Bitcoin and Cruyptocurrencies Dominated by Sellers
In the last 24 hours, cryptocurrencies dropped 2.5% in market capitalization, moving this value to $216.05 billion with a 24H traded volume of $26.2 billion (+1.15%). ALGO (-6.39), Bitcoin SV (-6.3), Tron(-6.03)Litecoin (-5.03%) were the most sold cryptos. The exceptions were Monero (6.27%), Dodge Coin (5.73), and XEM (8%). The best performers among tokens were SNX (16.1%), and MOF (15.66%).
Fig 1 -Cryptp-sector 24H Heat Map
The Market capitalization chart shows that the heaviest selling happened at 06 p.m. on Monday and since then it has recovered slightly,
Fig 2 - Crypto Market Capitalization
Hot News
Telegram informed investors the launch of TON, its own cryptocurrency project, will be delayed, and thus, investors could get their funds back according to the original deal. Telegram wants to move the deadline from October 30 to April 30, 2020.
US Congressman Warren Davidson, a member of the US House of representatives from Ohio, said in an interview by Noded bitcoin Podcast that Facebook should adopt Bitcoin and drop their Libra project. He explained that Cash App was able to go unnoticed by merely integrating bitcoin into their platform instead of creating a brand new coin. He also suggests that Libra could be treated as security since it can be manipulated by a central authority.
Venezuelan president Nicolás Maduro stated its government is delivering a total of USD 543,700 in the oil-backed Petro cryptocurrency to each of the 23 states on a bimonthly basis. He also said that additional resources would be handed to local governments next month. This might the first time a government is officially founding its institutions using a state-run cryptocurrency.
Technical Analysis
Bitcoin
Bitcoin continued descending during the last 24 hours, and its price is now slightly below $8,000. The main drop happened before 6.pm. Then, the price made a timid recovery, although the current price action suggests more drops (lower highs and lower lows). The price continues moving below the -1SD Bollinger line and the MACD is in its bearish phase.
The levels to watch are:
| Supports | 4H Pivot | Resistances |
| S3: $7,500 | 8,200 | R3: $9,320 |
| S2: $7,700 | R2: $8,700 | |
| S1: $7,900 | R1: $8,530 |
Ethereum
Ethereum followed a quite similar path to the Bitcoin. After breaking the triangular formation to the downside, the price kept moving down to touch $172 and then slightly bounce, as the price went to the oversold region. MACD continues being bearish, and the price moves below the -1SD Bollinger line.
4H key levels to observe:
| Supports | 4H pivot: | Resistances |
| S3 $160 | 180 | R3 202 |
| S2 $167 | R2 196 | |
| S1 $168 | R1 186 |
Ripple
Ripple reached the corrective target we devised yesterday and is sitting on the ascending trendline and its 50-period moving average. MACD is still in it bearish phase, and although XRP did a modest correction compared to other cryptos, there is still a chance for more drops, as the price is below the -1SD Bollinger level and, as mentioned MACD still show selling pressure.
| Supports | Pivot: | Resistances |
| S3 $0.24 | $0.27 | R3 $0.33 |
| S2 $0.25 | R2 $0.30 | |
| S1 $0.26 | R1 $0.285 |
Author
EagleFX Team
EagleFX
EagleFX Team is an international group of market analysts with skills in fundamental and technical analysis, applying several methods to assess the state and likelihood of price movements on Forex, Commodities, Indices, Metals and
