Bitcoin and Cryptocurrencies, still directionless

Cryptocurrencies are still an unresolved fight between buyers and sellers. On Sunday, the buyers pushed the prices up, with Bitcoin gaining over 300 points and reaching its 10K momentarily, and the rest of the major cryptocurrencies experimenting advances of over three percent.  Monday early morning, sellers came in and created a strong sell candle that pushed prices back and questioning the advances of the previous day.  Currently, the drop is average for BTC (-2.54%) and Ethereum(-3.17%). The worst performers are Tezos(-6.06%) and ATOM (-6.5%). Most of the Ethereum-based tokens are also experiencing drops, with Link (-5.55%), BAT (-6.29%) and OMG(-5.24%) dropping hard, but there were also gainers, such as HEDG(+4%), CENNZ(+5.13%), and POWR(+19.8%).

The current market cap of the crypto sector is $283.3 billion, which is 1.43 percent higher than 24 hours before, but about three percent lower than at the beginning of the day. The volume for the last 24H period is $46.49 billion, which is 31 percent higher than the previous 24h cycle. The dominance of Bitcoin remains stable at 62.69 percent.

Hot News

Japanese monetary authorities and the finance ministry leaders have had a series of meetings to assess the possible issuing of a Digital Yen in preparation for the Group of 20 meeting in Saudi Arabia that was held on Saturday 22 and Sunday 23. According to the information by the Japanesetimes, the BoJ has not begun any actual analysis on the matters regarding the creation of digital central-bank-issued currency. Still, BoJ Governor Mr. Haruhiko Kuroda said they want to be prepared from the legal and technical perspectives so they can move adequately when needed.

Technical Analysis - Bitcoin

Bitcoin still keeps moving inside a slightly descending wedge. Sellers stepped in after another attempt to move above the 10K level and pushed the price to the middle of the channel and slightly below its 50-period SMA. Currently, the action takes place above the $9,730 support level. If this holds, BTC may create a second leg up, as the upward guideline is still in place. The odds are in favor of this scenario since the price continues crating higher highs and lows, the MACD is in a bullish phase, and the price is in the upper side of the Bollinger Bands. If the guideline is broken, there will be another test of the $9,500 level and also its 200-period SMA.

Support	Pivot Point	Resistance
9,730	9,860	10,100
9,500	10,300
9,300	10,500

Ripple

Ripple has crossed the triangle formation to the upside, although with a not too convincing move. In the early morning, the price dropped to its base, after being rejected by the 50-period SMA and now is creating a doji figure. We think that Ripple will continue in a tight range between its 200- and 50-period simple moving averages, expecting direction from the general movement of the sector.

Support	Pivot Point	Resistance
0.2775	0.2815	0.2875
0.2710	0.2920
0.2670	0.3000

Ethereum

Ethereum continues moving following the guidance of the ascending trendline (blue), and in a triangular formation that is likely to be resolved to the upside. The price continues making higher lows and moves in the upper side of the Bollinger bands. The only concern is the sharp candlestick made in the early morning that engulfed the previous action, but as long as the upward trendline is respected, we consider the current trend as bullish.

Support	Pivot Point	Resistance
265	276	280
260	286
256	290

Litecoin

Litecoin has been strong in the last days, with the price breaking above the descending wedge and reaching the $80 level. In the early morning, it also suffered the selling pressure and dropped from the $80 level. Currently, it is moving in the $ 76 support level, above its 20-, 50- and 200-period SMA. Thus, the upward trend is still in place. That said, LTC could suffer a slight downside if the market does not shrug-off the last bearish push.

Support	Pivot Point	Resistance
73	76	80
71	83.5
69	87

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