Home Crypto Crypto Market Analysis Daily Crypto Review, Oct 29 – Bitcoin Back At $13,000: What’s Next?...

Daily Crypto Review, Oct 29 – Bitcoin Back At $13,000: What’s Next? Trading Ideas and Market Overview

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The cryptocurrency sector quite a bad day, as Bitcoin led the rest of the sector down by dropping from $13,900 all the way to below $13,000. Bitcoin is currently trading for $13,240, representing a decrease of 3.70% on the day. Meanwhile, Ethereum lost 3.60% on the day, while XRP lost 2.93%.

 Daily Crypto Sector Heat Map

If we check out the top 100 cryptocurrencies, Ocean Protocol gained 11.69% in the past 24 hours, making it the crypto to gain the most in a day. Nexo (7.86%) and DigiByte (4.49%) also did great. On the other hand, ABBC Coin lost 12.3%, making it the most prominent daily loser. It is followed by Band Protocol’s loss of 11.46% and Quant’s loss of 11.36%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s market dominance level had decreased slightly since we last reported, with its value is currently 62.3%. This value represents a 0.1% difference to the downside when compared to when we last reported.

Daily Crypto Market Cap Chart

The crypto sector capitalization has decreased significantly in the past 24 hours. Its current value is $393.05 billion, representing a $15.07 billion decrease compared to our previous report.

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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 pulled back as its price couldn’t pass the crucial resistance of $13,900. The move was strong and lasted three candles (around 12 hours), over which Bitcoin fell as low as $12,895, where it bounced off of its 50-period moving average. Bitcoin is now consolidating above the $13,180 level.

Traders should look at how Bitcoin trades within the range bound by $13,180 and $13,570 and trade off of that.

BTC/USD 4-hour Chart

Bitcoin’s 4-hour, daily, and monthly technicals are looking almost identical, with all of them being tilted towards the buy-side, with a bit of neutrality sprinkled in. On the other hand, its weekly overview is a bit more bearish, with oscillators leaning towards the sell-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 is at its middle Bollinger band
  • RSI is neutral (52.27)
  • Volume is descending
Key levels to the upside          Key levels to the downside

1: $13,570                                 1: $13,180

2: $13,900                                 2: $12,870

3: $14,000                                  3: $12,500

Ethereum

Ethereum has followed Bitcoin to the downside, ultimately following its own predicted path within an ascending channel and reaching the bottom of $380 (as predicted in our previous articles) before bouncing back. It is currently trading slightly below $400, with a good chance of retesting this level once again.

Traders should watch for how Ethereum looks to retest the $400 resistance level and trade the pullback or the spike after that.

ETH/USD 4-hour Chart

Ethereum’s daily and monthly technicals are tilted towards the buy-side (with slight neutrality next to them). However, its shorter time-frame (the 4-hour overview) looks completely bearishness, while its weekly overview is completely neutral.

ETH/USD 1-day Technicals

Technical Factors (4-hour Chart):
  • The price is below its 50-period and its 21-period EMA
  • Price is slightly below its middle Bollinger band
  • RSI is neutral (42.03)
  • Volume is slightly above average
Key levels to the upside          Key levels to the downside

1: $400                                     1: $378

2: $415                                     2: $371

3: $420                                      3: $361

Ripple

The fourth-largest cryptocurrency by market cap managed to push above the ascending dotted yellow line (as predicted in our previous articles) but quickly failed as Bitcoin was dragging the market down. XRP followed and fell to its $0.2454 support level, which is holding for now. However, XRP is still quite close to the support level, which might break at any moment.

Traders should look for an entry if XRP breaks $0.2454 to the downside. When looking at trades to the upside, traders can look at Bitcoin’s upside pushes and trade off of that.

XRP/USD 4-hour Chart

XRP’s technicals are almost uniformed in how bearish they are, with its 4-hour, daily, and monthly overviews showing a slight tilt towards the sell-side. Its weekly overview, however, is completely neutral.

XRP/USD 1-day Technicals

Technical factors (4-hour Chart):
  • The price far below both its 50-period EMA and its 21-period EMA
  • Price is slightly above its bottom Bollinger band
  • RSI is neutral (38.72)
  • Volume is average
Key levels to the upside          Key levels to the downside

1: $0.26                                     1: $0.2454

2: $0.266                                   2: $0.235

3: $0.2855                                3: $0.227

 

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