Cryptocurrencies Start to Rallying again
After a couple of days retracing and consolidating, today all main cryptocurrencies and tokens are moving with optimism. Bitcoin is up +1.65% for the session. Binance Coin (+6.28%), Monero (+4.68%), NEO (+2.34%) and Litecoin (+2.67%) are the most bullish of the top 20 coins. The market capitalisation, as of this writing is $272.373 billion, and Bitcoin dominance is 70%.
The map below shows the 24H heatmap of the top 100 coins, where we can see that greens predominate over browns.
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On the news front, we have read that the Thai-based BX Bitcoin Exchange shutdown was possibly due to coming stringent regulations, as published by btcmanager.com. According to this article, BX was worried by Thai SEC's demanding customer and trading information on a daily basis. We also heard that China's new digital currency would be similar to Libra, as stated by an official of the People's Bank of China. Also, according to this article, Japan's financial regulator jas granted a license to LVC Corporation to operate a crypto-exchange. LVC is the digital-asset arm of LINE, a messaging giant.
As a curiosity note, (or maybe not), theblockcripto.com reports that one billion worth of bitcoin from 92 different locations have been moved to a single wallet.
Technical Analysis
Bitcoin
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Looking at the daily chart of Bitcoin we can observe several things that confirm an upward trend is developing. Firstly the price is again above the ascending trendline (black). Secondly, the price is above the +1 Bollinger line, and third, the price has breached the descending trendline. The MACD serves as a confirmation to this price action, as its histogram is getting higher, signalling new bullishness.
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Looking at the 4H chart, we see that the price has been moving sideways from close to the +3 Bollinger line all the way to the mid-line and from there the price started to climb, stated in our previous analysis.
We see, also that the MACD is curving up to signal a new upward leg. The next major barrier to break will be $11,000, but $10,950 was where profit-takers dumped their load the previous occasion BTC visit this level. The chart shows the current key levels to observe.
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Ethereum is following the general bullishness of the crypto market. The price moved from its supports at $170 and has climbed to its current $178 value, passing through $273 and $175.5 key levels.
Currently, the price is moving close to the +1 BB line, and the MACD is making a Bullish crossover. Therefore, we estimate that the price will continue to advance, helped by the renewed bitcoin bullishness.
Binance (BNB) Coin
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Binance Coin had a sizeable bullish candle yesterday, and today is continuing up, after some consolidation. MACD is bullish, and the price is above the +1 Bollinger line. Therefore we see this coin can continue recovering from its August loses and head towards the $25 level.
The chart labels the main levels to keep track of.
DASH
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Finally, Let's pay attention to DASH. This crypto-asset had a reversal day today, early morning with heavy volume and now is currently trying to overcome the $84 resistance. The MACD is bullish, and the price is currently moving above the +1 BB line, so we think it will continue its bullish adventure and try to visit the $89 level. That is, if the Bitcoin continues its bullishness, so the rest of the altcoins have the chance to develop themselves without external selling pressures.
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
