Second Day of Seller Domination

On the second day of price action dominated by sellers, the bearish momentum has been maintained or increased in some cryptocurrencies. The worst performers among the top cryptos are Bitcoin Cash(-5.84%), Binance Coin (-5.86%), Bitcoin SV (-6.64%), ATOM(-7.21%) and Tezos (8.56%). Among this selling sentiment, ALGO(+1.94%) keeps moving up. The Ethereum-based tokens are mostly in the red, with LINK dropping over 10 percent, also falling hard BAT(-5.82%), and ZRX(-7.56%). But others, such as CENNZ( +4.3%), TOMO(+5.5%), and DX(+7.93%), move against the main tide.

 

The market cap of the crypto sector has dropped by 5.15 percent, to $274.966 billion, on a 24H volume of %50.142 billion (+9.5%). This drop has brought the Bitcoin dominance to $63.36%, as the overall market dropped harder than BTC.

 

 

Hot News

Warren Buffet said in an interview on CNBC that he will never own any cryptocurrency. "Cryptocurrencies basically have no value, and they don't produce anything," said, adding, "I don't have any cryptocurrency, and I never will." Maybe he forgot the BTC and TRX wallets Justin Sun gave him as a gift in a Samsung phone. Buffet, oddly said he might create a "Warren currency" to be released after his death.

Chief Cashier of the Bank of England, Sarah John, has stated his support for an official central bank cryptocurrency before tech behemoths dominate the digital currency sector. "It is absolutely right that central banks think about whether public sector or private sector would be best to provide a digital currency going forward." 

 

Technical Analysis: Bitcoin

Bitcoin's price is near the bottom edge of the descending wedge. The overall sector is bearish, and that has been reflected on BTC, which is moving below the -1SD Bollinger line, and touching its 200-period SMA line, and the MACD lines widening and pointing to the south. The situation is the price is reaching its $9,500 support. There we should observe how the price reacts in this area to see if the buyers come in or the weakness persists. That would give us clues about a potential reversal. The current bias points for more drops, with a likely visit to the $9,100 level.

Support	Pivot Point	Resistance
9,500	9,730	9,860
9,100		10,050
8,800		10,300

 

Ripple

Ripple continues moving bearishly. The price moves below its -1SD line, and the MACD is also bearish. The last candle has crossed the $0.268 support and the 200-period SMA, almost reaching the $0.26 level. The price action is moving in a descending wedge; thus, although short- term bearish, this is a consolidation structure, and the most likely it will resolve to the upside.

Support	Pivot Point	Resistance
0.2610	0.2740	0.2800
0.2510		0.2900
0.2460		0.3000

 

Ethereum

Ethereum has moved to the bottom of the wedge structure created by its past action. The last candle has pierced through the $260 support and touched the edge of the channel. We can see that this channel is horizontal and, although the price moves near the -1SD line, the likelihood of a reversal at this level is high. We still think this is a consolidation phase and that the underlying trend is still bullish.

Support	Pivot Point	Resistance
255	267	276
245		290
234		300

 

Litecoin

Litecoin continues retracing its last leg up, and now it is moving near its 50-period SMA while $73 has served as support. The last candle is a hammer, so we will be vigilant about the current price reaction. Currently, the price is moving near the -1SD line. A move above $76 with good volume would be an indication of a reversal. We should also take care of the $73 Support. A drop below could mean more declines towards the 200-period SMA level ($70).

Support	Pivot Point	Resistance
73	76	80
70		83.5
67		87

 

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