Home Daily Analysis Crypto Market sentiment Daily Crypto Brief, August 20 – Bitcoin and Altcoins Finding Resistance

Daily Crypto Brief, August 20 – Bitcoin and Altcoins Finding Resistance

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Monday 19, Bitcoin moved up over 600 points to touch resistance near $11,000, from where it has retraced a bit. Altcoins are following the same path, with the exception of Ripple, which has lost 2.3%. The Crypto sector market cap grew to $279.668 billion, and BTC dominance is currently 69.1%.

Below, the heat map with a 24-h performance of the Bitcoin and altcoins


What is Happening?

INX Limited, a crypto exchange startup, has plans to raise $129.5 million through an Initial Public Offering(IPO) and will be the first token sale registered as a security with the SEC. Source: coindesk.com.

Huobi Wallet added support for MakerDAO tokens and decentralised apps (DApss). MakerDAO is a decentralised autonomous organisation (DAO), which it implies is managed solely by smart contracts and code. This kind of organisations operates via voting consensus mechanisms. More on this article by cointelegraph.com

Israel Financial Authority, The Capital Market, Insurance and Saving Authority, is trying to speed up the process of licensing for blockchain and fintech companies, to encourage local competition. Source cointelegraph.com.

New York Court rules that the State Attorney has jurisdiction over cryptocurrency exchange Bitfinex. The NY Attorney claims that Bitfinex and associated firm Tether covered up an $850 million loss and in doing so, defrauded investors of the state of NY. Source: contelegraph.com.


Market Analysis

Bitcoin


Bitcoin moved yesterday above the descending trendline and behaved very bullish almost to reach the $11,000 in a $600 movement, from which today is retreating a bit. MACD is bullish, and Stochastics is overbought, so we could expect more consolidation before attacking the $11,000 level again. Its closest support is $10,700, then $10,500.


Ripple


 Ripple has backtracked after touching the resistance area (blue) and now is slipping on the descending trendline. MACD is changing direction and very close to make a bearish crossover. Also, stochastics is descending. Therefore, more retracement is ahead if the current supports (0.276) do not hold. A close above 0.2832 would indicate a new upward leg.


Ethereum


 Yesterday, Ethereum had a fine day, and the price moved above the $200 level. Today is following BTC track and has retreated a bit from the $203.5 resistance. MACD is still bullish, and Stochastics is moving down from the overbought area.
The price is above the descending trendline but is under the long-term bullish trendline (blue). So we need to be cautious.


Litecoin


Litecoin is still consolidating its large bullish candle made yesterday morning. MACD still bullish, and the Stochastics seems to turn up and make a bullish signal.  That would indicate the end of this consolidation.  LTC has support at $75.  $ 77 and then $80 are the resistance levels to cross.

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