In the last 24 hours, the top cryptocurrencies are still moving sideways as taking profits, and trend fading stop them from further gains. BTC; XRP, ETH, LTC, and EOS are close to break-even. Nonetheless, there are some notable exceptions, among which are BNB(+5.53%), TRX (+5.59%), and ALGO (+7.22%). Among tokens, today's notable movers are LINK(+15.16%), CENNZ( +34%), MATIC (+24%), WTC (+ 20%), and RNC (+15%). That can be seen in the Heat map below.
Market capitalization, as seen in the following graph, moved mostly in a channel between $221 and $222 billion, on a decreasing traded volume which is now a bit below $25 billion. The dominance of the Bitcoin descended slightly and is currently 66.3%.
Hot News
Today we knew that US lawmakers are pressing Visa, Strype, and Mastercard to reconsider their participation in the Libra Association. Senators Brian Schatz and Sherrod Brown of Hawaii and Ohio respectively have asked these companies to withdraw from the Libra project "[...] given that Facebook has not yet demonstrated to Congress, financial regulator, and perhaps not even to your companies, that it is taking these risks seriously.”
Another report about Ripple tells that it may continue selling an average of 227 million XRP tokens per month for 18 years.
Technical Analysis
Bitcoin
Bitcoin is still digesting the latest surge from its $7,700 bottom. The price is below $8,200 and fighting to keep above its 50-period MA and to make lower highs and lows. On the positive side, we see the price still moving in the upper side of the Bollinger band and the MACD holding on its positive side.
We still believe in a favorable scenario towards a test of the 8,530 level. The descent is happening with a reduction of the traded volume. To confirm this scenario, it is necessary to see the candlesticks breaking the $8,200 level and start making new highs. The more cautious could wait for a breakout of the $8,300 level. The initial target should be 8,500. A break below $8,124 would trigger sell orders.
Ethereum 4H chart shows its positive bias. The price is moving up, after a slight consolidation, with the price moving close to the +1SD Bollinger line and MACD also positive. The price, too, is above its 50-period MA, although still not above its 200-period MA.
In this favorable scenario, the price may find resistance in the confluence of the 200MA and the $186 level, which marks the latest two tops.
Although less likely, the bearish scenario starts with a break below the $177.6 level, its last minor bottom.
Ripple
Ripple continued its consolidation, droving its price near the Bollinger mean. The price still suffers from sales near $0.28, but it is still moving close to its +1SD Bollinger line, so we keep our positive outlook.
The price must break the 0.2854 level to consider adding long positions to it. Also, a break of the 0.27 support might carry the price down to $0.26.
LINK
Link has made a very large bullish movement, and its price is overextended, as it is moving following the +3SD Bollinger line!
That tells a lot about the buying pressure this token is experiencing. We see also that the volume is growing while the price moves upwards, a remarkable fact. We see the price trying to challenge the $3.85 level and up, but we are uncomfortable buying after four large daily candlesticks.
Risk-takers may consider taking the break of $2.768 level with a stop below $2.53 and aiming for a profit target at the $3.85 top. There is a procedure using a short timeframe to catch a retracement and, then, break out of the range, plus also reducing the risk by using an intraday support as invalidation level. The 1H chart below shows an example of this technique.
100% Anonymous Trading on EagleFX - Trade NOW!
Risk Warning: CFD and Spot Forex trading both come with a high degree of risk. You must be prepared to sustain a total loss of any funds deposited with us, as well as any additional losses, charges, or other costs we incur in recovering any payment from you. Given the possibility of losing more than your entire investment, speculation in certain investments should only be conducted with risk capital funds that if lost will not significantly affect your personal or institution’s financial well-being. Before deciding to trade the products offered by us, you should carefully consider your objectives, financial situation, needs and level of experience. You should also be aware of all the risks associated with trading on margin.
Recommended Content
Editors’ Picks
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days. Investors can expect XRP to kickstart a massive rally.
Optimism price outlook with nearly $90 million worth of OP tokens flooding markets on Friday
Optimism volatility has shrunk in the ours leading to the network’s cliff unlock. It joins the likes of dYdX and Sui, which have similar events on their calendars. As token unlocks are often considered bearish catalysts, investors should brace for a reaction after the event.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Retail watches from the sidelines with a bias for shorts
Bitcoin could clear $73,777 peak as BTC bulls resurface. Ethereum might fall 10% before next leg up as ETH RSI teases with sell signal. XRP could lose $0.6000 threshold as Ripple bulls fail to show up.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito price action shows a potential cup and handle formation. Based on theoretical measurement rules, a successful breakout could yield a 56% rally to $6.0. A breakdown of the $3.86 support level would create a lower low for JTO and invalidate the bullish thesis.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.