Cryptocurrencies losing ground
|During the last 24 hours, cryptocurrencies took the southern path. EOS (-5.21%), TRX(-5.5%), Algo (-6.9%) and ATOM(-15.67%) were the worst performers. Bitcoin(-1.66%) and XRP(-1.62%) did minor retracements. Notably, Bitcoin SV gained 5.5%. Ethereum tokes also took the red side, with LINK (-8.77%), BAT (-6,6%), and ZRX (-5.3%) as the worst performers among the main tokens. The top gainers among Ethereum tokens were ODE (+19) and EKT (+5.13%).
The market cap of the crypto sector went down 2.32% to $221.8 billion, among an 18% increase in the 24H volume ($26.4 billion). The Dominance of the Bitcoin is now 64.66%
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Technical Analysis
Bitcoin
The triangular pattern of the bitcoin was resolved to the downside. Yesterday the cryptocurrency price produced a large candle with high volume that moved the price from $8,322 to $8,085. Subsequently, BTC buyers made a timid bounce to $8,150.
The MACD and the price moving below the -1SD Bollinger bands suggest a bearish continuation.
The key levels to observe are 8,100, as a possible breakdown level, 8,000 as major support. To the upper side, a break above 8,200 and 8,300 might attract buyers again. Although, if we look at what is happening, again and again, that could be more an opportunity to unload than a real reversal. For a reversal, at least the 8,500 level should be broken.
Ripple
Ripple is quite bullish. Buyers seem to perceive Facebook Libra's difficulties as an opportunity to buy it. After the rejection of the $0.3 level, XRP has tested the 0.2854 level, bouncing off of it and currently moving to test it again, close to the Bollinger mean line. Also, the MACD has turned to a bearish phase. Overall, XRP is still in a consolidation phase. The potential supports for the price besides the Bollinger mean it is its 50-period MA, which matches the levels of the bullish trendline.
Ethereum
Ethereum also broke a triangular formation to the downside. The price also cut through its 200 and 50-period moving averages and went below the upward trendline and the $180 support level. That was done with increasing volume. MACD also turned bearish. That may signal a bearish continuation. The key levels to follow are:
Supports: $176 and $168
Resistances: $180, $186, and $196
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