Bitcoin, altcoins facing stiff resistance

Bitcoin (-0.06%) and altcoins are experiencing selling at key levels that keep their prices in a tight range. XRP (-2.04%), LTC(-2.32%) and XTZ (-2.8%) are the most bearish, and XEM(+1.53%), ZEN(+5.5%), and DIgibyte (+9.65%) are the most bullish. In the Ethereum token sector, POLL is the star of the day with a price jump of $75 (+58,110.35%), Also nicely moving are SNX(+20.36%), and FST(+75%), whereas LINK drops 5%.

 

The market capitalization of the crypto sector is now $216.717 billion (+0.85%), and the traded volume in the last 24 hours was $29.3 billion (-18.3%). The market dominance of Bitcoin descended slightly to 67.84%.

 

 

 

 

Hot News

Block One jas released EOS.io 2.0, bringing major changes to EOS smart contract virtual machine, which is said to enhance performance and improve security.

Leading crypto-asset investment firm Grayscale Investments has filed a total of $2.2 billion in assets under management, according to an official tweet: "01/10/20 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products. Total AUM: $2.2 billion" (source: AMBCrypto.).

FTX, a crypto-derivatives exchange, has launched Bitcoin options trading. The announcement was tweeted on Jan 11. Later on the same day, they also claimed that the options volume hit $1 million in the next two hours after the announcement.

 

Technical Analysis

Bitcoin

 

The price of Bitcoin is moving in a tight range between $8,000 and $8,200, as the sellers step in at that level, and buyers hold the price above $8K. The price keeps moving on the upper side of the Bollinger bands, and the MACD is unable to tell any direction. That situation is hinting for a slightly bullish bias.

 

 

That impression is confirmed, in the daily chart, with a MACD still bullish and the current price action picturing a triangular formation with higher lows. A break of the $8,200 level might drive BTC's price towards $8,500 and $8,700.

 

Ripple

 

Ripple was stopped at $0.22 last Saturday. The price created two candlesticks on strong volume, a bullish one, and a bearish one negating it. The result is that buyers lost their strength, and the price may begin another descent. MACD has made a bearish crossover, and the action is moving to the lower side of the Bollinger bands. We expect the price to test the $0.208 support level. If this level doesn't hold, the price would likely go to test $0.2 again.

 

Ethereum

 

Ethereum's price was rejected twice near $148 in the last 48 hours, the last candle being an engulfing candle. The price has also broken the $144 level moving to the lower side of the Bollinger bands, while the MACD made a bearish transition. $141 is critical to avoid a new visit to $135.

Litecoin

 

Litecoin has been very bullish since Friday afternoon, although the price has moved in a range on the weekend. The price has hit stiff resistance at $51.5 and now it is struggling to hold the $40.8 resistance level. The price still moves in the upper side of the Bollinger Bands, and the bands themselves have a quite positive slope, the only contrasting note is the MACD showing a bearish phase. Overall, we still keep a bullish bias on LTC.

 

 

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