Yesterday, cryptocurrencies were holding at the top of the range set by their last thrust. This early morning Bitcoin, after being rejected again from $8,700 it has retraced with strong volume to the support area we devised yesterday. XRP and Ethereum are also close to our targeted area. The 24H heat map shoes an almost generalized sell state on all assets, with the notable exception of ALGO (+9%). 

Coin

The market capitalization dropped -2.65% to $226.15 billion, and the 24H traded volume descended to $32.5 billion, although it experienced an increase at the beginning of the selling spike. Bitcoin dominance is currently 66.4%.

Market Cap

 

Hot News

People's Bank of China continues hiring tech experts for the team managing its digital currency project. The institution is looking for experts in computing, microelectronics, and cryptography.

SimplyVital, a New England-based blockchain company, won a US National Science Foundation grant of $225,000 to develop an integration of its Nexus protocol with Graphene protocol. The company should look to find a way to reduce healthcare costs through the use of blockchain technology to access data. Source: cointelegraph.com.

Perth Miny, Australia's leading precious metals refinery, has partnered with blockchain company InfiniGold to create an ERC-20 token, which they claim is the first blockchain token to be backed by government-guaranteed gold reserves. The token is named the Perth Mint Gold Token (PMGT). Source: cryptonews.com.

Unicef became the first UN body to launch a cryptocurrency fund.  The goal of this fund, titled UNICEF Cryptocurrency Fund, is to allow receiving, holding, and distribute donations made in Ethereum and Bitcoin. Source: newsbtc.com

 

Technical Analysis

Bitcoin

Bitcoin

On the 4H chart, we see that Bitcoin has made a spike that attempted to break the $8,700 resistance, but instead, it created a selloff. That can be perceived because the drop happened with a large volume.  The price closed at the target we set yesterday (8,390). The current candle kept descending, although it is bouncing off from the vicinity of $8,300.

This state is critical for the mid-term wellbeing of this currency.

The current technical outlook neutral.  If the close of the current candlestick, which will take place three hours from the moment of this writing, move the price again to the upper side of the Bollinger band, the upward momentum remains there.  To the downside, the next support level will be $8,200, which holds the 50-period MA, and also is the 50% retracement of that last movement that started from the $7,750 bottom.

Ethereum

Ethereum

Ethereum is mimicking the price action of Bitcoin closely. After moving in the top range of its bullish movement, it dropped on strong volume from the $196 resistance level and moved to touch our target level in one go.  The current candle is bouncing off from this area, but it is still in development. 

The volume of the sell candle is very large, which means a lot of stop-loss orders made by the buyers were caught in this movement. We need to observe how the current candle closes since we want to know if the selloff was made by the fear of the weak hands or is the beginning of another dump by smart traders.

If the current candlestick creates a large lower wick and the $196 level holds, we estimate that buyers would come to move the price up.  On the short side, we see the price could find support at $180, which is currently in the vicinity of the 50-period MA.

Ripple

Ripple

Ripple has been retracing since it made a second top in our light blue region near $0.285. The last candlestick made with higher volume has bounced in the vicinity of our target area, close to the crossover of the moving averages.

The technical indicators still show the price in a corrective descending action ( MACD  and Bollinger Bands descending and the price moving below the -1SD line).  The shadowed blue area it still acts as support as the 200 and 50 moving averages indicate this is a consensus price for investors. Still, to go long, we think the price needs a period of consolidation and evidence of MACD and Bollinger Bands moving upwards.

 


 

100% Anonymous Trading on EagleFX - Trade NOW!


Risk Warning: CFD and Spot Forex trading both come with a high degree of risk. You must be prepared to sustain a total loss of any funds deposited with us, as well as any additional losses, charges, or other costs we incur in recovering any payment from you. Given the possibility of losing more than your entire investment, speculation in certain investments should only be conducted with risk capital funds that if lost will not significantly affect your personal or institution’s financial well-being. Before deciding to trade the products offered by us, you should carefully consider your objectives, financial situation, needs and level of experience. You should also be aware of all the risks associated with trading on margin.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin extends gains after Fed cut interest rate

Bitcoin extends gains after Fed cut interest rate

Bitcoin extends recent gains and trades above $62,000 at the time of writing on Thursday, following a 2.4% increase the previous day after the Federal Reserve’s (Fed) dovish decision to cut interest rates by 50 basis points.

More Bitcoin News
Solana announces details of Seeker, second mobile device after Saga phone

Solana announces details of Seeker, second mobile device after Saga phone

Solana Lab’s second phone, Seeker, is set to launch in 2025. At Token2049, a global conference for crypto, Solana’s General Manager Emmett Hollyer said that the new mobile would be a “rewards magnet” for its users.

More Solana News
Is Altcoin season here?

Is Altcoin season here?

Altcoin season is when cryptocurrencies other than Bitcoin see substantial price increases. On-chain data indicate that the Altcoin Season Index has further potential for growth. 

More Altcoin News
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin surges to $62,000 mark after 50 bps Fed rate cut

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin surges to $62,000 mark after 50 bps Fed rate cut

Bitcoin breaks and closes above 100-day EMA around $60,781, eyes for a rally ahead. Ethereum price approaches its key resistance level at $2,461; a close above would suggest a bullish move.

More Cryptocurrencies News
Bitcoin: On the road to $60,000

Bitcoin: On the road to $60,000

Bitcoin price retested and bounced off from the daily support level of $56,000 this week. US spot Bitcoin ETFs posted $140.7 million in inflows until Thursday and on-chain data supports a bullish outlook.

Read full analysis
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

BTC

ETH

XRP