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%.

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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

 

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