Cryptocurrencies continue Retracing

Bitcoin (-2.04) and the crypto sector, in general, continue its descents. The drops are moderate, around 2%, but continuous. The exceptions are Bitcoin SV (+0.68%) and ATOM(+5.55%). In the Ethereum token section, SNX (-1.15%) continues its drops, whereas Link (+4.1%) recovers.  Worth mentioning FST( +27.15%) and RCN(+16.7%) and HLT(+1,269.7%)

The Crypto sector capitalization dropped to $206.21 Billion (-3.69%). That happened on a 24-hour traded volume of $29.562 billion (-34.8%). The dominance of Bitcoin remains practically stable at 68.41%.

Hot News

China has issued a law governing cryptographic password management that started on Jan 01. According to sources by Cointelegraph, the act establishes core and standard encryption methods as a state secret. It is said that this law paves the way for China's central bank digital currency.

Distributed Finance (Defi) platforms based on Ethereum grew by 130% in 2019, according to the website Defi Pulse. Maker DAO is the most popular app, specialized in decentralized Ethereum-based loans.

Technical Analysis - Bitcoin

 

Bitcoin continued its descents. The price has broken the $7,890 support and nor is close to the $7,700 area. The price moves now below the -1SD line, and the Bands stopped pointing upwards. Also, the MACD continues pointing to more downside. Volume has been descending, but it seems the price still seeks the $7,550 level.

Ripple

Ripple has lost a significant portion of its swift ascent. Its price is now close to touching the $0.20, a level that marks the upper side of the previous range. The MACD is descending, although its histogram seems to show signs the descents might end soon. We see also that the volume is gradually dropping.  $0.20 is vital to hold the sellers from adding pressure. Also, a move above $0.208 would attract more buyers.

Ethereum

Ethereum dropped below $138.5 support and has now been rejected by the $135 support. Also, although the price moves well under the -1SD line, the MACD histogram seems to indicate a pause in the descents.  The current area is a relatively strong support since $135 marks the upper side of the previous range. So far, there is no other hint of a trend change.

Litecoin

Litcoin had two strong bearish candles yesterday, but the continuation of them were relatively small-bodied candlesticks that pierced through its $45 support but were held above the $44 level. The MACD histogram is also showing that the sellers are not convinced the descents will continue.  Of course, the key level to observe is $44 right now. Also, a convincing movement above $45 would attract the buyers.

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