Bitcoin rallies but ethereum rocks!
|The last 24 hours were very exciting for cryptocurrency buyers. Bitcoin (+2.77%) has finally entered into the $7K territory, and it, even, went momentarily through our $7,400 target. But the best performer among the top coins was Ethereum (+13.27%), followed by Tezos(+11.56%) and Eos(+10.97%). Overall, the cryptocurrency market had a great day, with an average gain of 8.9%. The Ethereum-token sector behaved particularly well, with LINK(+11.96%) leading gains among the top capitalized, followed by MKR(+8.56%) and BAT(+8.18%).
The Market capitalization of the crypto sector moved back to the $200 billion range and is currently $203.558 billion, on a 24-hour volume of $57.29 billion(+84.3%), whereas, the dominance of Bitcoin descends slightly to 64.53%.
Hot News
Boris Johnson is the first political leader that needs an ICU as a consequence of the SARS-CoV-2 infection. The U.K Prime Minister has been transferred to the intensive care unit of London's Saint Thomas Hospital, diagnosed with COVID-19 ten days ago. Johnson's deteriorating health was confirmed by Downing Street sources, according to the BBC, contradicting the government's previous reports that Johnson's condition was "mild."
A new quantum computer is said to boast 1 million qubits, significantly surpassing Google's most powerful device, which currently has 53 qubits. The computer is being developed by PsiQuantim Corp., with headquarters in the Silicon Valley. The project aims to develop a commercial photon-based quantum computer, and it has already raised over $200 million from investors.
Technical Analysis - Bitcoin
Bitcoin has moved up after yesterday's breakout of the $7000 level and moved as we had envisioned towards the $7,400 level, which is acting as a resistance level. We see its price making a doji near the +3SD Bollinger line, so we think it is slightly overbought, but also, it shows that the bullish momentum is strong. Thus, we believe it has room to continue moving to the $7,700 level.
|
Support |
Pivot Point |
Resistance |
|
6,550 |
6,800
|
7,400 |
|
6,180 |
7,700 |
|
|
5,850 |
8,050 |
Ethereum
Ethereum buyers have boosted ETH's price after yesterday's breakout from the wedge structure. Buyers had enough strength also to pierce through several resistance levels and bring its price to the $170 range. ETH also made a doji while touching the +3SD line, but the momentum seems still strong enough to challenge the $180 level and to continue climbing into that range.
|
Support |
Pivot Point |
Resistance |
|
142.00 |
150.00
|
152.00 |
|
128.00 |
165.00 |
|
|
119.00 |
180.00 |
Ripple
Ripple has finally found buyers. After the breakout of the triangular structure, the price went straight up and pierced through the upper side of the wedge, the $0.19, and $0.2 levels. Now it is in a zone of the previous consolidation, this it will be more difficult for the price to continue straight up. Right now, XRP is a bit overbought and with strong upward momentum, so it is possible the upward movement would continue a bit further up, but it would not surprise a sideways action for a while, also.
|
Support |
Pivot Point |
Resistance |
|
0.1700 |
0.1800
|
0.1900 |
|
0.1600 |
0.2000 |
|
|
0.1600 |
0.2070 |
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.