Executive Summary TLDR;
It was a mixed day for altcoins with most in the red but also some coins showing good double digit and even triple digit gains. Bitcoin managed to close above a long term daily downtrend which is a good sign but does not mean you should rush to go tweet #lambomoon, not that you should ever tweet such a thing. This may be more indicative of the price action changing from negative to neutral as opposed to negative to positive. Cryptocurrency market cap @ $381 Billion & Bitcoin dominance is at 39.1%.
Top News:
- Verge again… If it has shite fundamentals, then it is shite, regardless of partnering up with porn companies. the only move to be played with this one is to capitalise on the speculation of how the crowd is going to react.
- Wikileaks calling for Coinbase blockade.
- Taiwan to roll out regulations
Bitcoin ($8788.51, 3.25%)
Life is coming back into the $btcusd market with increased volumes and bigger price action moves. As noted in the summary, bitcoin successfully closed above a long term downtrend which is a good sign but not necessarily indicative of a huge bull run about to start. Note resistance level @ 8900. Volume lower on recent decrease which could be indicative of a push up to retest 8900 level in the next few days. Bitcoin longs on Bitfinex are ~29500 representing decrease of less than 1% of over the past 24 hours. Shorts on Bitfinex are ~23900 representing a decrease of about 5%.
Ethereum ($608.77, 2.87%)
Price action on Ethereum also looking good. Resistance level ~630USD level. Volume on decrease dropped which could be indicative of a push back up to retest resistance. Just slightly underperforming bitcoin currently. ETHUSD Longs on bitfinex at ~194000 which represents ~6.5% increase over the past 24 hours despite the price decrease. Shorts ~122000 which is about a half a percent increase over the past 24 hours.
Ripple ($0.857106, -3.49%)
No partnership announcements, no increases. Underperforming USD and even further underperforming Bitcoin. This makes sense given its strong price action due to news as of recent.
Bitcoin Cash ($1,133.6, 1.35%)
Bitcoin Cash has had very positive price action as of recent & there doesn’t seem to be a whole lot of reasons why. I recently listened to a podcast with Craig Wright & he said there are some big announcements coming soon so maybe there could potentially be people in the know selling there altcoins to further increase their bitcoin cash. But who knows, bitcoin cash often has a life of it’s own. Quite day in terms of both USD and BTC price action for Bitcoin Cash.
Litecoin ($148.16, -2.2%)
Litecoin has once again been overtaken by EOS on the market cap list which I personally find crazy given EOS doesn’t have feck all, no protocol, nada. Imagine a public company have the fifth largest market cap & all it does is say what it’s going to do. Kinda crazy if you think about it. Litecoin outperformed bitcoin and ethereum when the price action was going up so it makes sense that the opposite is happening with the price action going down.
Disclaimer: This is not financial advice, this is for entertainment purposes only. I am Irish. Think of me as you would the Irish stereotype.