The Daily Cryptomenon
15th September 2020
Your daily Cryptocurrency Market Analysis News brought to you by the CryptoAltum Cryptomenon Team.
This analysis was written at 9:00 am GMT +3, on 15.09.2020
Markets seem to be bouncing all over the place as one time we see them falling from the recent resistances and the other moment we see them catapulting themselves higher breaking through those same levels. It’s quite dizzying to say the least, but we might have a bullish trend on our hands albeit a slight one. With that said, let’s find out what today holds for the Cryptocurrencies on September 15th, 2020.
Our Cryptocurrency trio - Bitcoin, Ethereum, and Ripple found enough support around the 50 SMA (Simple Moving Average) which all cryptocurrencies shared, as that line seemed to be able to stop the downward momentum from yesterday and helped as a base for Bulls to exact revenge on the Bears. Bitcoin has managed to break through $10,600 and cleanly at that, meaning a single push higher with no stuttering, enough to help it reach $10,800 which is currently acting as the resistance level. Ethereum Bulls have attempted to follow Bitcoin’s footstep and move higher, however the presence of sellers at the $380 had proven quite difficult for the instrument forcing it to retreat back, but only slightly. While BTC and ETH both experienced some kind of move higher, Ripple wasn’t moved by all the excitement and remained stuck below $0.2500, as the sideways movement we talked about yesterday remains.
Bitcoin (check out the chart below you’ll find that Bitcoin is the purple line) found enough support as we detailed earlier, enough to push it higher and record a better performance at -9.95% on a month-to-month basis*. Ethereum’s (red line) couldn’t sustain the upward movement especially after it couldn’t break above the $380 ending with a performance of -14.98% on a month-to-month basis. Ripple (orange line) wasn’t quite bothered by moving in any certain direction as it mainly continued to move sideways printing a performance of -17.76% on a month-to-month basis.
*Please note that we mention month/on/month we mean the same day, one month ago. For example, 1st August till the 1st September.
What’s the strategy you’re going to use when it comes to these cryptos? Do you believe that the Bulls might have a shot at beating the Bears? Or that Bears are just too strong at this point and are going to keep forcing the price lower? Whatever you choose to believe, you can react to it all on CryptoAltum.
Bitcoin Gaining Positive Traction
Bitcoin has experienced a sudden and quite needed push higher after it pushed through several resistance levels enough to notice that a trend higher might be forming. The cryptocurrency was able to hold its ground against the bears at $10,200 and started the increase by breaking through the $10,500 resistance level. However, Bulls didn’t stop there as they pushed through $10,600 and ended up higher at $10,800.
Bitcoin managed to reach a high of $10,827 before falling below and trading around $10,800. This move was desperately needed as it gives the Bulls the needed hope and positive signs that they can reach $11,000. On the other hand, if there is a downside correction, the price might find support near $10,730 which is considered to be an important level based on some indicators.
On the upside, the bulls are likely to face a lot of hurdles near $10,800, $10,850 and $11,000. However, should BTC be able to close above $11,000 that would signal increased bullish presence, enough to start another trend higher. However, if Bitcoin fails to clear the $10,800 resistance or the $11,000 barrier, there is a risk of a downside correction. The first major support is near the $10,700 level any further losses could lead the price towards the $10,580 level, where the bulls are likely to take a stand.
Ethereum Showing Positive Signs
Ethereum has seen a strong rebound from its recent lows today, with its ongoing upswing coming about in tandem with the immense technical strength seen by Bitcoin. The aggregated cryptocurrency market is trending higher today, which is partially being driven by Bitcoin’s strong weekly candle close and the ongoing upswing seen in the stock market.
Despite Ethereum rebounding from daily lows of $350 that were set at the bottom of yesterday’s selloff, it is important to note that the crypto has yet to break above its key $380 resistance level. One of our CryptoAltum analysts is also noting that the slight weakness it saw towards the upper boundary of its cloud – which has been surmounted – is also a sign that the digital asset may be moving higher on tempered buying pressure.
It appears that the selloff that we saw in the last couple of days came about following a trend of one large buyer on Bitfinex using spoof orders to lead the assets price higher. Once these orders disappeared, Ether had the rug pulled out from underneath it, leading to the intense selloff seen yesterday. It also appeared that Ethereum rapidly entered oversold territory yesterday, as the crypto’s intense rebound points to some underlying strength. That being said, the asset has yet to break above $380 and was showing some signs of weakness at the upper boundary of its cloud formation. Whether or not it can hold above its cloud at $365 and break $380 will likely determine where it trends in the near-term.
Ripple Continues Sideways
As we’ve discussed in earlier articles, Ripple has reached a point where there is a bit of disconnection between itself and its older cousins. We saw how Bitcoin and Ethereum have both been moving higher and gaining, however, Ripple didn’t seem to need to continue moving higher as the sideways motion continued to overpower any kind of bullish or bearish move.
After Ripple touched upon the 50 SMA, it managed to move higher however the positive momentum didn’t continue as the cryptocurrency continues to trade below the crucial level of $0.2550, and when taking the whole movement on a long enough timeline, the sideways movement becomes much more apparent. With that being said, as long as the 50 SMA remains underneath Ripple’s price action, it will continue to act as a support for the cryptocurrency, one that can be very beneficial in case of a downturn.
Looking at the RSI (Relative Strength Index) we notice that the indicator is printing just above the 50 level, however based on the recent moves of the indicator the overall move might be showing that the Bulls might have some power over the direction of Ripple, but it’s quite unclear at the moment.
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