Cryptocurrencies mildly up, Bitcoin underperforms
|Cryptocurrencies are moving mildly up, although there is a sense of choppiness and lack of buying power. The price of Bitcoin(-0.18%) is drifting, moving near the $8,600 level, whereas Bitcoin SV ( +10.9%) is trying to hold the $300 level. Besides BSV, ADA( +5.4%), and DASH(+9.96%) are the best performers of the last 24 hours.
The Ehereum token sector shows a mix of performance. Among mild retracements, HEDG(+21.65%) is the best performer. Also moving strongly are SNX(+5%), REP(+7%), DGD(+16.3%), and FST(+15.24%).
Fig 1 - 24H Crypto Heat Map
The market capitalization of the sector is currently $238 billion (-0.48%), and the volume traded in the last 24 hours descended to $33.14 billion. Also, Bitcoin dominance dropped below 66%, to 65.95%.
<>
Hot News
UK's tax agency has published a public tender directed to tech companies that may provide tech tools to combat crypto crime. The contract, worth 100 thousand pounds sterling, is aimed to gather knowledge through cluster analysis, to match transactions with service providers.
According to news outlet AMB Crypto, the Australian Prudential Regulation Authority is looking to supervise Facebook's Libra. "Under this proposal APRA's role in the framework would be to oversee wallets that are widely used as a means of payment and store significant value for a reasonable amount of time" (source: AmbCrypto).
Venezuela's President Nicolas Maduro announced it would re-open the Humboldt Hotel at the Avila National Park to hold an international casino that will operate in Petro (PTR). The returns of it will be used to fund education and health sectors. This announcement comes nine years after president Hugo Chavez banned all betting businesses as places of drug dealing and prostitution.
Technical Analysis - Bitcoin
Chart 1 - Bitcoin 4H Chart
Bitcoin continues moving in a very tight range, between its $8,560 support and the $8,760 resistance. The MACD seems to indicate a bullish transition, with the price struggling to hold within the ascending channel. Bulls must wait for a break above the $8760 level, and bears should watch a breakdown of its immediate support of %8,560. The current trading levels are quite low, so a jump in liquidity will provide clues of which side is stronger.
|
SUPPORT |
PIVOT POINT |
RESISTANCE |
|
8.560 |
8.628 |
8.760 |
|
8.360 |
8.860 |
|
|
8.200 |
9.000 |
Ripple
Chart 2 _ Ripple 4H Chart
Ripple is still moving inside its ascending channel. The MACD made a bullish transition, and the price is moving near the mid-Bollinger line, trying to reach the upper Bollinger channel. We keep our bullish bias, based on this evidence, and also that its 50-period SMA is pointing up and acting as a trendline.
|
SUPPORT |
PIVOT POINT |
RESISTANCE |
|
0.225 |
0.23 |
0.24 |
|
0.22 |
0.25 |
|
|
0.215 |
0.257 |
Ethereum
Chart 3 - Ethereum 4H Chart
Ethereum is moving timidly up, but in the lower Bollinger channel. ETH's price bounced off of the 162 key level and now is facing the $167.5 resistance. We can see also that the 50-period SMA is still holding the price and heads up, and also, that the MACD is close to making a bullish crossover. Therefore, we still think Ether is in an uptrend.
|
SUPPORT |
PIVOT POINT |
RESISTANCE |
|
162,00 |
165.5 |
167.5 |
|
159,00 |
170,00 |
|
|
155,00 |
174,00 |
Litecoin
Chart 4 - Litecoin 4H Chart
Litecoin has crossed the lower trendline of the ascending channel, but still is managing to hold above the 50-period SMA, which, also still moves upwards. On the chart, we can see also that the MACD is trying to make a bullish crossover. The price needs to convincingly cross the $58 level for bulls to move in. The key support to watch is $55.
|
SUPPORT |
PIVOT POINT |
RESISTANCE |
|
56,00 |
57,00 |
58.3 |
|
54.5 |
60,00 |
|
|
53,00 |
61.5 |
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.