Ethereum Pushes up as Bitcoin and altcoins Pause

In the last 24 hours, Ethereum ( +5.05%) continued climbing steadily, joined by Binance Coin(+8.45%), and Tron (+8.25%), whereas Ethereum classic shed 9 percent. Bitcoin is still struggling to reach $9.8K, and Bitcoin SV dropped 3.73 percent, joined by DASH(-2.59%) ZEC(-2.82%) and MIOTA(-2.18%). Ethereum tokens are mostly green, with LINK (+8.22%), OMG(+5.38$), ZB(+7.34%), MATIC(+9.1%) and ZRX(+9.56%) leading the gains, and CEL(-6.12%), MB(-5.4%) and MOF(-23.12%) dropping the most.

The market capitalization dropped by 10.6 billion from yesterday's $288.3 billion and now is $277.633. Bitcoin Dominance is shown as 64.11 percent.

Hot News

Australia is preparing for a future with Blockchain and has released its national blockchain roadmap.  Interestingly, in the document entitled "The National Roadmap: Progressing towards a blockchain-empowered future"  it states, "Blockchain technology is predicted to generate an annual business value of over US$175 billion by 2025 and in excess of US$3 trillion by 2030."

Crypto projects could get three years of exemption from US securities laws according to a proposal by SEC Commissioner Hester Piercer.

Coronavirus has affected China's productive capacity. Most factories are closed, extending the New Year holidays to prevent the spread of the coronavirus among the workers. On Thursday, we knew of one bitcoin mining facility as a precautionary measure. Since ASIC computer hardware doesn't get hit by human viruses, the measure seems unrelated to the spreading of the virus. Thus, many speculate that, since the vast majority of the Bitcoin hash rate is located in China, the general closure of mining facilities would become a severe issue. There is no indication that this is happening, though.

Technical Analysis - Bitcoin

Bitcoin is having a consolidation movement, as its price struggles to break the $9,830 level, mostly moving in a very tight range, with a shrinking traded volume. The price now moved to near the +1SD Bollinger line, and its MACD continue being bullish. Thus, we maintain our bullish bias on BTC, The level to observe is $9,830. We will notice the start of a bullish movement by the surge in the traded volume.

Ripple

Ripple is moving slightly up but within a highly volatile upward channel. Currently, its price is close to the lower edge of the channel, and its MACD has turned bearish. Thus, we must be careful. A potential resolution of this kind of upward flags is to the downside. We do not think it would mean a return to the bear side, but it could mean a visit to the $0.26 level, as testifies the large wick made yesterday on heavy volume. Since the price still moves near the +1SD line, the outlook for XRP is up. The levels to watch are 0.274 to the downside and $0.283 to the upside.

Ethereum

Ethereum has been moving quite bullish in the last 24H. When we thought the price was overbought and needed a pause, it refused to do so and continue moving up above its +1SC Bollinger line. The price now was momentarily rejected by the $221 level, and we see that the stochastics are in the overbought region. We still don't see signs of a pause other than the relatively large wick on the previous candle. Still, we think a deceleration is possible, and it will take it some time to break the $221 level.

Litecoin

Litecoin was stopped by the $74.24 resistance level and has moved sideways during the last 24 hours. The price still moves following the +1SD Bollinger line, though, so we estimate that the last 24H move is just a consolidation, and the bullish trend continues being strong. Thus, we still keep our arrow pointing upwards, maintaining our $79 target.

---

Try Secure Leveraged Trading with EagleFX!