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Crypto Brief, Sept 18 – Altcoins Surge in an epic day for Ripple, Bitcoin Sleeps

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In the last 24H, Ripple woke up in a 16% movement that brought it above $0.305. Most of the altcoins surged yesterday, as well. Stellar +15.27%, ADA, (+7.98) and Ethereu (+7%) are some of the winners. Crypto market cap went to $272.873 billion while the dominance of the Bitcoin descended to 67.8%.

Image courtesy of coinmarketcap.com

The heat map, below, shows the massive 24H move of all the sector, but the Bitcoin.

What is happening?

Wells Fargo will launch a pilot internal blockchain system for its transfers. The company expects faster and simpler international transfers. Source: beincrypto.com.

Iota announced Chronicle, a system for unlimited distributed storage.

Singapore-based Hobi will launch a cryptocurrency exchange in Argentina. It is the first important crypto-exchange to enter the Argentinan market. Until now Local Bitcoins and other OTC markets were supporting the conversion. Source. coingape.com.

CBOE BZX Exchange withdraws its proposal to list SolidX Bitcoin Shares by VabEck SolidX Bitcoin Trust. Source: cryptoglobe.com.


Technical Analysis

Bitcoin


 Bitcoin is still pulled down by sellers when the price moves near the descending trendline. The price is also held by buyers when it approaches the upward trendline, so now it is in the vertex of the triangle formed by these two lines. The price is currently touching the 200-period MA. We still think the most probable outcome will be the price to move to the upper side of the ascending channel, although a fake downward movement before that could happen.

Ripple


Ripple finally broke the sideways channel to the upside in an impulsive move with huge volume. The price went up from near 0.26 to above $31, although now it has retraced to about 0.305. The price touched the +3 Bolinger line, therefore, is too overbought right now. This large movement will need consolidation since a 16% gain will get many people taking profits.

Ethereum


 Ethereum is one of the gainers of the day, with close to 8% gains in the last 24 hours, creating a top at around $215. As we can see in the 4H chart, Momentum has increased again, and now we see the price overextended. Volume was increasing as the price moved up. It is expected that the price settles a bit because ETH moved about 19% in three days, and profit taking is unavoidable. As we have seen before, the price usually seeks support on the projection of the mean line of the Bollinger band.

 

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