Home Daily Analysis Crypto Market sentiment Daily Crypto Brief, August 22 – Bitcoin Fighting to Keep its $10,000...

Daily Crypto Brief, August 22 – Bitcoin Fighting to Keep its $10,000 Support!

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Yesterday, bitcoin had a -5.93% descent, that moved his quote to a 9841 low. But this level show buyers were waiting there and bounced off to reach the $10,300. But today, again during the early morning, sellers came, driving its price below the $10,000 mark. Altcoins are following this path too, currently with descents over -1%. Market cap is now $260.06 billion, and Bitcoin dominance is 68.7%

Below, the heat map of the last 24 hours

What is happening?

CryptoCompare.com latest report found that low-quality exchanges generate 64% of the volume of the market. CrytoCompare’s July review show that crypto traders preferred small exchanges over high-volume, regulated ones. Source: cryptoslate.com.

Binance CEO CZ has criticised Vitalik Buterin’s assertion that the speed and scalability of blockchains is still an unsolved problem. Buterin said in an interview with the Toronto Star that blockchains are overloaded, and that might be the cause of increasing transaction fees. However, CZ thinks that the problem has been solved already. Source:beincrypto.com

Privacy was the main topic in Berlin’s Web3 Summit. Edward Snowden was present by webcam in Tuesday’s keynote.

We need someone to be able to post something truly idiotic on the internet and not have it haunt them for the rest of their lives – Edward Snowden

Source: condesk.com

Technical Analysis

Bitcoin


Sellers are controlling the last trading days. They are waiting for the best time and release their volume creating large volume spikes. Currently, BTC is at a support zone and attempting to reach the 10K mark. Its MACD is bearish while stochastics on oversold levels, still, confirms the MACD. Nevertheless, we need to see how the last 4H candle ends. Recovery of the $10K levels would be very bullish.

 Ripple


Ripple still moving inside a support area. The spike seen is a 1-sec artefact. MACD is bearish, but its histogram shows signs of a recovery. Stochastics are still oversold. The primary trend is still bearish.

Ethereum



Ethereum is still obeying the descending trendline, but the price seems to be moving horizontally in an area of support. Volume is still controlled by the sellers, but the latest 24 hours seems to erase the losses of the last bear candlestick. A crossing above $188 would be bullish. The technical indicators are still bearish, although the MACD histogram shows signs of a turning point.

Litecoin


Litecoin has bounced several times of its $71 support level. This level is creating a triangular shape together with the descending trendline. We don’t have still any evidence that the price has changed its bearish bias, but its MACD is not convincing evidence for more drops. The latest red candlestick was on low volume. We need to wait till the price shows if it can move above the descending trendline or sellers push the price below $71.

 

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