Home Crypto Crypto Market Analysis Daily Crypto Review, August 14 – ETH Price Skyrocketing; BitMEX Implementing KYC...

Daily Crypto Review, August 14 – ETH Price Skyrocketing; BitMEX Implementing KYC Procedures

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The cryptocurrency market had mad a slight rally in the past 24 hours, with Ethereum leading the way with a price gain of almost 8%. Bitcoin is currently trading for $11,723, which represents an increase of 1.33% on the day. Meanwhile, Ethereum gained 7.61% on the day, while XRP gained 4.96%.

 Daily Crypto Sector Heat Map

When talking about top100 cryptocurrencies, Waves gained 36.29% on the day, making it the most prominent daily gainer. Algorand (34.02%) and Reserve Rights (25.27%) also did great. On the other hand, Ampleforth lost 14.74%, making it the most prominent daily loser. It is followed by Aragon’s loss of 12.46% and yearn.finance’s drop of 11.04%.

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 60.08%. This value represents a 0.76% difference to the downside when compared to yesterday’s value.

Daily Crypto Market Cap Chart

The cryptocurrency market cap experienced an increase in value since we last reported. Its current value is $368.07 billion, which represents an increase of $9.15 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

Bitcoin spent the day trying to get back near $12,000 after a day of consolidation. Its price made a sharp move towards the upside and broke the $11,630 resistance level, but stopped at $11,850 and then started to retrace. This retracement is most likely a test of the newly-passed resistance (now support). If Bitcoin’s price holds up above it, there is a good chance that we can see another move towards the $12,000 mark in the near term.

BTC traders should look for an opportunity when BTC spikes after the confirmation of its position.

BTC/USD 4-hour Chart

Technical factors:
  • Price is currently above its 50-period EMA and its 21-period EMA
  • Price is above its middle B.B
  • RSI is neutral (54.81)
  • Volume is decreasing
Key levels to the upside          Key levels to the downside

1: $12,000                                1: $11,630

2: $12,300                                2: $11,460

                                                 3: $11,090

Ethereum

Ethereum is the star of the day, as its price has skyrocketed over the course of the last 24 hours. The second-largest cryptocurrency by market cap saw a massive increase in volume while its price went from below-$400 levels all the way up to $432. Ethereum is now consolidating at around $420 and trying to test the $415 support level.

Traders should look for a trade when Ethereum confirms its position above $415 (or fails to do so).

ETH/USD 4-hour Chart

Technical Factors:
  • Price is above its 21-period and its 50-period EMA
  • Price is above its top B.B.
  • RSI is overbought (71.94)
  • Volume is average (one-candle spike)
Key levels to the upside          Key levels to the downside

1: $415                                     1: $$400

2: $496                                     2: $361

                                                  3: $340

Ripple

XRP had a great day and outperformed Bitcoin as well. The third-largest cryptocurrency by market cap ended up gaining almost 5% on the day after breaking above the $0.285 resistance level. As we noted in our previous report, breaking this level is key to pushing further towards the upside, and XRP’s future moves towards $0.31 are a bit more realistic now. However, for the time being, the current progress got stopped by the top B.B. at $0.3, and XRP started consolidating and (possibly) testing $0.285 as support.

Traders can look for an opportunity right after XRP increases in volume and heads towards $0.31.

XRP/USD 4-hour Chart

Technical factors:
  • Price is above the 21-period and 50-period EMA
  • Price is between its middle and top B.B.
  • RSI is neutral (57.75)
  • Low volume
Key levels to the upside          Key levels to the downside

1: $0.31                                     1: $0.285  

2: $0.32                                     2: $0.266

3: $0.245

 

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