Bitcoin and Cryptocurrencies look for new strength to go further up
Bitcoin (+0.21%) and altcoins are still moving in a tight range, unable to acquire further gains. Among the top cryptos, Ripple (-1.98%), and Tezos(-3.1%) move with the most bearishness, whereas Bitcoin SV gains 1.3% and Litecoin 1%. Among the Ethereum tokens, HEDG(+4%), KCS(+8%), FTT*(+11%), and LINA (+20%) are among the best performers, whereas, SEELE (-6.7%), XIN(-9.7%), and VEST(-26%) were moving heavily in the red.
The market capitalization dropped by 2.56% in the last 24 hours and currently sits at $189.392 billion. Also, the traded volume decreased by 42%, moving to $25.13 billion. Meanwhile, Bitcoin dominance continues at $68.3.
Hot News
Binance Malta has launched a BCH/USDT product with 1 to 75x leverage on its Futures trading platform. This platform allows its users to trade BTC with up to 125x leverage. According to Binance, it also invested in Futures Upstart FTX as a strategic partnership between both firms.
British hacker, Nathan Wyatt, an alleged member of The Dark Overlord, hacker group was extradited to the US. The group, among other crimes, stole data from several Missouri companies and had demanded a bitcoin ransom.
Technical Analysis
Bitcoin
Bitcoin continues in the same situation as it was yesterday. The price is near the +1SD line and above the $7,100 support, but unable to break the $7,200 resistance. If this situation holds for too long, and today being Friday, it could be a dangerous situation for the price action, as buyers would unload their positions to protect their gains during the weekend. The father of the cryptocurrencies needs to break $7,200 convincingly, and then $7,290 to confirm the new acquired trend.
Ripple
Ripple continue retracing, but its Bollinger bands are shrinking and seem to start to turn. XRP's price is held by a support near the $1.186 level. The action is still happening on the lower side of the Bands, so the price still descended. The levels to observe are 0.186 and 0.19. If the price moves above the former, we could think about a new upward leg. If the 0.186 breaks, we see a revisit to the $0.18 level and beyond.
Ethereum
Ethereum is in a consolidation between $126 and $129. The price moves following the Bollinger Band's mean line, and the bands are turning to a horizontal position. This is good for the asset since it means the selling pressure is not strong enough to push the prices down. To see a new leg up, the price must pierce through $129 and move in the upper side of the band, preferably above the +1SD line. In our experience, the best upward trends happen when the price moves in a channel between the +1SD line and the +3SD line.
Litecoin
Litecoin is moving in a range between $39.4 and $40.4 The price moves now above its Bollinger mean line, and it seems expecting the right push to continue moving up. To accomplish it, the asset needs to break the $40 level. The outlook for LTC is slightly bullish.
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
