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
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
