Home Daily Analysis Crypto Market sentiment Daily Crypto Brief, August 19 – Bounce Still in Development!

Daily Crypto Brief, August 19 – Bounce Still in Development!

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Cryptocurrencies behave relatively bullish during this weekend, especially Ripple, Up 7.6%, ETH, 5.22% and LTC 4.97%. Market capitalisation is currently $271.876 billion, while Bitcoin dominance is at 68.4%.

Below, the heat map for the crypto sector showing the price appreciation since Saturday 17.

 


What is happening?

Santander will connect Latin America with One Pay FX,  a ripple payment corridor. The bank also plans to bring One Pay FX to the US so that US customers could send money abroad. Source: coindesk.com.

Cryptocurrency Lawyer Preston Byrne criticised Vitalik Buterin, Ethereum co-founder, for his tweet praising a project to wrap bitcoin on Ethereum.

Fidelity Charity arm, Fidelity Charitable, according to the firm’s annual report, has received over $100 million in crypto donations. Source: coindesk.com.

Mastercard is creating a cryptocurrency division. In a recent recruiting post, MC asks “Do you have the desire to work at the cutting-edge intersection of payments and cryptocurrencies?”.  Source beincrypto.com.


Technical Analysis

Bitcoin


 Bitcoin is consolidating its recent drop. BTC has jumped above the bullish trendline (blue) and is moving inside a triangular structure.  Its MACD is still in a bullish phase and Stochastics close to overbought.
There is strong resistance at $10,460. A close above it is positive, A close below 9980 means a continuation to the downside. The likelihood of downside is lower than a continuation of the bullish movement, as the bullish trendline is in place and MAD shows bullishness.


Ripple


XRPUSD had a bullish candle yesterday that has put its price above $0.28, erasing most of the losses incurred on August 14. The price is now touching resistance, with its Stochastics oscillator signalling overbought. The MACD is very bullish though, and the price has crossed up the descending trend line. That would mean a consolidation period instead of a new drop.


Ethereum


Ethereum has bounced but still not above the descending trendline.  MACD is bullish, but the Stochastics indicator shows some consolidation is needed before move upside moves.

 


Litecoin


Litecoin’s Bounce does not violate the descending trendline. The MACD is in a bullish state and the Stochastics in the overbought zone. The price bounced off of the $78.5 resistance level. A breach above that level may take the price to $83. A close below 75,75 would indicate more declines.

 

 

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