversion.
Technical Analysis - Bitcoin
Bitcoin 4H Chart
Bitcoin has continued its upward move this weekend, and now it seems the price broke above the $7525 resistance level, which also meant it broke the descending trendline, which was guiding the persistent bearish action during the second half of 2019. A break of the $7,680 resistance level would confirm a higher high. What is evident is that the bullish leg still has room to go, as the price moves guided by the +1SD line of a Bollinger Band, which is pointing upwards, and the MACD is in the positive territory and still not in the oversold region.
|
SUPPORT |
PIVOT POINT |
RESISTANCE |
|
7,300 |
7,400 |
7,525 |
|
7,200 |
7,590 | |
|
7,125 |
7,680 |
Ripple
Ripple 4H Chart
Ripple is following the general market trend and has moved with strength. Its last candle has pierced through the $0.20 level with decision. Thus, it seems that the range made by this asset since Dec 18, 2019, has been broken. The potential targets for this movement are 0.214 and 0.22.
|
SUPPORT |
PIVOT POINT |
RESISTANCE |
|
0.1920 |
0.1950 |
0.2000 |
|
0.1900 |
0.2650 | |
|
0.1860 |
0.2140 |
Ethereum
Ethereum 4H chart
Ethereum's move up is provisionally halted by its $140.8 resistance. The price keeps moving above its +1SD line, and the MACD is also bullish. It is likely the price makes a consolidation figure before proceed to gain new levels. The next targets are $144 and $150-152.
|
SUPPORT |
PIVOT POINT |
RESISTANCE |
|
132.00 |
135.00 |
140.80 |
|
128.60 |
144.00 | |
|
125.70 |
148.00 |
Litecoin
Litecoin 4H Chart
Litecoin has been breaking resistance levels and now is testing the $45 level, and making a new higher high. MACD is moving up and in positive territory, but Its price has moved beyond the +1SD line, so it is a bit overextended. It seems it will need a period of consolidation before moving further up. Its next target is $45.5.
|
SUPPORT |
PIVOT POINT |
RESISTANCE |
|
42.25 |
43.30 |
45.00 |
|
41.00 |
46.60 | |
|
40.00 |
49.00 |
Author
EagleFX Team
EagleFX
EagleFX Team is an international group of market analysts with skills in fundamental and technical analysis, applying several methods to assess the state and likelihood of price movements on Forex, Commodities, Indices, Metals and
