Home Daily Analysis Crypto Market sentiment Daily Crypto Brief – Bitcoin Bullishness Driving Altcoins Upwards

Daily Crypto Brief – Bitcoin Bullishness Driving Altcoins Upwards

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Today we wake up witnessing the Bitcoin touch the $12,000 and bounce back, as the news posts point to Cuba considering cryptos as a means to overcome US sanctions, and David Marcus addresses Libras concerns, and ZenGo publishes open-source for non-custodial Libra wallet.

The News

A Reuters article tells that Cuba is studying cryptocurrencies as part of its strategy to boost its economy.

“We are studying the potential use of cryptocurrency … in our national and international commercial transactions, and we are working on that together with academics” – Economy Minister Alejandro Gil

 

David Marcus, head of Calibra, Facebook’s branch for the development of the Libra application and member of the Libra Association, addressed the concerns about Libra emphasizing that Facebook is just one among many members of the Libra Network.

“Bottom line: You won’t have to trust Facebook to get the benefit of Libra. And Facebook won’t have any special responsibility over the Libra Network…. We’ve been clear about our approach to financial data separation and we will live up to our commitments and work hard to deliver real utility.”

Read the full article here.

 

ZenGo, an Israeli startup, has released the first Libra keyless non-custodial wallet. Their clever idea is that the wallet keys are distributed between the user and the company so no hack is possible and, also the assets can be recovered in case the smart device is lost or broken.

 

Bitcoin



Yesterday, during the European and American trading sessions the Bitcoin has been moving sideways, after the impulsive four 4H candles it did the previous day, including the last candle made during the Asian session. Late night, yesterday, it did another impulsive candle that drove up the price to touch the $12,000, then the following eight hours it is moving sideways.

The stochastics is in an overbought condition, the MACD is bullish and the CCI is also bullish and moving to its central line.  We see also that the $12,000 is a strong resistance level, so we expect the price to move in this area, trying to break the $12,000 resistance.

Ripple



Ripple is moving sideways, in the same consolidation area, like the rest of the week. The Stochastics is close to oversold, but this is due to the sluggish price action. The MACD is slightly bullish and the CCI is also slightly bullish. The price should move above 0.407 before considering a long entry.

Ethereum



Ethereum is following Bitcoin’s price action. The last eight hours has been correcting the latest 4H bullish candle, but the bias seems bullish. MACD and CCI are in a bullish phase. Only the Stochastics point to an overbought condition.

Litecoin



Litecoin is moving with some bullishness in the 4H chart. The price has surpassed the $121 resistance level, the Stochastics, MACD and CCI all point to more upward price movement. Also, at this level, the reward-to-risk ratio is quite good for a target at $136.

DASH




The daily outlook of the DASHUSD pair is very interesting. The last three candles created a kind of morning star formation.  The stochastic lines have made a crossover near the oversold area and the MACD histogram started to move toward the zero-line. This shows DASH price action is currently bullish.

Cardano



Cardano/USD is still moving in a bear leg, although right now is close to support levels. The MACD is bearish and the CCI as well, and the stochastics shows oversold condition. But today the price is moving to test the last low it did a couple of days ago (0.07625). Out of the last 10 trading days, six were bearish and four bullish, but if we look at the candlesticks, we see that the selling pressure is strong, while the bullish candles seem just small corrections of the bearish bias.

 

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