Home Daily Analysis Crypto Market sentiment Daliy Crypto Brief, Sept. 12 – Bitcoin at 10K

Daliy Crypto Brief, Sept. 12 – Bitcoin at 10K

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Bitcoin is still holding above $10k, although weakness persists. After 8 hours of buying activity and altcoins, are retracing the advances. Besides that, Bitcoin gains 1.2% form its 24H price, EOS 0.26$ and ETH is break-even. On the other hand, Ripple is -1.34% down, Litecoin -1.64% and Bitcoin Cash -1%.  The capitalisation of the sector is $259.6 Billion, and Bitcoin Dominance is back to 70%.

Below we can see the interactive heat map of the crypto sector.

What is happening?

Bitcoin.com is working on the launch of a futures contract for Bitcoin Cash. The goal is to make BCH the second-largest crypto by market cap. Source: theblockcrypto.com.

UMA, a Coinbase-backed startup, launched today a platform to create tokens that can track the price of any other asset, “from foreign exchange rates to stock prices”, according to a company report.

Litecoin Miners leaving the altcoin and its hash rate plummets. Since its halving this summer, miners have been abandoning LTC. According to recent data, Litecoin’s hash rate dropped over 37% since its high. Source: beincrypto.com.

Marshall Islands is preparing to launch its government-backed digital currency called Marshallese sovereign (SOV). Now it announced a pre-sale of SOV in which people can buy what is called Time Release Monetary Issuance (TRMI), which later, after its release, can be converted into SOV: More info here, by coindesk.com.


Technical Analysis

Bitcoin


Bitcoin still on a bearish path. Yesterday, after bouncing off of the $9,900 support, BTC reached the $10,200 level, which touched the mid-Bollinger line to, then, start descending again, a typical action. The price continues moving near the -1 Bollinger line, while the MACD is ready to make a bullish crossover. We estimate that the price will keep moving around $10K for a while, to gain bullish impulse. Sellers are rejected at $9.900 while buyers at $10,200. Thus, that is the current range for the BTC.


Ripple


 Ripple’s price, after the heavy drop suffered at the end of August, moves in a horizontal range from 0.246 to 0.266. The current path is descending, with its MACD heading in that direction, as well.  The price is close to the bottom of the range, so it could catch buyers below 0.25 as happened before. Not the right place for shorts, but short positions might consider taking profits.


 Etherum


Ethereum’s price bounced off of $175 yesterday, but still moving near the -1Bollinger line and its MACD in a bearish phase. Thus, we still need to see signs of recovery.

 


Litecoin


 Litecoin is currently touching its $68.76 support line. Yesterday, the price was rejected from the $71 key resistance level, but the $68.76 line still holds. MACD is bearish, and the price moves below the -1 Bollinger line, so this support is in the verge to be broken.

 

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