Crypto Market Analysis

Daily Crypto Review, Oct 13 – G7 Will Continue to Oppose Libra; Bitcoin Consolidating After Another Bull Run

The cryptocurrency sector has experienced another surge as Bitcoin moved away from $11,300 and closer to $11,500. Bitcoin is currently trading for $11,434, representing an increase of 0.89% on the day. Meanwhile, Ethereum gained 3.35% on the day, while XRP gained 0.03%.


 Daily Crypto Sector Heat Map

Taking a look at the top 100 cryptocurrencies, we can see that Ocean Protocol gained 21.97% in the past 24 hours, making it the top daily gainer. CyberVein (14.58%) and Synthetix Network Token (11.83%) also did great. On the other hand, Ren lost 14.83%, making it the most prominent daily loser. It is followed by PumaPay’s loss of 8.33% and Uniswap’s loss of 3.33%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s market dominance level has decreased slightly since our last report, with its value currently being 60.40%. This value represents a 0.26% difference to the downside when compared to when we last reported.

Daily Crypto Market Cap Chart

The crypto sector capitalization has a bit more value over the course of the past 24 hours. Its current value is $366.13 billion, representing an increase of $7.71 billion compared to our previous report.


What happened in the past 24 hours?



Technical analysis



The largest cryptocurrency by market cap has continued its push towards the upside, getting past $11,500 and even close to the $12,000 mark. The move died out when it approached $11,750. Bitcoin is now in the pullback phase, where its price has breached $11,500 to the downside and is testing how low it can go until the bulls step in again.

Traders should pay attention to how Bitcoin handles the $11,300-$11,500 level when looking for their next trade.

BTC/USD 4-hour Chart

Bitcoin’s technical overview on all time-frames is tilted towards the buy-side, with longer time-frames showing an extremely strong bull overview.

BTC/USD 1-day Technicals

Technical factors (4-hour Chart):
  • Price is above both its 50-period EMA and 21-period EMA
  • Price descending from the top Bollinger band
  • RSI is descending from almost-overbought levels (62.46)
  • Volume is above-average
Key levels to the upside          Key levels to the downside

1: $11,500                                 1: $11,300

2: $11,630                                 2: $11,180

3: $12,000                                  3: $11,000


Ethereum has had another bull-run in the past 24 hours, with its price reaching as high as $396. However, the second-largest cryptocurrency by market cap couldn’t reach past the $400 mark, triggering bull exhaustion, and ultimately a pullback. With volume and RSI dropping, we may expect Ethereum to look for a price to consolidate a bit lower than its current price, and possibly test the $371 support level.

ETH/USD 4-hour Chart

Ethereum’s 1-day and monthly overviews show some signs of doubt in the bullish sentiment, while its 4-hour and weekly overviews are completely bullish.

ETH/USD 1-day Technicals

Technical Factors (4-hour Chart):
  • The price is above both its 50-period and its 21-period EMA
  • The price at its top Bollinger band
  • RSI is flat and nearly overbought (66.74)
  • Volume is elevated
Key levels to the upside          Key levels to the downside

1: $378                                     1: $371

2: $400                                     2: $360

3: $415                                      3: $334


Unlike Bitcoin and Ethereum, which both had a strong bull presence today, XRP has been trading sideways for most of the day. Its inability to reach past the $0.26 level has proven to be a problem, and we may expect XRP’s price to collide with the ascending trend line very soon. There is a small probability that XRP will reach past $0.26 and get close to $0.266, but it will most likely happen with Bitcoin’s help (though it is more likely that XRP will face the ascending line first).

XRP/USD 4-hour Chart

XRP’s 1-day technicals show a hint of doubt in its short-term bullish sentiment, while the 4-hour and weekly overviews are completely bullish. However, XRP’s monthly overview is still completely tilted towards the sell-side.

XRP/USD 1-day Technicals

Technical factors (4-hour Chart):
  • The price is above its 50-period EMA as well as its 21-period EMA
  • Price is at its middle Bollinger band
  • RSI is flat (55.33)
  • Volume is average but descending
Key levels to the upside          Key levels to the downside

1: $0.266                                   1: $0.2454 

2: $0.27                                     2: $0.235

3: $0.273                                  3: $0.227



By Ilija Rankovic

Cryptocurrency trader, analyst and writer with a prolific experience in the industry. Moved from trading/analysis of the traditional markets to cryptocurrencies in 2013. His industry career includes jobs such as ICO advisor, analyst, crypto algorithmic trading contributor etc.

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