Home Daily Analysis Crypto Market sentiment Daily Crypto Brief, August 08 – BTC Upward Momentum Faces 12K Resistance,...

Daily Crypto Brief, August 08 – BTC Upward Momentum Faces 12K Resistance, Altcoin Follows

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Yesterday, the bitcoin went up to attack once more the strong psychological barrier of the $12,000 level, but it failed three times. The rest of the cryptocurrencies moved no so positive. Ripple is decidedly weak(-1-41%) in the last 24h, as well as Litecoin (-2.5%), while Ethereum (-0-51%) is moving sideways. On the positive side, Binance Coin advanced 8.47%, and Monero 3.99%.

The market capitalisation moved from $305.5 billion to the current $308.766 billion, and the Bitcoin dominance went to 68.9%.

The current heat map of the crypto sector is below:

What is happening?

China is softening its stance against cryptocurrencies. In an article by en.ethereumworldnews.com, Jeremy Allaire, chief executive of Circle, says that 2019 see a clearly softening in China’s authorities stance on the crypto sector.  He also mentioned that their cryptocurrency ecosystem is superior to the U.S. and have plans to launch a digital Yuan. Not to say they also have two crypto-related payment systems: Alipay and WeChat Pay, with a yearly transaction activity equivalent to $15 trillion dollars.

Thailand plans to introduce new anti-money.laundering legislation to add to its current cryptocurrency regulations.  Pol Maj Gen Preecha Charoensahayanon, the secretary-general of Thailand’s Anti-Money Laundering Office, said to the Bangkok Post that these rules are coming because they need to be prepared for emerging technologies and digital currencies. Source: beincrypto.com.

Coindesk.com published yesterday an extense article with information about Binance’s KYC hack. It seems the hacker under the pseudonym “Bnatov Platon” “had a month-long conversation with CoiniDesk reporters. According to it, Platon has also identified the hackers behind the 7,000 BTC  Binance hack.

A report by Coinshares, a London-based asset management firm, says that institutional investors are behind the current Bitcoin bull run.  Coinshares analysed the market trends from January to June 2019.

Four factors that were present during the 2017 bull run have been conspicuously absent during the current rally: widespread media attention; spikes in ‘bitcoin’ searches on Google; spikes in tweets about Bitcoin; and the aforementioned corresponding rally in altcoins.

source: decrypt.co

A tax bill titled “Virtual Value Tax Fix Act of 2019” was introduced to the US House of Representatives. That bill aims to treat cryptocurrency exchange gains the same way as the exchange of real property and avoid double taxation. The article has been published by contelegraph.com.

Technical analysis

Bitcoin


Bitcoin is finding strong resistance at the $12,000 level. Four times had tried to surpass it without success. The current price action suggests more consolidation at the $11,600 support. The upward trendline has been respected, so we still keep the short-term bullish perspective.

Ripple


XRPUSD is moving in a sideways price channel. We can see on the 4H chart that today is stepping down. The MACD is bearish. The price is near to where it has reversed on different times, so it is likely there could be a reversal action soon.

Ethereum


Ethereum is above the 224 support level, but it broke the upward trend line. It is not making still lower lows so, for now, we keep the bullish perspective intact. The Stochastics point to a reversal action, while the MACD is still bearish. We think this reversal very much depends on the Bitcoin crossing the $12,000.

Litecoin


Litecoin moves in a horizontal channel. On this case, the Stochastics oscillator is the most reliable indicator to signal market turns. We see that this indicator had a crossover and is heading to the upside, indicating a short-term reversal for LTC, to revisit the $99.9.

 

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