Crypto Overview for Sept. 10

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Cryptocurrencies are still moving in a corrective structure, although some movements show more upward bias than others. Bitcoin is virtually unchanged from its previous 24H value, while Bitcoin Cash is +1-67%, Litecoin +1% and Ethereum +0.4%. Stellar (XLM)(+9.13%) and Cardano (ADA) (+4.49%) are the best performers of the last 24 hours. The bitcoin dominance lowered a bit, to 69,7% due to a better performance of the altcoins.

On the news front, SEC Chairman Jay Clayton still concerned with issues regarding the BTC custody and also “unregulated exchanges” that might manipulate bitcoin prices. These were the reasons given to still keep on hold the Bitcoin ETF approval. 

On the other hand, Harold J. Ford, a former Representative, thinks Congress should change its approach toward digital assets and create a new regulation. He is afraid the US is losing its competitive edge by letting crypto-related companies move to other jurisdictions such as Malta.

 

Technical Analysis

Bitcoin

Bitcoin

Bitcoin is still moving sideways after the sharp upward candlestick made yesterday. Its last five 4H candles are small bodies with large wicks. That shows traders sell the tops and buy the bottoms. We can see also that the price is still obeying the ascending trendline. We can see also that it is following the descending trendline. Therefore the price is constrained inside a triangular structure, very much typical of corrective movements. 

Another interesting fact is that the 50-period MA has just crossed over the 200-period MA. To counter this bullish signal, we have the price moving below the -1Bollinger line and the MACD still in a bearish phase.

Our final observation is that the 4H volume is shrinking, also common in triangular formations.

Overall, I’d be bullish if there is a 4H close above $10,426 and bearish if it happens below $10.147, and assign the odds of the price moving up/down 60/40.

Litecoin

Litecoin

Litecoin is bouncing off of the $73 resistance area, which also marks the level of the last sharp drop made on August 28. The price moves following the support of the Bollinger band mean line, which is very positive. We see that the lack of bullishness of the Bitcoin is hurting its price movement.

LTC latest key support as $70. The rest of the key levels are shown in the 4H chart, above.

Ethereum

Ethereum

Ethereum support at $180 has been holding after Monday’s surge. The price is moving laterally for now. The 20-period average, which is the base for the Bollinger bands, is also supporting the price movements. On the other hand, the 200-period MA is still descending, and the price is below it, which still might influence the price for a while. To offset this view, we see also the price is above the 50-period MA.

Since the $187 has not been crossed with a convincing close, we need to see more evidence of bullish action before calling for a long position on Ethereum. However, an excellent bullish signal would happen when the 50-period MA crossed over the 200-period MA.

 


 

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