Crypto Market Analysis

Daily Crypto Review, Oct 16 – ICO That Raised $257 Million in 60 Minutes Finally Launched; Bitcoin Pushing Towards $11,500

The cryptocurrency sector has spent the day trying to push higher highs but failed as Bitcoin didn’t make it above $11,500. Bitcoin is currently trading for $11,486, representing an increase of 0.65% on the day. Meanwhile, Ethereum lost 0.64% on the day, while XRP lost 1.42%.

 Daily Crypto Sector Heat Map

If we look at the top 100 cryptocurrencies, we can see that Filecoin gained an astonishing 120.78% in the past 24 hours, making it the top daily gainer. ABBC Coin (39.25%) and Blockstack (9.35%) also did great. On the other hand, Aave lost 15.89%, making it the most prominent daily loser. It is followed by Arweave’s loss of 14.13% and Synthetix Network Token’s loss of 8.96%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s market dominance level has stayed at the same level since our last report, with its value currently being 58.7%. This value represents a 0% difference when compared to when we last reported.

Daily Crypto Market Cap Chart

The crypto sector capitalization has gained a bit of its value over the course of the past 24 hours. Its current value is $362.56 billion, representing an increase of $1.46 billion compared to our previous report.


What happened in the past 24 hours?



Technical analysis



The oldest cryptocurrency spent the past 24 hours trying to push past the $11,500 resistance. While the fight for it still continues, there is a strong possibility that Bitcoin will actually stabilize its price above it. If that happens, bulls might come in even stronger and push the price towards $11,630, or even $11,730.

If, however, Bitcoin moves back below $11,500, the sentiment won’t change to a lot more bearish one, as Bitcoin is used to trading above $11,300 as of lately.

BTC/USD 1-day Chart

Bitcoin’s technical overview is extremely bullish on every single time-frame for almost a month now, with longer time-frames showing complete bullish sentiment, while the shorter ones are slightly less tilted towards the buy-side.

BTC/USD 1-day Technicals

Technical factors (4-hour Chart):
  • Price is above its 50-period EMA and at its 21-period EMA
  • Price near its top Bollinger band
  • RSI is neutral (60.70)
  • Volume is 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


Unlike Bitcoin that tried to push towards its resistance level, Ethereum spent the day fighting to stay above the $378 level it recently fell under. The second-largest cryptocurrency by market cap tested the $371 support level, which held up quite nicely and attempted a push towards (now) resistance level of $378. While the fight for it still lasts, Ethereum will most likely end up above it if Bitcoin’s price doesn’t drop and pull ETH alongside.

ETH/USD 4-hour Chart

Ethereum’s technicals on all time-frames are a varying degree of bullish. While its 4-hour and monthly overviews are a bit more neutral, its daily and weekly overviews are strongly tilted towards the buy-side.

ETH/USD 1-day Technicals

Technical Factors (4-hour Chart):
  • The price is above its 50-period and right at its 21-period EMA
  • The price at its middle Bollinger band
  • RSI is neutral (54.03)
  • Volume is average
Key levels to the upside          Key levels to the downside

1: $378                                     1: $371

2: $400                                     2: $360

3: $415                                      3: $334


XRP has spent the past 24 hours continuing its drop towards the $0.2454 support level. XRP is approaching a quarterly price drop of 20% if the price breaks to the downside. However, so far, the $0.2454 support level is holding up, and XRP bears are not able to break it. If the support level break, we can expect XRP to move towards $0.235.

Traders should either wait for a bounce towards the upside (less likely and riskier) or wait for a possible break below $0.2454 to trade alongside the strong move to the downside.

XRP/USD 4-hour Chart

XRP’s technicals have changed the sentiment to quite bearish in the past couple of days. While its monthly sentiment was bearish for a while, its 4-hour and 1-day overviews have turned completely towards the sell-side. On the other hand, XRP’s weekly overview is still slightly bullish.

XRP/USD 1-day Technicals

Technical factors (4-hour Chart):
  • The price is below both its 50-period EMA and its 21-period EMA
  • Price is slightly above its lower Bollinger band
  • RSI is neutral (40.83)
  • Volume is average (except for a couple of huge volume candle)
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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