The past 24 hours were mixed. Ethereum (+1.82%) buyers sentiment continue to push it to new highs, while Bitcoin (-1.2%) continues struggling to surpass the $10,300 level. Most of the altcoins are in a consolidation phase trying to stabilise the gains acquired last weekend. Algo (-7%) and Atom (-6.4%) were the worst performers. The Capitalisation of the market is $265.720 billion and bitcoin dominance descended to 69.2%.
Fig 1 – Market Cap Variation of the last 24 hours. source:coinmarketcap.com
fig 2 – Interactive Crypto sector heat map
What is happening?
BitPay announced it would allow its clients to accept Ethereum payments for online purchases, allowing its users to store this coin in a BitPay wallet and its prepaid Visa. Source: en.ethereumworldnews.com.
Hedera Hasgraph, a new and speedy blockchain design, announced the public launch of its beta net. Hedera will start with speeds of 10,000 transactions per second, but it will increase them throughout the rest of 2019. Mor info ar decrypt.co.
The new FATF regulations are hard to implement by the cryptocurrency services industry. The new standards approved in June by the Financial Action Task Force require crypto exchanges to send customer data to institutions receiving funds similar to a wire transfer. More information: wsj.com.
Bitcoin is trying to overcome the descending trendline(pink) resistance. Yesterday evening, BTC made a fake movement to the downside that soon got buyers, but vailed to hold above that trendline. Now it is moving around $10,200. The price is still moving near the -1 Bollinger line and MACD is in a bearish phase, so the corrective movement continues, although it seems constrained to move above $10,150. The latest adjustment of the ascending trendline has drawn an ascending channel which may drive the price towards the $11,000.
Ethereum is moving very bullish, although the price seems to be overextended. We see that the trendlines connecting the lows are gaining slope. Also, the 50-period MA has just crossed its 200-period MA, and the price is moving above both. That is very bullish. A corrective movement seems to be needed, though.
Litecoin is increasing its upward momentum. The price has crossed the$ 71 and $72.4 key levels with good volume. The price is now moving above its 200-period MA and also above the 50-period MA. MACD and the price above the +1 Bollinger band confirm the trend. Next resistance to break is $74, the $76 and then $78.
Ripple still moving inside the horizontal channel. Nothing has changed since yesterday. The price moves near the Bollinger band mean line, still below the 200-period MA and above its 50-period MA. Also, the 50-period MA seems to hold the price as a kind of support. There is a slightly bullish bias, so it seems to wait for some buyers to break above these levels.