Bitcoin Sharp Bounce, Altcoins Pausing!

The crypto sector had a good day yesterday Ethereum leading the troop. Bitcoin, after the $500 sharp drop it managed to bounce in the evening and surpass its Open level and reaching the $10,380. Today the prices of the sector are backtracking some gains, as profit-taking are dragging them down, although they are mostly positive over their 24-hour price.

The market cap of the crypto sector is currently slightly below $270 billion, and Bitcoin dominance moved up a bit, to 67.6 %. 

Below a snapshot of the heat map at the moment of this writing. We can see that the overall sentiment is positive over the last 24-hour, being DASH the best performer of the day, up +5.35%

 

Hot news

Ripple asks Court to drop SEC’s lawsuit claiming it has expired, in a legal move against the legal action SEC brought up in 2018, claiming XRP was sold illegally as an unregistered security. Source news.u.today  

JP Morgan has added OCBC, a Singapore-based bank, to its crypto-payment network IIN – Interbank Information Network. Source ambcrypto.com.

SEC published a Bitwise report bullish in a Bitcoin ETF. Source beincrypto.com

US House of Representatives Committee for Financial Services has programmed a hearing with SEC’s head Jay Taylor and other four SEC officials to discuss crypto and Libra.

 

Technical Analysis

Bitcoin

BTX

Bitcoin is retracing the last bullish candlestick on low volume. The price is currently touching the confluence of the descending trendline and the Bollinger mean line. BTC price seems to suffer more from lack of buyers than an excess of sellers, given the low volume of the current price action. Since the price is in the upper side of the Bollinger bands and the MACD has returned to the positive side, we think BTC has room for more upside.

Key supports: $10,111, $10,000 and $9,900

Closest resistances: $10,200, $10270 and $10,425

Ripple

XRP

Ripple has been oscillating in a corrective movement, after its sharp ascent. As predicted,…

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