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Daily Crypto Brief, Sept 24 – Digital Currencies Finding Support after Heavy Sales

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Yesterday was dominated by sales on the majority of the cryptocurrencies. Bitcoin lost more than $400 recover at the end of the session. The most harmed cryptos were Litecoin (-8%) and ATOM (-7.24%). But Bitcoin Cash (-4.15%), Bitcoin SV (-4.18%) and Ethereum(-3.7%) were among the most harmed by sales. Market capitalisation went down to $257.1 billion (-3.9%), and Bitcoin dominance is 68.4%.

What is happening?

SEC charged Jonathan Lucas, the CEO of an online adult entertainment site with fraudulent ICO scheme.  According to the complaint, the company claimed investors could buy tokens and use them to command specific actions in a live adult performance. Source condesk.com.

UK authorities plan to auction $662,000 worth of Bitcoin, sized from criminal activities online. Source: newsbtc.com.

IBM is willing to work with Facebook Libra. Jason Kelly, General Manager for blockchain services at IBM, stated that they were looking to collaborate with anyone with a blockchain project without regard for the industry focus. Source beincrypto.com.

 


Technical Analysis

 

Bitcoin


Bitcoin is bouncing off of the $9,600 level and now is facing resistance at $9750.  MACD is bearish. The price is below the -1 Bollinger line. Finally, the 50 and 200 period moving averages are above the price and heading down. All that points toward a bearish bias for the Bitcoin. The current bounce may continue for the following hours to visit the $9,800-9,900 zone.

 


Ethereum


 Ethereum continues making new lows and moving below the -1 Bollinger line while the MACD continues moving down.  The pice has been stopped by the $198 key level, but sellers still dominate the price action.

Ethereum’s price is within 0.38 and 0.5 Fibo level. As said, ETH action is still dominated by sellers, but this might be a spot for buyers to get in if Bitcoin starts beeing supported by buyers.

 


Ripple



Ripple’s price has retraced most of the upward leg. Now the price is touching the upper side of the horizontal channel. We can see that the price has bounced twice from the top of this area. MACD and Bollinger bands show still bearish bias. A consolidation period is needed to spot a proper setup for a bullish move. Also, If the price drops below 0.266, the price may be headed to a visit of the 0.25 level again.

 


Litecoin


Litecoin had a very sharp selloff yesterday. The price dropped to $61.7 in a 5 min flash movement to then bounce to $67.Now, the price is moving in the $65.9 to $67.3 range.  A drop below the $65.9 level would signal a new downward movement. Everything seems to indicate that it might visit $61 again.

 

 

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