Bitcoin and most Cryptos Ranging

During the last 24 hours bitcoin could not escape from its current trading range. Other cryptocurrencies were mixed. Ethereum (+1.1%), Ripple (+2.37%), ALGO(+3,28%), ATOM(+4.24%) and XLM (+4.46%) gained buyers, while Bitcoin SV (-1.21%), ADA(-1.31%), EOS (.04%), or Litecoin (-0.5%) had minor drops. The best token performers were EKT (+15%), ZRX (+10%), BAT (6.32%), and HT(5.4%).

Fig 1 - 24-hour Cryptocurrency Sector Heat Map

The Market capitalization of the sector moved up 1.17% to $226.6 billion, while the traded volume of the last 24H went up 5.94% to $22.7 billion. Finally, the market dominance of Bitcoin is 67.1%

Hot news

FXCM Group has announced the launch of a crypto trading product they call CryptoMajor, which is a mix of the five top crypto coins: Bitcoin, Ripple, Litecoin, Ethereum, and Bitcoin Cash.

Facebook Libra Association has formalized its Council with a 5-member board. The governance structure will be lead by Matthew Davie (Kiva Microfunds), Patrick Ellis (PayU), Katie Haun (Andreessen Horowitz), David Marcus (Calibra, Inc.), and Wences Casares (Xapo Holdings Limited), according to a news piece by Ambcrypto. The elected CEO of the Libra Association is Bertrand Perez, who will also serve as interim Managing Director.

UK Startup Smartlands team up with IIP Securities to tokenize more than one billion dollars in assets by 2024, and change the broker-dealer relationship.

Technical Analysis

Bitcoin

Bitcoin is mostly unchanged from its 24H price. The price action has created a triangular structure. This kind of structures are continuation patterns, but also show indecision, or struggle between buyers and sellers. We see also that the price is being held by its 50-period MA. That may hint for a new push to the upside, but buyers are afraid since the last two occasions they pushed the price up sellers took advantage of that to unload their coins and push the price back to support.

The critical levels to observe: $8,200 is the key support, while $8,400 is the resistance to break.

Ripple

Ripple moved up almost to touch our $30 target, then profit-takers started to appear, and the price is retracing a bit. The price has been overextended for some time, and a period of consolidation must happen.

XRP may find support near the $0.285 level or, if the correction is more severe, its 50-period MA.

Ethereum

Ethereum has moved up the last 24 hours, breaking the $186 resistance level, but the last six hours the price wend back below it. But in the last 24H movement, we see that momentum to the upside has grown a bit. Also, the price is still held by its 50-period MA, and the price moves above the +1SD Bollinger line. Therefore, unless Bitcoin drags all cryptos down, we see a potential to the upside for Ethereum.

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