Cryptocurrencies in a Range

Bitcoin and the most capitalized cryptocurrencies moved yesterday in a range except for a period of four-hour buying spike followed by another four-hour fade. The price of the major cryptocurrencies is approximately where they sat 24 hours ago. Notable exceptions are Ethereum Classic (+10%), Atom (+8.14%), Bitcoin SV (+2.15$), and Bitcoin Cash (+2%). Among the Ethereum tokens, Link (+5.88%), MANA (+16.7%), QNT(+24%), and WAX (+44.5%) were the best climbers, whereas CENNZ (-8.33%) continues descending.

The current market capitalization of the sector is $190.582 Billion, $55 billion lower than yesterday, and the 24H traded volume was $24.974 billion. However, most of this volume was spent in the spike and fade movement. The Bitcoin dominance is stable at $68.4.

 

Hot News

The Beijing Securities Regulatory Bureau, the Beijing Banking and Insurance Regulatory Bureau, the Beijing Local Financial Supervision and Administration Bureau, and the Business Management department of the Bank of China, have ordered firms not to deal or promote crypto-related businesses.

YouTube restores crypto content while it admits a mistake in a twitter message.

The Bank of Russia, Russia's central bank, is evaluating the stablecoin technology, although, according to them, there is no intention to create a Russian stablecoin for payment purposes.

 

Technical Analysis - Bitcoin

Bitcoin made an attempt to break the trading range on Thursday, which was taken as an opportunity from the pro-traders to fade the move and bring it back to its support levels. Although the traded volume went up during the two way spike, it was lower than usual due to the holiday week. This tells us, traders should take care when engaging with trade during these days. Today's key levels are the same as yesterday's levels.

Supports	Pivot Point	Resistances
7,125	7,200	7,300
7,026		7,390
7,944		7,480

 

Ripple

Ripple is trading in a range. The buying spike it did yesterday was market noise product of low-volume days.  The price is still on the lower side of the trading range, and any movement to the upside or downside will probably be faded unless some major event moves the whole sector.

Supports	Pivot Point	Resistances
0.1866	0.19	0.192
0.184		0.194
0.181		0.197

 

Ethereum

Ethereum was very bullish during yesterday's spike; its price went up more than five percent during the event. the fading drove it to the support level of $124. We think the price will hold above $123, and no major movements would take place until large players come back. If any, the current bias is bearish.

Supports	Pivot Point	Resistances
123.00	127.00	130.00
119.50		132.00
116.00		135.00

 

Litecoin

Litecoin was also affected by the buy-and-fade spike, but it is behaving more bullishly than the rest of the lot. Its price is moving up to test the $41 resistance, and the price action is happening above its +1SD line, with the MACD showing bullishness.  That said, we have to be cautious since this kind of movement can be used by big players to fade the retail traders.

Supports	Pivot Point	Resistances
39.5	40	40.6
39		41.2
38.5		41.7

 

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