Slightly selling bias - Ripple Sold Hard!

The past 24 hours cryptocurrencies continue retreating, although losses were relatively moderated, except Ripple, that is dropping over 5%. On the other hand, United Bitcoin and Bitcoin 2 are gaining over 20%.  On the Ethereum token side, the best movers were DX(+33%), LA(+23%),  TOPC(+25%), and MKR ( 15.6%).

The market cap of the sector dropped 3.24% to $247.57 billion, and the volume traded fell another 9% to just below $30 billion. The dominance of Bitcoin is kept at 66.87%.

Hot news

Russia Central Bank has released a statement on which it says is against "monetary substitutes," but it is studying the stablecoins currently in development.

A senior government official, Rohit Chopra, wrote a letter to the US Federal Reserve supporting the development of "FedNow Service," a service for high-speed payments, currently under examination. Mr. Chopra cites Libra and its potential to become a "shadow global central bank" for its support for a FED-backed real-time payment system.

British multinational bank Standard Chartered joins Enterprise Ethereum Alliance. As a member of this group, it said it will join industry leaders in their effort to strengthen Blockchain application in the banking sector. Standard Chartered assets said it thinks blockchain is central to banking and commerce in the digital era.

Technical Analysis - Bitcoin

Bitcoin is moving on the lower side of a tight channel between $9,170 and $9,400. The cryptocurrency is not finding buyers while the volume gets shrinking.  The last candle shows the price may seek more downside short-term. MACD confirms the bearish bias currently showing in the price action.  If the $9170 support fails, the next support is $9050.

Ripple 

Ripple behaved very bearishly after the failed breakout of the $0.3065 level that happened on Wednesday.  The volume increased sharply on bearish candlesticks.  Now, after a bounce to $0.29 continues dropping with selling volume. The Bollinger Bands are expanding, and the price is close to touching the -3SD line. MACD showed the bearish drop might continue for a while.  We see also that currently, the price crossed its 50 and 200-period SMA to the downside, which is not good if it does not manage to move above them, or at least above the 200-period SMA. The price seems driven towards $0.2748 and $0.266 next.

Ethereum

Ethereum is moving moderately bearish. The last candlestick shows an engulfing figure just coming from the $188 resistance level with a slight increasing volume, while the MACD continues in a downside phase and the price moving below the -1SD Bollinger line. If the $184 level doesn't hold, the next stage will be a visit to the $180 level, wiping with this movement all the gains in the past four days.

Litecoin

Litecoin is moving in a corrective phase and showing the weakness of its other peers. Its MACD is moving south, and the price is below the -1SD Bollinger band, although it is currently held by the 50-period MA.

The levels to watch are $60.3 as the current support for prices and $62.4 as the level to break by the buyers to initiate another bullish leg. Looking at the price structure, with higher lows and highs, and also the 50 and 200 SMA below the price, we still see  Litecoin is still in an upward trend.

Try Secure Leveraged Trading with EagleFX!