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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- Coinbase’s crypto debit card is launching in the U.S. and lets users earn back bitcoin (The Block)
- Bitcoin stolen during Kucoin exchange hack is being moved through transaction mixer: Elliptic (The Block)
- MakerDAO issues warning after a flash loan is used to pass a governance vote (The Block)
- Yearn.finance (YFI) now back at price parity with Bitcoin after spiking to $44k (Cryptoslate)
- Mastercard CEO bearish on Bitcoin, but sees the growth for CBDCs (Cryptoslate)
- Bitcoin’s organic valuation at its all-time high and it’s a bright mid-term sign (Cryptoslate)
- Why Ripple CEO Brad Garlinghouse is against Coinbase’s apolitical stance (Cryptoslate)
- News and Announcements Influence Crypto Prices, Says the TIE (Cryptobriefing)
- Avanti Financial Joins Kraken as a Wyoming-Approved Crypto Bank (Coindesk)
- Most DEXs are unsafe, alleges new report (Cointelegraph)
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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