Bitcoin and Main Altcoins Testing the Patience of the Buyers
We can describe the last 24 hours of crypto price action as a struggle between buyers and sellers that ended as a draw. Bitcoin, Ethereum, and Ripple ended as it began 24H before. Neo (+7.5%) keep moving up, followed by Ontology (+5.5%), Another coin that keeps moving up unaffected is Binance Coin (+2.93%), while Komodo (+19.92%) keeps making new highs.
On the Ethereum token section, Molecular Future (+21.6%), Link (3.38%), and Holo (+8.04%) are the best movers among the top capitalized coins.
The market cap remained almost unchanged at $239.158 billion. The traded volume descended slightly to $29.116 billion, and Bitcoin dominance held at 65.98%.
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Technical Analysis
Bitcoin
Bitcoin is struggling again in a tight range, with sellers waiting above $8,800 and buyers absorbing the liquidity below $8,670, the current level of its 200-period SMA, that seems to behave as support for the price action. Currently, the MACD signals a bullish bias, while the price is moving in the lower Bollinger band, which indicates that sellers have its say. Our levels to watch are the $8,800 and 8,667, along with an increase in the volume.
| Supports | Pivot | Resistances |
| 8,620 | 8,744 | 8,940 |
| 8,430 | 9,050 | |
| 8,300 | 9,250 |
Ripple
Ripple is trying to create a bottom. Buyers and sellers fight to control the trend moving the price in a tight range between $0.27 and about $0.2725. MACD is starting to move up while the price still moves below the mean Bollinger line, which indicates downward pressure, although it seems buyers are waiting between $0.266 and $0.27, as seen by the volume of the last candlestick that crossed the $0.27 line.
| Supports | Pivot | Resistances |
| 0.2670 | 0.2710 | 0.2760 |
| 0.2620 | 0.2810 | |
| 0.2580 | 0.2850 |
Ethereum
Ethereum is moving in a triangular structure that seems to be a continuation of its upward trend, its last 4H bars moving between $184 and $187. We currently see that buyers jump to support the price below $184 while sellers take action above $187. A breach of the $188 level with substantial volume might end this impasse.
| Supports | Pivot | Resistances |
| 183.50 | 185.40 | 188.00 |
| 180.00 | 191.00 | |
| 178.00 | 194.00 |
Litecoin
Litecoin is moving at the bottom of a wide horizontal corrective range between $59.7 and $64.4. The MACD just shows the last price segment is descending, but the volume is very tiny, and any overall price move on the crypto sector will affect LTC price accordingly. What we see currently is there are liquidity waiting to buy it below $60.7 and sellers are not letting the price go beyond $62.
| Supports | Pivot | Resistances |
| 60.00 | 61.10 | 62.50 |
| 58.50 | 63.70 | |
| 57.30 | 65.00 |
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
