Cryptocurrencies break resistances, Bitcoin near $8K and Ethereum over $200
|Ripple (+5.64%) pointed out the kick-off of a new bullish move on Bitcoin (+2.87%) and Ethereum (+5.46%). Cryptocurrencies are reaching today the valuation they had before the Market crash on March 12. The day shows bullishness on almost all digital assets and tokens. Notable altcoin movers are Ethereum Classic (+7.27%) and Lisk (+10.37%). Among tokens the best performers are UBT (+16%), FOR*(+25.86%), DATA (+45%) and FSN (+69.48%).
Fig 1 - Crypto Sector Heat Map
The total market capitalization is currently $227.01 billion, which is seen above the band of resistance that marked the market value before the large March 12 slump. The traded volume in the last 24 hours of $40.616 billion (-0.71%) was slightly less than in the previous 24H cycle, but increasing in the last eight hours. Bitcoin dominance is seen at 64.03%, a little higher than the 63.9% figure on Tuesday.
Fig 2 - Crypto Total Market Daily Chart
Hot News
The Telegram Open Network's OS will be available very soon in all app stores, as reported by Cointelegraph.com on Wednesday. TON OS is not meant to substitute the device OS but will be an add-on to make devices able to support blockchain apps. That goes on amid Telegram's legal battle with the U.S. SEC.
BSDEX, Boerse Stuttgart's Bitcoin Exchange, will incorporate stop orders to help customers handle volatile market conditions. BSDEX is launching in September and will offer regulated access for institutions and retail investors and traders to a BTC-EUR pair.
Binance has announced a DDoS attack on its Chinese domains. Binance's CEO, Changpeng Zhao (CZ), confirmed the news today after several hours of rumors about the event.
"Earlier today, our Chinese domains experienced targeted DDoS attacks, and users saw some lag and interruption of network access.
[..] No need to be concerned. Systems are fine. Funds are #SAFU."
Technical Analysis - Bitcoin
Fig3 - Bitcoin 4H Chart
Bitcoin has made a substantial movement today that is putting its price well above the $8,000 level. With this move, we see the Bollinger bands expanding, the MACD made a bullish crossover, and the price well above the +1-Sigma line and near the short-term channel top. But we still see a bit more upside, as the long-term linear-regression channel limit is near $8,300. If the reader switches to a daily chart, he can see also that this move, if confirmed at the end of the day, has pierced through the 200-day simple moving average (SMA), a fact that investors associates with a bull market. That said, in the very short-term, the price is a bit overbought. The pullbacks can serve to add to the positions.
Standard Pivot Levels
|
SUPPORT |
PIVOT POINT |
RESISTANCE |
|
7,052 |
7,410 |
8,060 |
|
6,405 |
8,420 |
|
|
6,040 |
9,065 |
Ethereum
Fig 4 - Ethereum 4H Chart
Ethereum continues its bullish advance through the ascending linear regression channel. The price is now almost touching the upper edge of it in a very bullish move in sync with Bitcoin and other crypto assets. We see the price breaking above the wedge and shrugging off the RSI divergence to make new highs and break above the $200 level. All technical indicators signal a bullish underlying trend, but the RSI is now at oversold levels. Thus, it can be expected another period of consolidation. As the trend is healthy, the " buy on retracements" may be a fine strategy for investors.
Standard Pivot Levels
|
SUPPORT |
PIVOT POINT |
RESISTANCE |
|
176.5 |
188 |
210 |
|
155 |
222 |
|
|
143 |
243 |
Ripple
Fig 5 - Ripple 4H Chart
Ripple has made a large bullish move on Tuesday, which was followed by a moderate continuation today. The RSI shows the price overextended, a fact also shown by the price well above the +1SD Bollinger line and the last candles depicting large upper wicks and small bodies near the 0.217 resistance level. We expect a lateral movement for some time that may approach the price to the +1SD or, even the mid-Bollinger line. But a break of the mentioned level can be a signal to add or open new bullish positions.
Standard Pivot Levels
|
SUPPORT |
PIVOT POINT |
RESISTANCE |
|
0.1830 |
0.1915 |
0.2050 |
|
0.1695 |
0.2134 |
|
|
0.1610 |
0.2269 |
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