After a short-term dump of all the crypto market two days ago, there was a rebound back to the previous levels. But for some alts like Ripple or Ethereum, there was even a rise in the price.
Bitcoin
The long-term support zone is around $ 6000, which has been tested already 4 times since February. At the end of this week, we are expecting a final statement about approving or denying of Direxion ETF. Well, most probably they will be denied. But the next week, there is going to be the 2nd decision about the CBOE / VanEck / SolidX ETF, which has the most probability to be the first Bitcoin ETF approved. Most likely the final decision will be prolonged once again, but if not, there might be a huge pump of optimistic investors.
As I mentioned a few times before, in the 6k-6,5k zone, there are huge purchases at OTC markets made by institutional investors, who are buying Bitcoin in big amounts!
Check my previous post Crypto statistics and trends #8 – turning from bear to bull, where are described the reasons.
The dominance of Bitcoin is 55,1 %. If the Bitcoin will rise, we could expect the dominance of 60 %. Last time the dominance was 60 % was in November and December of last year.
Bitcoin price is still under SMA 50, SMA 100 and SMA 200
We are still under the 50-day, 100-day and also 200-day simple moving average. If they will be broken, we might see a big price movement of Bitcoin. The volume is low and low is also volatility.
Altcoins
Gainer of the day is XRP with huge 20 % rise in the last 24 hours. The price of XRP went back to the beginning of September level, now its traded around $ 0,33.
Chainlink also did a nice price action with 18,6 % rise in the last 24 hours, Ardor and Maker did a 15 % gain.
Ethereum also went up 7 %, what is a nice comeback from the bloody days which started at the end of July by breaking the support zone of $ 420. Now Ethereum is traded for $ 212.
Are there just winners in the last green 24 hours? Aurora dropped 22,6 % in price, this is the most significant loser.
Why did I mention Ethereum and Ripple? Well, because those are coins, including EOS also, who are the catalysts for a price action of other coins. The rise of Ethereum price might help to grow the ERC20 tokens, they should grow much significantly than Ethereum itself.
What is your opinion? Will the price of Bitcoin and alts go up or down in next few days? I would love to know, what do you think about the present situation on the crypto market!
Disclaimer: This article is just informational. It’s not a financial advice. Before investing in cryptocurrencies, do your own research. The market is quite new, very volatile and speculative!
