Home Daily Analysis Crypto Market sentiment Daily Crypto Brief, Sept.27 -Selling Pressure Persists!

Daily Crypto Brief, Sept.27 -Selling Pressure Persists!

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During the latest 24 hours, Bitcoin went down 5%. The other cryptocurrencies followed the descending path. Bitcoin Cash(-5.31) and Litecoin (-4.26%) were the most bearish, while BitGreen (BiTG) was the star of the day jumping from below $1 to $12.27 in a 1,248% movement.

Marketcap descended to $211.27 billion (-4.7%), and the dominance of Bitcoin fell to 67.95%.

The interactive heat map, below, shows the correlated movement of most of the altcoins. Click to enlarge.

What is happening?

Binance launches a staking platform “as a value-added service to Binance users.

With Staking, Binance users will be able to grow their funds by receiving monthly rewards & distributions simply by depositing and holding funds on Binance.

source: binance.com

SEC delays Wilshire Phoenix Bitcoin ETF, a product that includes a mix of Bitcoin and US treasury notes. Source: bitcoinist.com.

Bitcoin Lightning network surpasses 10K public nodes. This is a 3.16% in the past 30 days, according to an article by amcrypto.com.

According to this article by beincrypto.com, bitcoin is being manipulated by institutional markets. In a data study by Arcane Research, Bitcoin has dropped -2.27% days before CME settlements, compared to the rest of the days.

Venezuela will add Bitcoin and Ethereum to its Central Bank reserves.

“Exclusive: Venezuela is conducting internal tests to determine if it can store cryptocurrencies in Central Bank reserves, helping PDVSA unload recent payments using Bitcoin and Ethereum”

– Patricia Laya

 

Technical Analysis

 

Bitcoin



Bitcoin is fighting to hold the $8,000 level. The price has devalued close to 5% during the last 24 hours and now is just above that key level, after a bounce yesterday from $7,712. MACD is close to a bullish crossover in the 4H chart, but the price is still moving below the -1 Bollinger line, which is a sign of bearish sentiment. This area is a confluence of several signals: the $8,000 key level, the lower trendline of the descending wedge, and nearby moves the 200-day MA. Therefore, there is a basis for thinking this confluence zone might trigger a reactive movement driving the price upwards. If the price breaks below 7,900, this scenario is left invalidated.


Ethereum



After breaking below $166  down to %152 yesterday, ETH made a comeback in a bullish candle with strong volume. The price now is fighting the $166 level, now acting as resistance. MACD has made a bullish crossover, so, we think ETH will move above it and challenge the $170 level.


Ripple


 Ripple is making another ranging area between 0.234 and 0.246. Its MACD shows a fragile bullish phase, while the price is approaching the Bollinger mean line. The overall sentiment is still bearish since this figure is commonly just a pause in the primary trend.

 


Litecoin


 Litecoin is making a slightly descending range channel. The price bounced from $53 and now is just above $55. MACD also did a bullish crossover. LTC fate is very much linked to what Bitcoin is going to do next. What we can deduct is that LTC is weaker than Ethereum or Ripple and its descending path will be sharper if Bitcoin is driven down again.

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