On Thursday, the crypto market held its strength with Bitcoin pushing beyond $9,400, as Ethereum reached its $220. Also particularly strong Cardano (+17.52%), Tezos (+5.92%), Algorand /+5.44%), and Monero(+5.29%). On the Ethereum-based token sector, Link (+5.94%) is back above $4 as Numeraire (+17.74%) climbs to $28.8.
Fig 1 - 24H Crypto Sector Heat Map
The total market cap is now $260.862 billion, 3.65% growth since yesterday. The traded volume also moved up to $32.755 billion (+17.88%), and Bitcoin dominance is marginally low at 66.33% from yesterday's 66.56%.
Top 10 Performers
Bottom 10 Performers
News Sentiment Analysis
- Chinese Communist Party's new blockchain book casts Libra as a threat to its currency system (The Block)
- Ethereum options open interest reach new heights (Decrypt)
- Ethereum (ETH) 2.0 Brand-New Witti Testnet Launched. (U-Today)
- Kingdom Trust acquires company from CoinShares founders, enables hybrid IRA with bitcoin bonus (The Block)
- Millions Upon Millions of BitMEX Shorts Liquidated as Bitcoin Surges to $9,600 (News BTC)
- Goldman Sachs Slams Bitcoin And Gold On Investor Call, Crypto Community Reacts (Forbes)
- Grayscale Buys 800% More Bitcoin Compared to Q1 2019 (Nulltx)
- Bitcoin Trading Exploding in India Since Supreme Court's RBI Ban Reversal (Btcmanager)
- SEC Orders BitClave to Pay Its ICO Investors $25 Million (Cryptobriefing)
- Undercover Agents Track Bitcoin Wallets Leading to Arrest of NYC Man in Multi-Million-Dollar Scheme (The Daily hodl)
- Renault to cut more than 14,000 jobs over three years (Marketwatch)
- World leaders react to China's controversial national security bill in Hong Kong (CNBC)
- Asia Pacific stocks dip as investors watch market reaction to China's security bill for Hong Kong (CNBC)
- Stock futures open slightly lower as U.S.-China tensions simmer (Yahoo Finance)
- Trump executive order to punish social-media platforms is largely toothless, legal experts say (Marketwatch)
- Fed balance sheet increases to $7.1 trillion (Marketwatch)
The crypto market continues upbeat, as Bitcoin is ready to challenge the $10,000 again, and Ethereum has started a new leg up. The stock market is weighing both, China's recent security law on Hong King and Trump's executive order supposedly to protect free speech on social media platforms. Friday is options and futures expiration day; thus, the stock market might be choppy and directionless. That can be seen already in the Asia-Pacific markets, which asr mostly in the red, and the expectations for the European markets to open lower, following Thursday's profit-taking activity on Wall Street.
Fig 2 - Total Market Daily
The total market cap is currently $261,642 billion after making a large bullish candlestick on Thursday, which has pushed the price above its +1 sigma line and near the regression line ( white dotted line). We also see the RSI advance to the 60 level.
- Linear regression channel points upward and price in the upper side of the channel +
- Price above its 20- 50- and 200-day SMA +
- 50-SMA above the 200-SMA +
- Price above the upper +1 sigma side of the Bollinger Bands +
- RSI moving up at the 60 level +
- Bollinger bands still horizontal -
Total Market Outlook
The market continues up. We may experience a few hours of consolidation, after the strong movement made in the last two days, as today is Friday, and the expiration day of options and futures.
Fig 3 - Bitcoin 4H Chart
Bitcoin made a decisive move on Thursday, after breaking above $9.300 and creating a large candlestick on an increasing volume that touched the $9,500 level. The price continues to move above the +1 sigma line, showing an excellent bullish momentum as the Bollinger bands expanded and headed towards the north. The RSI is touching the 70 level after ascending from the $0 level.
- The slope of the Linear Regression Channel is positive +
- The price above the +1 sigma line of the Bollinger bands +
- Bollinger Bands expanding and curving up ++
- RSI strong, although near overbought N
- Price above its 20-, 50- and 200-SMA ++
Bitcoin is making a short consolidation after an 8 percent move in two days. The bullish momentum is growing, so we still think the asset has room to the upside and will try to test the $10K soon. A break of $9,600 would encourage buyers to add positions, although the vicinity of the $10K will add volatility, as this has become a strong resistance level.
Fig 4 - Ethereum 4H Chart
Ethereum finally broke out the triangular formation and created a bullish impulse, breaking from $208, which ended today beyond $220. The price is well beyond the +1 sigma line of the Bollinger bands, which shows the strength of the momentum, but showing the price is short-term overbought. This fact is confirmed by the RSI above 70.
- The slope of the linear regression channel is positive +
- The price broke above the last high of 217 made on May 18 +
- The price above its 200- and 50-SMA +
- Bollinger bands upwards and expanding +
- The price well above the + 1 sigma line of the Bollinger Bands +
- Short-term overbought -
Ethereum is creating a consolidation movement. It isn't easy to assess how much time it will spend at these levels. We think not much, given the strong momentum it shows. The next target for this asset is in the vicinity of $230. There is no entry at these levels. A possible strategy, in this case, is to buy the retracement.
Fig 5 - Ripple 4H Chart
Ripple followed the general market trend and made a bullish movement, although somewhat weak. The asset is finding it hard to move beyond $0.20. The good news is it is now moving above its 50-period SMA and above the +1 sigma line of the Bollinger bands, and also the RSI climbing to the 60 level.
- Linear regression channel has a positive slope +
- The price above the +1 sigma line of the Bollinger bands +
- RSI moving up +
- Price above its 50-period SMA +
- Bollinger bands curving up +
Ripple's technical factors are bullish. What is lacking is the conviction on buyers to keep pushing the price up. Still, we think XRP may challenge the $0.20676 level and, even $0.21, as the current price is undervalued. According to its regression line value, XRP should be priced at $0.217, an 8.5% difference.