Home Crypto Crypto Market Analysis Daily Crypto Review, August 13 – Crypto Loans Entering the Market; Bitcoin...

Daily Crypto Review, August 13 – Crypto Loans Entering the Market; Bitcoin Temporarily Stuck at $11,600

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The cryptocurrency market had a day where almost no cryptocurrencies ended up in the red. Even though the gains were mostly small, only five cryptocurrencies lost in the past 24 hours. Bitcoin is currently trading for $11,582, which represents an increase of 1.88% on the day. Meanwhile, Ethereum gained 4.37% on the day, while XRP gained 1.11%.

 Daily Crypto Sector Heat Map

When talking about top100 cryptocurrencies, Numeraire gained 161.01% on the day, making it the most prominent daily gainer. Aragon (90.43%) and BitShares (41.67%) also did great. On the other hand, Divi lost 4.38%, making it the most prominent daily loser. It is followed by Compound’s loss of 2.5% and Aave’s loss of 1.85%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level has decreased slightly since we last reported, with its value currently at 60.84%. This value represents a 0.53% difference to the downside when compared to yesterday’s value.

Daily Crypto Market Cap Chart

The cryptocurrency market cap experienced a major increase in value since we last reported. Its current value is $358.92 billion, which represents an increase of $13.32 billion when compared to yesterday’s value.

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What happened in the past 24 hours?

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Technical analysis

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Bitcoin

After a day of sharp decline, Bitcoin spent the day trying to restore the lost value. However, while the largest cryptocurrency by market cap did gain a few percent and rose to $11,600 levels, the $11,630 resistance seems to be holding the price in place quite well. Bitcoin will need to pass this level confidently (and soon), or BTC bears will consider this the start of a bear move.

BTC traders should look for an opportunity when BTC crosses $11,630.

BTC/USD 4-hour Chart

Technical factors:
  • Price is currently below its 50-period EMA but above its 21-period EMA
  • Price is slightly above its middle B.B
  • RSI is neutral (48.49)
  • Volume is decreasing
Key levels to the upside          Key levels to the downside

1: $11,630                                 1: $11,460

2: $12,000                                 2: $11,090

3: $12,300                                  3: $10,850

Ethereum

Ethereum had a slightly better day than its rival Bitcoin in terms of gains, as it returned to the level it was on the night before the selloff. However, the $400 level seems like it has great resistance, and it is yet unknown whether ETH will be able to break it. The move that will break $400 needs to be extremely strong, and it will most likely be caused by BTC’s move to the upside.

Traders should look for an opportunity when Ethereum breaks $400 or collapses after failing to do so.

ETH/USD 4-hour Chart

Technical Factors:
  • Price is above its 21-period EMA and its 50-period EMA
  • Price is between its middle and top B.B.
  • RSI is elevated (58.91)
  • Volume is average
Key levels to the upside          Key levels to the downside

1: $400                                     1: $361

2: $415                                     2: $340

3: $496                                      3: $302

Ripple

Unlike Bitcoin and Ethereum, XRP did not have such a good day today. The third-largest cryptocurrency by market cap did end up in the green on the day, but it failed to break the $0.285 level. Breaking this level is key to pushing further towards the upside, but the 21-period and 50-period moving average are also above the price and very near $0.285, making it incredibly difficult for XRP to move towards the upside.

Traders can look for an opportunity right after XRP breaks $0.285.

XRP/USD 4-hour Chart

Technical factors:
  • Price is below its 21-period and 50-period EMA
  • Price is slightly below its B.B.
  • RSI is neutral (42.19)
  • Low volume
Key levels to the upside          Key levels to the downside

1: $0.285                                    1: $0.266  

2: $0.31                                     2: $0.245

3: $0.32                                    3: $0.235

 

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