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Daily Crypto Review, Sept 8 – Peter Schiff Buying More Bitcoin; Investors Keep Buying BTC Despite Downside Potential

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The cryptocurrency market was quite slow today, with most cryptocurrencies establishing their positions rather than pushing towards upside or downside. Bitcoin is currently trading for $10,329, which represents an increase of 0.64% on the day. Meanwhile, Ethereum lost 2.23% on the day, while XRP lost 0.36%.

 Daily Crypto Sector Heat Map

If we take a look at the top100 cryptocurrencies, BitShares gained 9.64% on the day, making it the most prominent daily gainer. Dash (8.35%) and Zcash (5.51%) also did great. On the other hand, the Reserve Rights lost 12.27%, making it the most prominent daily loser. It is followed by Kusama’s loss of 9.38% and Arweave’s loss of 9.26%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level has gone up slightly, with its value is currently at 59.84%, which represents a 0.23% difference to the upside when compared to when we last reported.

Daily Crypto Market Cap Chart

The crypto sector capitalization has gone up slightly in the past 24 hours. Its current value is $333.24 billion, which represents an increase of $1.71 billion when 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

Bitcoin’s price has been holding to the psychological $10,000 support all weekend, trying to stay above it. While the largest cryptocurrency by market cap managed to stay above it, this has been the second day that it couldn’t pass the $10,360 resistance. On top of that, the past 24 hours showed us a much greater spike in volume during a support retest than a resistance test. Lower time frames show that Bitcoin has possibly made a double bottom, which calls for a slightly more bullish scenario.

When it comes to predictions, nothing has changed from yesterday. If the bulls fail to break the $10,360 level soon (and sustain it), the bears will most likely make another attempt to bring the price down. A drop to the 200-day SMA ($9,080) is highly likely. On the other hand, if BTC manages to bounce off the current level and surpass the next one ($10,500), a move to $11,000 is likely. While traders should wait for a bigger move to happen before trading, small profits can be made on sideways-movement trades.

BTC/USD 4-hour Chart

Technical factors:
  • Price is well below its 50-period, while it is at its 21-period EMA
  • Price is slightly above middle Bollinger band
  • RSI has recovered and is neutral (46.38)
  • Volume is stable
Key levels to the upside          Key levels to the downside

1: $10,360                                1: $10,015

2: $10,500                                2: $9,870

3: $10,850                                 3: $9,600

Ethereum

Ethereum has broken free from its descending trend as well, with its price consolidating between the $340 and $360 levels. Ethereum tested the $340 level with a strong push towards the downside, but the level held up quite nicely. This may give Ethereum the opportunity to gather its strength and push past the $360 level.

Ethereum’s gas prices have dropped slightly from the highs it reached on Sept 2nd, which may be just enough to push the price slightly up.

Traders should pay attention to how Ether handles the $360 level.


ETH/USD 4-hour Chart

Technical Factors:
  • The price is slightly below its 21-period and well below its 50-period EMA
  • The price is right at its middle Bollinger band
  • RSI is neutral (42.37)
  • Volume is descending (low)
Key levels to the upside          Key levels to the downside

1: $360                                     1: $340

2: $371                                     2: $300

3: $400                                      3: $289

Ripple

XRP has also taken the day to consolidate and establish its presence at the levels it reached after its price plummeted. The third-largest cryptocurrency by market cap is currently trading within the range bound by the $0.235 and $0.2454. The most recent retest of the support level showed that $0.235 will be hard to get through for bears, while the $0.2454, as well as the 21-period moving average, will require a lot more bullish presence to get conquered as well.

XRP traders should either trade within the range or wait for a breakout.

XRP/USD 4-hour Chart

Technical factors:
  • The price is just under its 21-period, while it’s well below its 50-period EMA
  • Price is slightly above its middle Bollinger band
  • RSI is neutral (44.06)
  • Volume is average
Key levels to the upside          Key levels to the downside

1: $0.2454                                  1: $0.235 

2: $0.266                                    2: $0.227

3: $0.285                                   3: $0.221

 

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