A technical look at the market for this Tuesday

A technical look at the market for this Tuesday

By Exe8422 | News Crypto Daily | 6 Aug 2019


Daily Volume has increased by + 7.7% to $ 86.82 Billion and raising MarketCap levels to $ 306.79B, with BTC dominating the scene with 68.01%.

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Whales in Action

In the last 24 hours the whales have activated their entire arsenal to push the market in their favor. According to Whale Alert, Tether printed more than 100 million units of its USDT stablecoin, which was exploited minutes later by the whales.

The creation of new USDT tokens is often correlated with an increase in the price of Bitcoin, as Tether moves currencies to crypto exchanges such as Bitfinex. Both Bitfinex and Tether are owned by iFinex, Inc., and have been accused of using USDT, which is designed to be linked 1: 1 to the US dollar, to manipulate the price of Bitcoin.

Bitfinex has long denied that USDT is used to manipulate the price of BTC and says that the recently minted stable currency is a sign that new money is entering the market.

However, less than an hour after issuing the new USDT, Tether moved USD 275 million to an unknown wallet. It also quickly received and returned USD 69.2 million from the Bittrex encryption exchange.

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The Whales on the other hand did not lose opportunity in their actions and began to move large amounts of Bitcoin, Ethereum and XRP assets generating interesting movements while prices moved upwards, as happened with BTC which was pumped up to $ 750 to arrive in the BitMEX exchange up to $ 12,155.

In the last 24 hours, around 14501 BTC have moved through these whales, an approximate $ 168.6 million dollars, in addition to 300 million XRP tokens worth close to $ 96.2 million dollars from the Binance exchange to an unknown walet.

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In parallel, about 308,268 ETH were moved between unknown wallets worth $ 71.8 million.

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As for the table of the most important cryptos of the ecosystem, the corrective movement continues to predominate in general throughout the ecosystem. On this occasion, the flow seems to have migrated to BTC and Monero, which are the only ones in the Top 10 Crypto that remain in winning territory today, highlighting the strong decline of XRP with its -2.97% in the last 24 hours, due to the large closing of long positions that are taking place in the exchanges after the whales are activated.

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Within the Top 100 Crypto portfolio, the downward trend is still sustained with 73 percent of cryptocurrencies in red territory, and only the remaining 27 percent generating profits.

The reason for this behavior is simple, the withdrawal of large gains in BitMEX lengths from positions at resistance levels close to 12k of BTC has generated a similar feeling in the rest of the altcoins, correction for new momentum analysts say with the look put on BTC in the 13k.

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Bitcoin: Bullish for now

The purchase orders in the books increased tremendously compared to the bullfight we saw lately. Around 60% for example is located in this scenario, but its counterpart of requests at 12k was similar to what it has been throughout the bullish cycle. A strong wall at the $ 12,200 level is observed in Binance with the BTC \ USDT pair.

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For now, BTC returned to $ 11700 as expected but the support is still maintained, so we moved laterally for now in search of new supports for a bullish momentum above 12k again.

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We expect a next rebound towards 12300/12550 levels as immediate resistance to beat before entering the 13k zone.

The sentiment is bullish for Bitcoin, with 16 indicators to buy, against two indicators for sale and a couple more in neutral zone.

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Main Crypts

1- BTC shows values of $ 11,816.12 in Binance, $ 11,817.81 in Huobi and $ 10,735.34 in OEX.

2- The CoinMarketCap price index presents the following prices for the rest of the five most important cryptos in addition to BTC: ETH marks $ 229.89 (-1.75%); XRP marks $ 0.3177 (-3.32.%); BCH marks $ 342.52 (-1.88.%).

Top 3 Winners and Losers of Cryptocurrencies

1- Top 3 winners in the Top 100 crypto by MarketCap: EGT (+ 7.62%), DCR (+ 6.79%), and BNT (+ 6.39%).

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2- Top 3 losers within the Top 100 crypto by MarketCap: NANO (-27.01%), SAFE (-23.08%), and GXC (-11.79%).

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Exe8422
Exe8422

Digital blog that covers information about Bitcoin technology, currently known as Blockchain or Distributed Accounting Technology


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