Home Daily Analysis Crypto Market sentiment Daily Crypto Brief, August 26 – Intense Fight to Control Price Direction

Daily Crypto Brief, August 26 – Intense Fight to Control Price Direction

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This weekend’s price action has seen an intense fight between buyers and sellers to control the movement of the prices. Since Friday’s close, the market capitalisation went down slightly, from $271.586 billion to  $269,789 billion, while Bitcoin dominance is 68.77%.

The market capitalisation figure, below, showing the price action of the weekend shows clearly that directionless fight

The heat map below also shows the price difference between Saturday’s open and the current price.

What is Happening?

Congresswoman Maxine Waters, still concerned about Libra. After having met with Swiss government officials. Maxine Waters was part of a group of US lawmakers holding a meeting with Adrian Losiger, the Swiss Federal Data Protection and Information Commissioner.

While I appreciate the time that the Swiss government officials took to meet with us, my concerns remain with allowing a large tech company to create a privately controlled, alternative global currency

Source: theblockcrypto.com and coingape.com.

1,800 wallets hold 50% of the bitcoins. That means the distribution on the bitcoin is more concentrated than global wealth. Source cryptoglobe.com. Also, Only 800,000 bitcoin addresses hold more than 1BTC. That was revealed by crypto analyst PlanB in a tweet, last Aug. 23.

Mark Carney, governor of the Bank of England, recommends replacing the dollar as a global currency and substitute it with a digital Libra-like currency. That was said as part of his speech at the Federal Reserve¡s annual Jackson Hole Symposium on August 23. Source: cryptoglobe.com.

Technical Analysis

Bitcoin


The price of the Bitcoin restrained within $10,000 and $10,400 as these levels act as triggers for buyers and sellers.  The good news is that the $10,000 support is more powerful than sellers thought it was.
The MACD, Stoch, and Volume seem to show more upside movements.

Ripple


 Ripple is moving in a horizontal path. The downward trendline has been crossed and now the price moves between 0.266 and 0.276. The technical indicators point to an upside move.

Ethereum


Ethereum has been moving sideways since Aug. 14, but the last candle with volume shows a kind of morning star figure. That and the MACD and Stoch. shows that there is potential for an upside movement to revisit the 208 level.

Litecoin


 Litecoin’s price moves in a tight range between $70 and %75. It also shows the same morning star figure Ethereum shows, and also the MACD and Stoch. point to an upside push. The primary trend is bearish, though. We would need to wait for signs of a trend change to enter long positions on LTCUSD.

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