Sellers Continue Dominating
The week evolved as a fight for the control of the price direction, with prices moving in a range. Early morning we can see the sellers more active, pushing the price towards its supports. Atom (- 6.5%) and Tezos (-5%) are the worst performers, while NEO(+6-37%) continues advancing. Among Ethereum coins, SEELE (+20.5%), Link(+6.66%), SNX (+7.4%), CENNZ (+6.77%) and BAT(+5.91%) are the best performers.
The market capitalization dropped to $237.464 billion, -1.06% below yesterday's price. The volume traded in the last 24 hours also descended to $26.417 billion, which is a 12.46% drop, and the dominance of Bitcoin fell to 65.89%.
Hot News
Switzerland's leading stock exchange SIX started listing a crypto exchange-traded product: ETP, which is tied to Tezos (XTZ). The product has been created by Amun AG and the Tezos Foundation.
Google is entering the digital finance in partnerships with Citigroup Inc and Standford Federal Credit Union in a project code-named "Cache." According to the Wall Street Journal, Google will soon offer checking accounts to consumers, and it is expected to launch next year, with the accounts managed by Citygroup.
Technical Analysis
Bitcoin
Bitcoin could not overcome the $8,800 level, and sellers came to send the price toward the support provided by its 200-period SMA in a large bearish candlestick with higher volume. The price moving near the -1SD line of the Bollinger bands is not good news for the bulls. A close below the $8,667 level might indicate that the current corrective movement has not ended.
| Supports | Pivot | Resistances |
| 8,694 | 8,767 | 8,828 |
| 8,632 | 8,900 | |
| 8,560 | 8,960 |
Ripple
Ripple continue descending. The price cut through the $0.27 support in a large candle that pierced below $0.258 to, then, retrace almost all its path in a large wick with lots of volume.
The price continues moving near its -1SD Bollinger line, which indicates a bullish trend. The next significant support is 0.266, the beginning of its, now fully retracted, bullish impulse. If the price moves above the top of the current candle, it might sign an end to the bearish leg. The large wick we observe indicates there is liquidity to support XRP below 0.266.
| Supports | Pivot | Resistances |
| 0.2690 | 0.2730 | 0.2755 |
| 0.2660 | 0.2790 | |
| 0.2620 | 0.2810 |
Ethereum
Ethereum's break of the triangular formation has been frustrated by the latest hours bearishness. The price was rejected at about $188 and sent to the lower side of the Bollinger band with increasing volume. The next support, $184, is key for the buyers. A breach below this level would create a new leg and a visit to the $180 level.
| Supports | Pivot | Resistances |
| 185.20 | 187.50 | 190.00 |
| 182.80 | 192.00 | |
| 180.50 | 194.70 |
Litecoin
Litecoin continues in a bearish segment, its price moving well very close to its -3SD line of the Bollinger bands. This situation indicates the price is close to oversold levels, but, also, that the bearish momentum has increased. The next support level is $58.9, the beginning of the upward impulse made early this month, and, next, $58, a long-term, key level.
| Supports | Pivot | Resistances |
| 60.20 | 61.20 | 62.00 |
| 59.30 | 63.00 | |
| 58.50 | 63.80 |
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
