Home Daily Analysis Crypto Market sentiment Daily Crypto Brief, August 13 – Bitcoin and Altcoins Cannot Find Direction

Daily Crypto Brief, August 13 – Bitcoin and Altcoins Cannot Find Direction

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Bitcoin and the leading altcoins are trying yo define direction amid a reduced trade volume and lack of volatility, partially due to holidays in Japan and Singapore. Most of the cryptocurrencies are retracing back the movement they did during the weekend.  The market cap of this sector went down to $296 billion (-1.15%) while Bitcoin marker dominance grew marginally to 68.78%

The current heat map of the crypto sector is shown below:

What is happening?

A dailyhodl.com article analysed the pros and challenges Libra will have to face. The most interesting of the article comes at the end, in the section “the power of community”.

Cryptocurrency demand has increased Hong Kong as people fight for their anonymity. Cryptocurrencies play its role since they provide them with an alternative payment system outside of the eye of the Chinese state. Source: beincrypto.com

Bitcoin ETF decision delayed again by the SEC. Currently, three ETD projects are waiting for decisions: Bitwise, Wilshire and VanEck.  Wilshire official decision should be on September 29 although it could face further delays. Bitwise and VanEck are ser for October 12 and 18, respectively. Neither proposal can be delayed further.

Source: decrypt.co

 

Technical Analysis

Bitcoin


Bitcoin moves in a tiny range between $11,540 and $11,100 on low volume. MACD is virtually horizontal, and Stochastics is in the middle of the range. We need a breakout of this range with volume to see a directional move.

Ripple


Ripple is retracing partially the previous bullish movement it did the last weekend. The MACD is still in a bullish phase while the Stochastic is just moving down as the retracement is evolving.  A price movement above the recent 0.301 would indicate the end of this retracement and a new fresh higher high above 0.305.

Ethereum


Ethereum is following Ripple’s path and now is close to a support line, so the price seems to be inside a triangular structure. MACD is positive and Stochastic moving away from overbought. We need the price to move out of the triangle with volume. Maybe the volume is coming today.

Litecoin


Litecoin has retraced most of the bullish movement it did during the past weekend. Currently, it is bouncing off a bit of its $84.2 support.  A price closing above $87 may indicate the end of the bearish movement. But it is not out of bounds a break of this support and a visit of its $82 lows since the polemic about LTC’s lack of development is causing concern among LTC investors.

 

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