Bitcoin post-Christmas rally weaker than its altcoins
Bitcoin (-0.16%) continued moving up during the weekend, but with doubts among buyers, whereas Bitcoin SV, Litecoin and Bitcoin cash move over 3.5% in the last 24H. Also strong move Binance Coin (+5-15%), Ethereum (+4.7%), and Ripple (+2.47%). In the Ethereum token section, the best top capitalized performer is Maker (MRK +5.48%). Also worth mentioning UTT (+12%) and Quant (QNT) (+20%).
Fig 1 - 24H Crypto sector Heat Map
The Market Capitalization moved up 1.4% in the last 24 hours and now is $197.1 billion. The traded volume also grew to $17.2 billion (+26.6%). The weakness of the Bitcoin Rally made it lose a bit of dominance, which now is $68.08%.
Fig 2 - 72H Crypto Sector Market Cap with Traded Volume
Hot News
The Chinese Stock Exchange Regulatory Commission has received on Dec 24 an application for the listing of an ETF (Exchange-traded fund) that will trace securities related to Blockchain technologies.
Apple seems not to like DApps, and it is forcing the Coinbase DApp browser out of its Appstore. Nobody still knows why DApps are forced out of the Apple ecosystem, although some guess the reason is that most of them are providing alternative financial services through DeFi.
Technical Analysis - Bitcoin
Chart 1 - Bitcoin 4H Chart
Bitcoin has made another upward leg after the reversal candle made on Dec 17. The price is now over the $8,400 level, and its closest resistance level moves to $7.525. In the 4H chart, we see the price moving following the +1SD line and the MACD in a bullish phase, confirming the upward bias of BTC.
|
SUPPORT |
PIVOT POINT |
RESISTANCE |
|
7,300 |
7,425 |
7,525 |
|
7,200 |
7,680 | |
|
7,125 |
7,800 |
Ripple
Chart 2 - Ripple 4H chart
Ripple has created an upward leg since its Dec 27 reversal figure. The price moves above the +1SD line, and the MACD is in a bullish phase. Since it seems the price is moving in a horizontal channel, The $0.2 is a potential reversal level. Therefore, some selling pressure could happen after a pierce through this level. If that level is successfully broken, the next target for the buyers is $0.214.
|
SUPPORT |
PIVOT POINT |
RESISTANCE |
|
0.1930 |
0.1960 |
0.2000 |
|
0.1900 |
0.2040 | |
|
0.1860 |
0.2080 |
Ethereum
Chart 3 - Ethereum 4H Chart
Ethereum has moved rather bullishly during the weekend. Its price went from $127 to the current $135.3, a 6.3% increase. The price is currently moving above its +1SD line, and the MACD is bullish. We see its price a bit overextended, so we think it will pause a bit before resuming its probable way up.
|
SUPPORT |
PIVOT POINT |
RESISTANCE |
|
130.00 |
132.00 |
135.00 |
|
127.00 |
138.00 | |
|
123.00 |
140.00 |
Litecoin
Chart 4 - Litecoin 4H Chart
Litecoin gained four dollars in valuation since last Dec 27 engulfing candle. The price moved from its $40 support to close to $44, following its +1SD line, and making a new higher high, while breaking the descending trendline. We still think the price has room to move up to $45 and beyond.
|
SUPPORT |
PIVOT POINT |
RESISTANCE |
|
42.50 |
43.20 |
44.00 |
|
41,.6 |
45.00 | |
|
40.80 |
46.30 |
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
