Markets still hesitant for more gains
Cryptocurrencies are still ranging after the gains at the beginning of the week. Bitcoin has reached $10,700 to, then fall back in a and extended bar leaving a sizeable upper shadow and creating a reversal 4H candlestick. Bitcoin is hovering at break-even point, while most of the top-ten altcoins experience minor losses. Notably, Monero (+3.89%) looks very bullish.
The market capitalisation is holding above $267 billion, and Bitcoin dominance is close to 71%, making a new high for the year.
The heat map below shows the 24H price evolution of the top ten cryptos.
On the news front, there is not much to comment. Samsung releasing a crypto-enabled version of its Galaxy Note 10, Ethereum 2.0 close to its Phase Zero or the US, and the Financial Integrity Network (FIN) urging the US Congress to regulate Crypto under the Bank Secrecy Act, are some of the headlines appearing in the news aggregators.
Technical Analysis
Bitcoin
On the Bitcoin 4H chart, we can see that the $10,700 level has been rejected twice, the last time was yesterday's evening with a sharp candle showing a large upper shadow, looking like a reversal bar.
After that, the price is creating a string of small-bodied candles with decreasing volume slightly above the $10,500 level, which seems to act as a support. We see, also, that the price is slowly approaching the mid-line of the Bollinger Bands. That is a typical behaviour, as we have stated in previous articles. From there, the most common scenario is the continuation of the previous price action.
The MACD made a crossover to the downside, but it could switch to the upper side again with a strong candle, to this information is not relevant by itself.
Ethereum
Ethereum lost most of the gains acquired during the first two days of the week. The price was rejected from the $180 level, crossed the $175 level and is currently below its support of $173. The candlestick still has two more hours to close, but if Ethereum does not find buyers soon, it will continue moving towards the base at $167.6. Its MACD has made a bearish crossover some hours ago and seems to confirm this price action. On the ETH 4H chart can observe, also, that the price has moved to below the -1-line of the Bollinger bands. Another indication of a trend change.
The chart show the key levels of support (below the price) and resistance.ETH
Monero
Monero has been moving up lately om good volume. Today, XMR closed above $75, although it is seen selling pressure currently. The price continues moving near its +1-BBline, while the Bollinger lines are pointing to the upside, and MACD holding on its bullish phase.
Therefore, unless Bitcoin sellers create a substantial drop, we see this altcoin escalating towards $77. For your convenience, key support and resistance levels are labelled on the chart.
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
