In the last 24 hours, the top cryptocurrencies are still moving sideways as taking profits, and trend fading stop them from further gains. BTC; XRP, ETH, LTC, and EOS are close to break-even. Nonetheless, there are some notable exceptions, among which are BNB(+5.53%), TRX (+5.59%), and ALGO (+7.22%). Among tokens, today’s notable movers are LINK(+15.16%), CENNZ( +34%), MATIC (+24%), WTC (+ 20%), and RNC (+15%). That can be seen in the Heat map below.
Market capitalization, as seen in the following graph, moved mostly in a channel between $221 and $222 billion, on a decreasing traded volume which is now a bit below $25 billion. The dominance of the Bitcoin descended slightly and is currently 66.3%.
Today we knew that US lawmakers are pressing Visa, Strype, and Mastercard to reconsider their participation in the Libra Association. Senators Brian Schatz and Sherrod Brown of Hawaii and Ohio respectively have asked these companies to withdraw from the Libra project “[…] given that Facebook has not yet demonstrated to Congress, financial regulator, and perhaps not even to your companies, that it is taking these risks seriously.”
Another report about Ripple tells that it may continue selling an average of 227 million XRP tokens per month for 18 years.
Bitcoin is still digesting the latest surge from its $7,700 bottom. The price is below $8,200 and fighting to keep above its 50-period MA and to make lower highs and lows. On the positive side, we see the price still moving in the upper side of the Bollinger band and the MACD holding on its positive side.
We still believe in a favorable scenario towards a test of the 8,530 level. The descent is happening with a reduction of the traded volume. To confirm this scenario, it is necessary to see the candlesticks breaking the $8,200 level and start making new highs. The more cautious could wait for a breakout of the $8,300 level. The initial target should be 8,500. A break below $8,124 would trigger sell orders.
Ethereum 4H chart shows its positive bias. The price is moving up, after a slight consolidation, with the price moving close to the +1SD Bollinger line and MACD also positive. The price, too, is above its 50-period MA, although still not above its 200-period MA.
In this favorable scenario, the price may find resistance in the confluence of the 200MA and the $186 level, which marks the latest two tops.
Although less likely, the bearish scenario starts with a break below the $177.6 level, its last minor bottom.
Ripple continued its consolidation, droving its price near the Bollinger mean. The price still suffers from sales near $0.28, but it is still moving close to its +1SD Bollinger line, so we keep our positive outlook.
The price must break the 0.2854 level to consider adding long positions to it. Also, a break of the 0.27 support might carry the price down to $0.26.
Link has made a very large bullish movement, and its price is overextended, as it is moving following the +3SD Bollinger line!
That tells a lot about the buying pressure this token is experiencing. We see also that the volume is growing while the price moves upwards, a remarkable fact. We see the price trying to challenge the $3.85 level and up, but we are uncomfortable buying after four large daily candlesticks.
Risk-takers may consider taking the break of $2.768 level with a stop below $2.53 and aiming for a profit target at the $3.85 top. There is a procedure using a short timeframe to catch a retracement and, then, break out of the range, plus also reducing the risk by using an intraday support as invalidation level. The 1H chart below shows an example of this technique.