Bitcoin Sharp Bounce, Altcoins Pausing!
The crypto sector had a good day yesterday Ethereum leading the troop. Bitcoin, after the $500 sharp drop it managed to bounce in the evening and surpass its Open level and reaching the $10,380. Today the prices of the sector are backtracking some gains, as profit-taking are dragging them down, although they are mostly positive over their 24-hour price.
The market cap of the crypto sector is currently slightly below $270 billion, and Bitcoin dominance moved up a bit, to 67.6 %.
Below a snapshot of the heat map at the moment of this writing. We can see that the overall sentiment is positive over the last 24-hour, being DASH the best performer of the day, up +5.35%
Hot news
Ripple asks Court to drop SEC's lawsuit claiming it has expired, in a legal move against the legal action SEC brought up in 2018, claiming XRP was sold illegally as an unregistered security. Source news.u.today
JP Morgan has added OCBC, a Singapore-based bank, to its crypto-payment network IIN - Interbank Information Network. Source ambcrypto.com.
SEC published a Bitwise report bullish in a Bitcoin ETF. Source beincrypto.com
US House of Representatives Committee for Financial Services has programmed a hearing with SEC's head Jay Taylor and other four SEC officials to discuss crypto and Libra.
Technical Analysis
Bitcoin
Bitcoin is retracing the last bullish candlestick on low volume. The price is currently touching the confluence of the descending trendline and the Bollinger mean line. BTC price seems to suffer more from lack of buyers than an excess of sellers, given the low volume of the current price action. Since the price is in the upper side of the Bollinger bands and the MACD has returned to the positive side, we think BTC has room for more upside.
Key supports: $10,111, $10,000 and $9,900
Closest resistances: $10,200, $10270 and $10,425
Ripple
Ripple has been oscillating in a corrective movement, after its sharp ascent. As predicted, the price has been supported by the Bollinger band mean line. The MACD is still pointing to more corrective action, though. The overall outlook is still bullish above $0.2854.
Closest supports: $0.292, and the above mentioned $0.2854.
Closest resistances: = $0.3, $0.35 and $0.31
Ethereum
Ethereum price action is consistently bullish. The last time it has retraced the price found support in the Bollinger mean line. Currently is giving part of its advance due to profit-taking but the price action and the technicals are consistent with a bullish trend. The volume seems to confirm that as it has a higher volume on bullish candles than on bearish ones.
Supports: $216, $211,5 and $208
Resistances: $219, 2$22
Litecoin is following the path of Ethereum, and the current price is held by the Bollinger mean line. The Volume indicates that the upward movement is not as strong as in the Ethereum case. That said the price is still making higher lows above the trendline, so we keep our outlook bullish.
S&R are labeled on the chart, being the closest:
Supports: $74, $72
Resistances: $76, $77.26, $79
DASH
Dash is moving in a very steep uptrend. The price has significant advances in a few days, starting from $80 and coming up to touch the $100 level. Currently is retracing some gains and the price moved below the +1 Bollinger line, but with a little volume. The technicals are very good, so we expect future advances above $100.
Supports: $95.68, $93.5 and $ 88.7
Resistances: $98.3, $100 and $101.5
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
