Home Daily Analysis Crypto Market sentiment Daily Crypto Brief, Sept. 05 – Buyers Expecting Directional Hints

Daily Crypto Brief, Sept. 05 – Buyers Expecting Directional Hints

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Cryptocurrencies are still struggling while selling pressure steps in. Bitcoin is break-even while the top ten digital currencies are suffering small losses. Notably, Monero (XMR) is up +2% and LINK +2.9%. The current market capitalisation of the sector is $268.146 billion, and Bitcoin dominance keeps growing and now is at 70.8%.

The heat map below shows this, with most of the tokens showing minor losses.

What is Happening?

Samsung announced it will be launching another blockchain-ready smartphone, denominated “KlaytnPhone”. It will include a cryptocurrency wallet and other blockchain apps installed. Source: thelockcrypto.com.

CME open interest in BTC Futures is up 30% last Tuesday, Sept 3 that was preceded by a short dip last week possibly caused by contracts expiring on Friday 30. Source: beincrypto.com

Coinbase enables Bitcoin donations to Bahamas Hurricane victims in partnership with Lend a Hand Bahamas. Source: Decrypt.co

Bitcoin has a better chance than Libra to become the dominant currency, ays Twitter CEO Jack Dorsey.

It is 10 years old now, so it’s been tested over those 10 years, across every dimension from security threats, to governments, to forks, to agendas from miners, to nefarious nation states, and it’s been resilient to all those threats and challenges.

Source: en.ethereumworldnews.com

Vitalik Buterin said he is “very confident” about Ethereum’s 2.0 phase zero, “but less so about the incentives driving people who will use the blockchain” according to a news piece by decrypt.co.

“Blockchains as they currently exist are in many ways a joke, right? Like 15 transactions per second… you’re not going to run the world economy on top of that… So I’m definitely just really excited about turning Ethereum into a system that we can really, fully be proud of,”


Technical Analysis


Bitcoin


Bitcoin is struggling with its $10,700 resistance level. Yesterday evening did a sharp move down after having crossed it now is trying slowly moving up. That point should be surpassed this morning face more selling pressures.

MACD is close to making a crossover to a bearish phase, and the Stochastics points downward, but recently BTC has found support at $10,500, so we need to see it crossing below it to assess a trend change.


Ripple


After hitting its 0.266 resistance level, Ripple has moved south again. Currently, the price sits at 0.25814 support. MACD and Stochastics indicators are bearish, as is its primary trend.


Ethereum


 Ethereum upward move is not holding. ETH has broken the upward trendline supporting the last upward leg after hitting resistance at $183. MACD and Stochastics point to more drops.  Currently, it is below its $175 support. Its next support is $173.


 Litecoin


Litecoin has been retracing since its sharp bounce from $71. Now, the red candle engulfing the green one is not a good sign. If the support at $66.7 does not hold, it would be confirming that the primary downward trend is resuming. MACD and Stochastics are in line with that hypothesis.

 


Monero


 Monero has been moving strongly and today continue doing it. MACD and Stochastics confirm that the buyers are moving this token up. The descending trendline has been broken, and volume seems strong. Its next target would be to break the $78 level.

 

 

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