Yesterday, cryptocurrencies had a modest bounce driven by Ethereum (+1.58%) and Ripple (+1.92%). Part of it has been lost this early morning, as Bitcoin (+0.05%) could manage to move beyond $8,800. The most bullish in the last 24H cycle were XEM (+5.5%) and DASH(+5.36%). Also, Ethereum-based tokens such as Link(+7.01%) and MKT(+9.38%) bounced sharply.
Fig 1 - 24H Crypto Sector Heat Map
The market cap of the sector is slightly down by 0.24 percent and is now valued at $249.720 billion. That was done on a 24H traded volume of $51.645 billion, which is down almost 30% from its previous value. That shows the prices are moving in a consolidation range, and traders are waiting for a confirmation of the next direction. Bitcoin dominance remains near 64 percent.
Fig 2 - 24H Crypto Market Cap and Traded Volume
Hot News
The Committee on Small Business will hold a hearing that take place at the US House of Representatives focused on the impact of Blockchain technologies on small businesses. The hearing is scheduled to take place on March 4, 2020 at 11:30 A.M. "This hearing will explore how innovators and entrepreneurs are using blockchain technology to help small businesses boost productivity, increase security, open new markets, and change the way business is done." (Source: smallbusinss.house.gov)
On Feb 27, Ethereum Classic Labs published a note announcing its collaboration with Chainlink to bring decentralized oracles to Ethereum Classic. Decentalized oracles solve the problem of communication between different blockchains and also between blockchains and the outside world.
Technical Analysis - Bitcoin
Chart 1 - Bitcoin 4H Chart
Bitcoin began the day with an increase in its bearish movements. The price went below the $8,800 level and is menacing to continue below the $8,700 and visit the $8,300 lows made on Jan 24 and 25. The price moves following the -1SD line, a situation prone to more downward movements. The volume is thin; thus, the movement could be reversed easily. The MACD has made a bullish crossover; thus, hinting to the continuation of the sideways action.
SUPPORT |
PIVOT POINT |
RESISTANCE |
8,525 |
8,800 |
8,990 |
8,300 |
9,150 |
|
8,100 |
9,500 |
Ethereum
Chart 2 - Ethereum 4H Chart
Ethereum had a nice 3 percent bounce yesterday, but today it has faded most of it and show signs that hint for a rest of the $216 support. Currently, the price moves near the -1SD Bollinger line, although the MACD made a bullish crossover, as in the Bitcoin case. This may lead to a directionless move. From a trader's perspective, a break of the 216 level would increase its bearishness, and a movement above $240 would indicate that buyers are still present.
SUPPORT |
PIVOT POINT |
RESISTANCE |
216.00 |
223.00 |
230.00 |
202.00 |
240.00 |
|
187.00 |
255.00 |
Ripple
Chart 3 - Ripple $H Chart
Ripple is following the overall movements of the sector. Thus, yesterday it experienced a good bounce to the level of 0.246, to drop almost half of it in the early morning. The price touched the mid-Bollinger band and bounced off from there. Now it is trying to hold at the 0.236 level, as the MACD starts a new bullish phase. As it happens with Bitcoin and Ethereum, we think today's action will be sideways, with a slightly downward bias.
SUPPORT |
PIVOT POINT |
RESISTANCE |
0.2290 |
0.2360 |
0.2460 |
0.2170 |
0.2600 |
|
0.2030 |
0.2720 |
Chainlink
Chainlink 4h Chart
Chainlink, is emerging as one of the most promising tokens in the industry. Its Oracles product is key to connecting blockchains to the rest of the financial world.
The latest bullish trend drove Chainlink to new highs of $4,88. On the last market bearish correction Chainlink had a considerable drop, but it bounced sharply yesterday and is near the $4 mark. Currently the price is moving near the +1SD range and the MACD shows a bullish phase. Thus, we think Link could continue moving to the upside, as its main trend is bullish.
SUPPORT |
PIVOT POINT |
RESISTANCE |
3.53 |
3.85 |
4.15 |
3.37 |
4.40 |
|
3.11 |
4.69 |
Try Secure Leveraged Trading with EagleFX!
Risk Warning: CFD and Spot Forex trading both come with a high degree of risk. You must be prepared to sustain a total loss of any funds deposited with us, as well as any additional losses, charges, or other costs we incur in recovering any payment from you. Given the possibility of losing more than your entire investment, speculation in certain investments should only be conducted with risk capital funds that if lost will not significantly affect your personal or institution’s financial well-being. Before deciding to trade the products offered by us, you should carefully consider your objectives, financial situation, needs and level of experience. You should also be aware of all the risks associated with trading on margin.
Recommended Content
Editors’ Picks
This week could be explosive for ETH: Ethereum ETFs to debut in the US on Tuesday
Ethereum (ETH) is down nearly 1% on Monday as the Securities & Exchange Commission (SEC) confirmed via its website on Tuesday that it has given the final approval for spot ETH ETFs. Considering the ETH ETF launch and the upcoming Bitcoin Conference, this week could prove crucial for Ethereum.
SEC gives final approval for Ethereum ETFs to begin trading
The Securities and Exchange Commission (SEC) approved the S-1 registration statements of spot Ethereum ETF issuers on Monday, making it the second digital asset ETF to go live in the US, according to the latest filings on its website. The approval is also visible across the websites of the various asset managers that applied for the product.
Could Donald Trump and Elon Musk provide Bitcoin's bullish spark?
Trump could use Justice Department's 200,000 BTC as headstart for potential Bitcoin reserve, says analyst. Elon Musk hints at potential Bitcoin endorsement after US dollar value destruction post and laser eyes profile picture. The bearish crowd has remained silent since Bitcoin's two-week rebound.
Crypto investment products continue positive run after $1.35 billion net inflows
CoinShares' weekly report shows that crypto investment products saw a third consecutive week of inflows. Bitcoin saw inflows of $1.27 billion, with short-bitcoin recording more outflows. Ethereum-based products outperformed Solana on year-to-date inflows.
Bitcoin: Will BTC continue its bullish momentum?
Bitcoin (BTC) price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166.