Home Daily Analysis Crypto Market sentiment Daily Crypto Brief, Aug 07 – Healthy Correction and Bounce

Daily Crypto Brief, Aug 07 – Healthy Correction and Bounce

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Yesterday morning, the Bitcoin had a large movement that took its price to $12,300 to suddenly receive an intense selling pressure that moved it back below $12,000. All major digital currencies spent the whole day retracing from its minor peaks. Notably, Bitcoin went down as low as $11,187. To, then, bounce off and move to its previous level of $11,600.

The current crypto sector market cap wend down to $305.129 billion from its previous 24H value of $308.224B. Bitcoin’s market dominance is currently 68.3% making a new high.

The current heat map of the crypto sector is below:

What is Happening?

Github and other services like slack are banning Iranian bitcoiners and developers, even if they are expats. Also, it is reported that services to exchange cryptocurrencies for fiat such as LocalBitcoins are restricting its services to Iranians.

Yet another Iranian developer, Jadi, who now has restricted access to GitHub pages related to feminist advocacy and Persian literary translations, told CoinDesk the recent series of bans highlights the trouble with relying on centralized systems.

“Even a welcoming, freedom-friendly community like GitHub might be forced to censor something,” Jadi told CoinDesk. “We won’t have this in a decentralized system.”

Source: coindesk.com.

Apple’s latest credit card product, launched in alliance with Goldman Sachs has restrictions on cryptocurrency operations. According to the customer agreement, forbid customers, notably, from purchasing casino gaming chips, lottery tickets, or setting race track wagers. Source: beincrypto.com

North Korea has stolen $2 billion in cryptocurrency since 2015 using cyber-attacks as reported by the Japanese newspaper Asahi Shinbun. The data comes from a not yet published UN report on North Korea’s hacking activities. Source: beincrypto.com.

Market Analysis

Bitcoin


Bitcoin had a firm rejection of its attempt to conquer the $12,000 range. The price was moving down the whole day and went as low as $11,187, challenging the ascending trendline that supported the upward trend. Then it moved back to the previous levels of $11,600. A price correction from overextended levels back to the Bollinger band mean-line is typical. Therefore we still think the bullish trend is in place. The MACD is in a bear phase, and the stochastic is pointing down, so it will take some time to resume the upward movement.

Ripple


Ripple price action, the MACD turning up,  and the Stochastics indicator seems to suggest that it is reversing in a movement to test the highs of the range it is moving in. The potential target is $0.325, while its current support is 0.312.

Ethereum


Ethereum had a sharp rejection of its 235.76 resistance. The price went down to challenge the Bollinger Bande mid-line, which, acts as a support of the trend, as can be seen in the chart. The problem we notice is that the buying volume is too small to believe in more upward price action. A close past 228.11 will help us to start thinking about going long.

Litecoin


Letecoin price after its halving event has behaved quite weakly. Currently is breaking another trendline, which shows an increment in the descending momentum. Its price is below the -1 Bollinger band, and also the MACD is in a bearish phase. We would need reversal candlestick with strong volume to consider buying it.

 

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