Bitcoin and Cryptos testing Supports
On the first day of the year, no buyers appeared in the sector of cryptos. Although not too pronounced, practically the whole sector has dropped. Bitcoin (-1.7%) and its altcoins Bitcoin Cash( 2.31%) and Bitcoin SV (-3.87%), along with Ripple (.96%), are the values that have fallen the most. Among all this red, DogeCoin managed to win 1.53%, and Casino coin jumps 21%. The Ethereum tokens sector has modest retracements, but there are also significant increases such as SEELE (11.82%), CEL (8.5%), or QNT (13.4%).
Fig 1 - 24H Crypto Heat Map
The Market Cap of the crypto sector descended to $190.075 billion, while the traded volume dried up to $19.45 billion, whereas the Bitcoin dominance descended slightly to 67.9%.
Fig 2 - 24H Market Capitalization and Traded Volume
Hot News
The New Year has brought with it the old "Keep Big Tech Out Of Finance Act" introduced in July 2019 by the Democrat majority of House Financial Services Committee. House Financial Services Committee. The goal of this bill, initially directed to stop Libra, seeks to prevent big tech firms from operating as financial institutions.
Ethereum Muir Glacier's hard fork is imminent. Maybe it already happened when you read this, as it is scheduled to occur one hour from this. Estimated Target Date: Thu Jan 02, 2020, 09:26:31 GMT+0100 (Central European Standard Time).
Technical Analysis
Bitcoin
Chart 1 - Bitcoin 4H Chart
Bitcoin has been bearish since Dec 20 when it made an engulfing pattern, after the rejection of the $7.525 level. The BTC price keeps moving below the -1SD line and is now fighting to keep the $7,125 support level. If this level does not hold, BTC seems headed to test the $7,000 again.
|
SUPPORT |
PIVOT POINT |
RESISTANCE |
|
7,125 |
7,230 |
7,300 |
|
7,070 |
7,400 | |
|
7,000 |
7,525 |
Ripple
Chart 2 - Ripple 4H chart
Ripple is moving inside a range between 0.186 and 0,20. The current leg is retracing the previous bullish move after its price was rejected from $0.20. The price moves below the -1SD line, and the mace is slightly bearish. The 0.19 support level is holding at this moment, but it would not be a surprise if XRP drops further and test the $0.186 level since the company's directors are discharging massive amounts of XRP to the market. The last one - 1.256 Billion XRP- was released on Dec 31, 11 p.m.
|
SUPPORT |
PIVOT POINT |
RESISTANCE |
|
0.1920 |
0.1940 |
0.1960 |
|
0.1900 |
0.1980 | |
|
0.1870 |
0.2000 |
Ethereum
Chart 3 Etherum 4H Chart
Ethereum is still retracing the last leg up, after the $135 rejection. Currently, it did two rejections of the $132 level, although it is managing to hold the $128 level. The price is still moving below the -1SD line and the MACD points to the south, so it still shows a bearish bias. If the $128 does not hold, it might move to test $123 again.
|
SUPPORT |
PIVOT POINT |
RESISTANCE |
|
128.00 |
130.00 |
132.00 |
|
126.00 |
135.00 | |
|
123.00 |
138.00 |
Litecoin
Chart 4 - Litecoin 4H Chart
Litecoin is retracing most of the previous leg up after it was rejected at $44. The price is now close to the $41 level that may act as a support, although it still moves below the -1SD line and the MACD is bearish. If this level does not stop the descents, it is going to test the $40.
|
SUPPORT |
PIVOT POINT |
RESISTANCE |
|
41.00 |
41.70 |
42.25 |
|
40.00 |
43.20 | |
|
39.00 |
44.00 |
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
