Bitcoin and Cryptocurrencies on a Second Retracing Day

The selling pressure is keeping cryptocurrencies down for its second consecutive session. Bitcoin (-1.85%) loses its $9800 level, and Ethereum below the $220 figure. The most bearish are NEO (+5.16%), Dogecoin(-6.2%) and Lisk(-18.2%). Against the main flow move Bitcoin SV (+2.55%) ALGO (+7.8%) and, notably, Waves(+18%). The selling pressure is also present in the Ethereum token section, MOF(-10.9%), and AION(-17.09%) among the worst performers. But there are excellent movers as well, among which are ENJ(+5.44%), BAT(+8.35%), SNX (+10.75%), and DX (+13.6%).

The crypto sector capitalization descended to $280.419 billion, 3.23 percent less than 24 hours before. The traded volume in the last 24 hours was $49.94 billion (+7.61%), and the dominance of Bitcoin fell to 63.47%.

Hot News

BTSE launched a "real-time" altcoin index: BBAX. BBAX aims to be an institutional-grade index and claimed the first to track a basket of altcoins across several exchanges. BBAX follows ETH, XRP, LTC, and EOS based in the order book data collected from eight exchanges: Binance, Bitfinex, Bitstamp, Bittrex, Gemini, Coinbase-Pro, Kraken, and BTSE.

The US-based Crypto custodian firm BitGo has expanded its market to Europe, by opening to offices in Switzerland and Germany. The Swiss-based BitGoGmBH is regulated by the Swiss FINMA, and in the case of the German-based firm, BitGo will apply for a license in that country.

The Italian securities regulator has shut down eight crypto-trading and foreign exchange websites, accused of violating the Mifid2 and the Consolidated Law2 on Finance, as they were providing illegal trading products.

Technical Analysis - Bitcoin

Bitcoin continues weak for its second day; its price is near breaking its $9,730 support. The price has shifted to the lower side of its Bollinger Bands and moves below its -1SD line, while the MACD continues in its bearish phase.  If the $9,730 level does not hold, the next support will be provided by its 50-period SMA at $9,660. The price above its 50-period SMA, which is pointing upwards, shows that the main trend continues to be bullish. Also, a break above $9,870 will signal a possible continuation of the upward trend.

Support	Pivot Point	Resistance
9,730	9,870	10,068
9,660	10,200
9,550	10,400

Ripple

Ripple continued descending following its -1SD Bollinger line. The price has crossed its 50-period SMA, which is not good for the long-term bullish trend; also, the MACD continues pointing south, signaling the bearish leg XRP is experiencing.

There is still no hint to a bullish reversal, but as long as $0.266 holds, we could see this movement as a sideways rectangular formation, which is mostly a continuation figure.

Support	Pivot Point	Resistance
0.2660	0.2740	0.2830
0.2600	0.2900
0.2500	0.2970

Ethereum

Ethereum is paying its strong bullishness of the past week by dropping towards the ascending channel. The price is now below its -1SD Bollinger line, which shows its current selling bias, and is near the upper line of that ascending channel. The $220 level has been provisionally breached, and if $217 does not hold, it is likely to continue towards its next support at $212, which also confluence with its 50-period SMA. Of course, a recovery above the $224 level would be perfect for the buyers.

Support	Pivot Point	Resistance
217	224	230
212	236
204	242

Litecoin

 Litecoin has descended to $73, erasing its last upward segment completely. The price now is moving in the confluence of the $73 support and its 50-period SMA. We see the MACD histogram showing some signs of an end of the retracement, but the overall sector is still short-term bearish, so we assign more value to the fact that LTC price moves below its -1SD Bollinger line. If $73 does not hold, the next level to visit will be $71.3.  A move above $75.25 would signal its next leg up.

Support	Pivot Point	Resistance
72	74.1	75.25
71.3	77
69	78.4

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