Home Crypto Crypto Market Analysis Daily Crypto Review, August 4 – BTC Establishes Itself Above $11,000; Altcoins...

Daily Crypto Review, August 4 – BTC Establishes Itself Above $11,000; Altcoins Taking Over The Market

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The cryptocurrency market ended up in the green today, with Bitcoin establishing its place above $11,000 and most altcoins gaining substantial value. Bitcoin is currently trading for $11,350, which represents an increase of 1.86% on the day. Meanwhile, Ethereum gained 4.8% on the day, while XRP gained 6.87%.

 Daily Crypto Sector Heat Map

When talking about top100 cryptocurrencies, MCO gained 41.91% on the day, making it the most prominent daily gainer. Ocean Protocol (28.92%) and Energy Web Token (22.88%) also did great. On the other hand, Ampleforth has lost 12.73%, making it the most prominent daily loser. It is followed by Aave’s loss of 6.32% and Celsius’ loss of 3.80%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level has decreased since we last reported, with its value currently at 60.80%. This value represents a 0.82% difference to the downside when compared to Friday’s value.

Daily Crypto Market Cap Chart

The cryptocurrency market capitalization has increased since we last reported. Its current value is $347.17 billion, which represents an increase of $9.74 billion when compared to the value it had yesterday.

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What happened in the past 24 hours?

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Technical analysis

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Bitcoin

The largest cryptocurrency by market capitalization confirmed its position above $11,000 in the past 24 hours (at least in the short term) Its price kept slowly going up until it hit a (possibly) new resistance level of $11,460. The price then took a small dive but returned to sideways movements. Bitcoin is in a good spot to create a move that will lead it towards (or above) $12,000 in the near future.

BTC traders should look for an opportunity to make a trade when BTC breaks $11,460 or falls below $11,090.

BTC/USD 4-hour Chart

Technical factors:
  • Price is currently above its 50-period EMA, but below its 21-period EMA
  • Price is between its bottom B.B. and its middle B.B (20-period SMA)
  • RSI is neutral (51.35)
  • Volume increased
Key levels to the upside          Key levels to the downside

1: $11,630                                1: $11,090

2: $12,000                                2: $10,855

                                                 3: $10,505

Ethereum

Ethereum continued pushing towards the upside, pretty much unaffected by the “flash crash” that brought its price down from $415 to $320. The second-largest cryptocurrency by market capitalization is moving upwards and having the 21-period and 50-period moving averages as support. The price is currently just below $400.

Ethereum traders should look for an opportunity in a pullback, which will most likely happen after the current move towards the upside.

ETH/USD 4-hour Chart

Technical Factors:
  • Price is above its 21-period EMA and its 50-period EMA
  • Price is currently between its top B.B. and its middle B.B. (20-period SMA)
  • RSI is elevated (63.95)
  • Above-average volume
Key levels to the upside          Key levels to the downside

1: $340                                    1: $302

2: $362                                    2: $289

                                                 3: $278

Ripple

XRP was also one of the altcoins that made significant progress towards the upside in the past 24 hours. The third-largest cryptocurrency by market cap recovered from the “flash crash” quickly and hurled upwards, reaching past the $0.31 resistance level (now support) once again.

XRP traders can look for an opportunity in the range between $0.31 and $0.32.

XRP/USD 4-hour Chart

Technical factors:
  • Price above 21-period and the 50-period EMA
  • Price is between the top B.B. and the middle B.B. (20-period SMA)
  • RSI is elevated (66.85)
  • Elevated volume
Key levels to the upside          Key levels to the downside

1: $0.32                                    1: $0.285  

2: $0.3328                                2: $0.266

                                               3: $0.245

 

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