- The Swiss financial industry is at the forefront of the Blockchain revolution.
- The top 10 altcoins by capitalization are on the hunt for King Bitcoin.
- Bitwise announces that it will continue pursuing its ETF project despite the SEC’s rejection.
Heavy fog limits the view here in southern Europe this morning, and crypto markets cloudy. A mix of negative but expected news collides with other positive as well as familiar stories.
The adverse development is the SEC's refusal to give the green light to Bitwise in its proposal to launch an ETF. Luckily, Bitwise has already reported that it will persist in pursuing a rule change is set to renew its bid shortly.
On the positive side of the headlines, the news of the day comes from Switzerland. SIX, the operator of the Swiss stock market has reached an agreement with the Swiss central bank (SNB) to make a proof of concept with a digital version of the Swiss Franc.
SIX would be in charge of tokenizing the shares quoted on the Alpine country’s stock market, while the SNB would provide a digital version of its national currency. The objective is to be able to test and evaluate the functioning of a fully digital quoted market.
Are we in another Altcoins season?
Concerning the cryptocurrencies market, the discussion in the last few hours focuses on whether or not there will be a new Altcoin season. In my opinion, the scenario may be more complex.
The first consideration is to define what an Altcoin is. In theory, an Altcoin is everything that is not Bitcoin. According to this absolutist view, it would be difficult to declare a new bullish trend of the segment, when essential projects such as Monero or Cardano, are far from their historic highs.
A much more expansive vision is to look at it by market capitalization. Seen in this light, the second and third projects by capitalization, Ethereum and XRP, are on an upward trend against Bitcoin.
The rest of the components of the Top 10 cryptocurrencies by capitalization, are drawing technical lows in comparison to Bitcoin and with very evident structures of divergences between the price and the indicators.
So is it Altcoins season or not? Well, I think that it should be difficult for the Altcoin market to see a new synchronized bullish movement against Bitcoin. For the Top 10 cryptocurrencies – if it is not already bullish – it will be soon.
ETH/BTC Daily Chart
The ETH/BTC crypto cross is currently trading at 0.0222 after hitting a high of 0.023, where a congested price resistance cut the bullish trend dry.
The 50-period exponential moving average crosses the 200-period simple moving average higher. The cross reinforces at the bullish moment although it may bring some sales in the short term.
Above the current price, the first resistance level is at 0.0229, then the second at 0.025 and the third one at 0.0255.
Below the current price, the first support level is at 0.022, then the second at 0.0205 and the third one at 0.020.
The MACD on the daily chart continues with its flat profile and without an opening. This type of structure is harmful to the price and increases the chances of seeing soft falls in the short term.
The DMI on the daily chart shows the bulls maintaining their tone but without any extreme strength. The bears continue to lose their trend strength, which could justify the increases despite the weak structure of the MACD.
BTC/USD Daily Chart
BTC/USD is currently trading at $8,535 and shows a lot of difficulty in defeating the SMA200. Yesterday it tried without luck, and today we will inevitably see a second attempt.
Above the current price, the first resistance level is at $8,640, then the second at $8,800 and the third one at $9,150.
Below the current price, the first support level is at $8,400, then the second at $8,150 and the third one at $8,000.
The MACD on the daily chart is much better than yesterday's position. The bullish slope is now clear, and the opening between the lines has also increased considerably. The structure proposes a continuation of the bullish trend.
The DMI on the daily chart shows how the bulls come out of the low zone and approach the bulls, which relax their momentum. The bears, who had been losing strength for three days, stop the descent. The meeting between both sides of the market will probably last through the weekend.
ETH/USD Daily Chart
ETH/USD is trading at $190.1 after a failed attempt to conquer resistance at $195.
Above the current price, the first resistance level is at $195, then the second at $200 and the third one at $208.
Below the current price, the first support level is at $190, then the second at $180 and the third one at $170.
The MACD on the daily chart shows an improvement in both slope and openness between the lines. The indicator still moves in the negative zone of the gauge so that any downward movement can succeed.
The DMI on the daily chart shows how the bulls managed to take the lead from the bears yesterday. Despite the victory of the buyer side, the advantage gained is minimal and can be quickly reversed.
XRP/USD Daily Chart
XRP/USD is currently trading at $0.270 after failing at the $0.29 level gates. Today it is dropping, looking for support at the $0.27 level.
News of a new contract for Xrapid, the transfer platform of Ripple, Ltd seems to have made the XRP feel weak.
Above the current price, the first resistance level is at $0.282, then the second at $0.285 and the third one at $0.289.
Below the current price, the first support level is at $0.270, then the second at $0.265 and the third one at $0.258.
The MACD on the daily chart shows an improvement in the bullish profile. The opening between the lines and the tilt increases. The proposal is clearly for a continuation of the bullish trend.
The DMI on the daily chart shows the bulls retaining control of the pair. The buying side remains at levels similar to those of the last few days. The bears also remain at levels similar to those of the previous few days.
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