Cryptocurrencies start the week on a positive note after a weekend dominated by sideways movements. Bitcoin (+0.33%) struggles to keep on the positive side after another sharp selloff 9 hours ago. Ripple(+6.54%), helped by the bad news of its rival Libra, took the way up, followed by Tron (+5%) and ATOM (+8%). Ethereum (+1.7%) and Litecoin(+1.65%) are moving more cautious. On the Token sector, ODE (+21%), CENNZ (+18%), DGD(+15%), and ZRX (+9.7%) are the movers of the day.
The market capitalization is $225.9 billion (+0.94%) at the moment of this writing, and the 24H volume was $22.24 billion, and the dominance of the Bitcoin is 66.48%.
Hot News
The SEC has halted the 1.7 Billion GRAM token offering. According to Cointelegraph, the regulator has filed an emergency action and limiting order against two offshore companies alleging the tokens were unlawfully sold. As a result of this action, US investors will be unable to acquire GRAMs.
Zuckerberg will testify before the US Congress regarding the Facebook Libra project. The scheduled date for his testimony in front of the House of Representatives Financial Committee is Oct 23.
A Class Action against Tether and Bitfinex accuses them of market manipulation. The firm behind this says the stablecoin firm and the crypto exchange defrauded investors by manipulating markets. “[the firm]issued extraordinary amounts of unbanked USDT to manipulate cryptocurrency prices.”
Technical Analysis
Bitcoin
During this weekend, Bitcoin moved mostly sideways. Then, on Sunday evening, it started a weak recovery that ended in a sharp selloff that pushed the BTC to its recent support of $ 8,250. We see the price has made a lower high in the 4H timeframe.
MACD is moving down, and the price is on the lower side of the Bollinger. That and the recent selloff on higher than usual volume makes us think sellers still dominate the cryptocurrency.
Supports: $8,250, $8,200, $8,000
Resistances: $8,450, $8,530, $8,700
Ripple
Ripple seems to like Facebook Libra difficulties. After finding support near the area marked by the dark-blue rectangle, XRP followed the path of its 50-period MA to test and successfully pierce the $0.28 resistance.
We see Ripple’s price currently overbought, but we can also observe an increment of the momentum that may help drive the price to a test of the $0.30 level.
Ethereum
Ethereum is currently moving in a range between $176 and $186 after the sharp drop made by the rejection of the $196 level. To assess any direction, we should see how this range is resolved. The case for the downside is supported by the sharp selloff made last Friday. The case for the upside can be explained by the fact that the price is still above the ascending trendline (amber) and that the area of its previous highs currently holds ETH. The key levels to observe are the obvious $176 and $186.
ATOM
Atom moves in a bullish trend, with its price above the 60 and 100-period MAs. Today, after breaking the triangular formation to the upside is moving slightly above the 2.98 level, starting another leg up marked by the Bollinger bands’ volatility increment. MACD also confirms this outlook. The next resistance level to break will be the psychological $3 level. $ 2.8 marks the invalidation point od this scenario.
Read more at: https://www.fxstreet.com/cryptocurrencies/news/cryptocurrencies-slightly-up-will-buyers-come-in-201910140801
