Bitcoin Finding Resistance, Litecoin Rocketing up!

In the last 24 hours, the crypto sector had another push to new highs, and Bitcoin (-0.31%) moved slightly above to $9,500 but failed to hold and lost all its gains. Litecoin(+7.8%), though, was pushed as high as $70, although currently is retracing. Also Bullish was Ethereum (+3.3%), EOS(+2.06%), and Ripple (+1.5%).

Many Ethereum tokens also moved bullishly. MRK(ç+6.76%) and LINK (+3%) are the best performers among the top capitalized.

Fig 1 - 24H Crypto Heat Map

The market capitalization of the crypto sector is close to 1 percent above its value 24 hours before, although that is due to the Asian Session pullback. Currently, the market cap is $258.6 billion. The traded volume continues to be high at $51 billion, moving 11% over the previous value.

Fig 2 - 24H Crypto Market Cap and Traded Volume

 

Hot News

According to a piece of news by Ambcrypto.com under the new cryptography law, Bitcoin and Ethereum don't meet the requisites. The new law, mentions that the RSA encryption that blockchains should use must include China's national standards SM1, SM2, SM3, and SM4, which BTC and ETH do nor meet.

The National Bank of Cambodia is going to launch a digital payments network this quarter, according to a Cointelegraph article.  The director-general of the National Bank of Cambodia, CheaSerey, announced that the system would be operational within the present fiscal quarter

 "Bakong will play a central role in bringing all players in the payment space in Cambodia under the same platform, making it easy for end-users to pay each other regardless of the institutions they bank with." (Source: contelegraph.com)

 

Technical Analysis - Bitcoin

Chart 1- Bitcoin 4H Chart

Bitcoin's price has been rejected after touching the $9,550 level. The price has created an Evening Star figure and is retracing to its $9,300 support, although with a small volume. The price still is on the upper side of the Bollinger bands, so we need to see if the $9,240 support holds. The MACD still signals a corrective phase; thus, it is no surprise the price action wanders and retraces.

SUPPORT	PIVOT POINT	RESISTANCE
9,240	9,396	9,550
8,970		9,665
8,760		9,820

 

Ripple

Chart 2 - Ripple 4H Chart

Ripple made an ascending movement that created a new higher high in its upward leg. Its price was rejected at $0.2465 and is headed to test the $0.24 level.  On the technical side, XRP's bias is still bullish, since its price is moving near the +1SD line and above its 20,50 and 200-period SMA. Again, the critical level is $0.24.

SUPPORT	PIVOT POINT	RESISTANCE
0.2330	0.2400	0.2500
0.2300		0.2560
0.2250		0.2600

 

Ethereum

Chart 3 - Ethereum 4H Chart

Etherum was very bullish yesterday; its price went from $172 to close to $188. Currently, it is retracing the last candle, although it is a healthy movement, as its price was too overbought. The action moved to near the +1SD Bollinger line and is trying to consolidate its gains above $180. The MACD is also in a bullish phase. Thus, we consider this a consolidation before attempting to assault the $190 zone.

SUPPORT	PIVOT POINT	RESISTANCE
179.00	180.00	187.00
174.00		190.00
169.00		195.00

 

Litecoin

Chart 4 - Litecoin

Litecoin had a very sharp movement yesterday, moving from $58 to $70, a 20 percent movement amid news of the LTC community raising funds to push thee WimbleWimble implementation. WimbleWimbleis an obfuscation protocol to make transactions less transparent and enhance privacy.

Technically, the price seems very bullish, although a bit overextended. We think it will take some hours to settle before trying to push above $70, but currently, this asset is hot so that it wouldn't surprise me another leg up.

SUPPORT	PIVOT POINT	RESISTANCE
64.50	67.00	70.00
62.50		72.50
60.00		77.00

 

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