Bitcoin, Ether, and XRP Weekly Market Update September 14, 2020
The total crypto market cap added $11.6 billion to its value for the last seven days and now stands at $336.7 billion. The top 10 currencies were mostly in green for the same period with Binance Coin (BNB) adding 28.8 percent while ChainLink (LINK) lost 6.9 percent. By the time of writing bitcoin (BTC) is trading at $10,346, ether (ETH) dropped to $365. Ripple (XRP) hovers around $0.242.
Bitcoin closed the trading session on Sunday, September 6 by climbing up to $10,265. The leading cryptocurrency hit the 100-day EMA on the daily chart after testing the $10,000 horizontal support for the third consecutive day. The move resulted in 12.3 percent of price correction for the previous seven-day period.
On Monday, September 7, the BTC/USD pair continued to rise and successfully reached $10,375. The closely situated $10,360 mark was the previous 2020 high, so it can be considered a major S/R line. In the earlier hours of trading bitcoin temporarily fell below the mentioned $10k line, which again proofed the bear pressure was still significant and even increasing.
The trading day on Tuesday confirmed that statement and the coin dropped down to $10,127 loosing 2.3 percent while drawing a descending triangle formation on both the 4-hour and the daily chart.
The mid-week session on Wednesday, September 9 was a positive one for buyers. The price of BTC moved out of the mentioned figure and formed a green candle to $10,233 and also touched $10,360 during intraday.
On Thursday, September 10, the BTC/USD pair tested the $10,360 level but was unable to break it, closing a few dollars lower.
The last day of the workweek was a breakout time. Bitcoin formed its third consecutive green candle on the daily chart and stopped at $10,400, also leaving the 100-day EMA behind.
The trading session on Saturday saw the biggest cryptocurrency continuing its way up, this time to $10,442. Still, the market was lacking the strong momentum to build a solid uptrend.
The $10,600 line was the next obvious target for bulls while $10,00 continues to serve as strong support.
On Sunday, bitcoin was rejected at the mentioned resistance and made a downward correction to $10,300, moving in the $10,600 – $10,200 range during the day.
The Ethereum Project token ETH climbed up to $353 on Sunday, September 6 after rebounding from the weekly support zone near $315. The ether grew by 5.3 percent but still closed the previous week with an 18.4 percent loss.
It stabilized near the above-mentioned level on Monday and remained flat at the end of the session.
On Tuesday, September 8 sellers successfully pushed the price down to $337 not allowing it to break above the solid S/R zone at $360. The Ethereum token was now caught in the $360-$320 range, best visible on the lower timeframes (4-hour for instances for those looking for a price trigger to trade on the daily chart).
The third day of the workweek brought the greenback to the chart when ETH climbed up to $352 and hit the $360 line during intraday.
The potential formation of a bearish rising wedge that we discussed on the previous report on Thursday was invalidated by the second straight green candle on the daily chart on the same day. ETH stopped at $367, surpassed the $360 S/R zone, and even touched the 50-day EMA at $379 adding 4.8 percent to its value.
The Friday session was a continuation of the short-term uptrend. The ETH/USD pair reached $373.
It continued to rise on the first day of the weekend forming a solid green candle to $387, just a step below the monthly resistance.
On Sunday, however, we witnessed a hard rejection near the point where the 26 and 50-day EMAs meet at $388. This resulted in a drop to $367 and a test of the $360-$350 zone.
The Ripple company token XRP closed the trading session on Sunday, September 6 at $0.239 and registered a 14.6 percent loss for the seven-day period.
The coin opened the new week by moving up to $0.242 on Monday in its second straight day of gains. In the early hours of trading, though, bears once again re-tested the $0.23 horizontal support.
On Tuesday, September 8, the XRP/USD pair made another correction of its price – to $0.236, hitting both the above-mentioned line and the 100-day EMA during intraday.
The mid-week session on Wednesday found the “ripple” climbing to $0.238. The coin entered an obvious range trading, being caught in the $0.25-$0.23 zone since it broke there on September 3.
On Thursday, September 10, bulls extended the good performance and closed the session at $0.243, even reaching $0.25 at some point.
The last working day of the week came with no significant price changes. The XRP remained stable near the levels from the previous day.
The weekend of September 12-13 started with a small green candle $0.247 on Saturday. The move was followed by an unsuccessful attempt by buyers to break the $0.25 line on Sunday. The coin fell down to $0.241.
Altcoin of the Week
Our Altcoin of the week is Binance Coin (BNB). The native token of the Binance chain grew by 55 percent for the last seven days and moved up to #7 on the CoinGecko’s Top 100 list. BNB now has a total market capitalization of approximately $4.4 billion and is 40 percent up on a monthly basis, successfully evading the crypto market correction in early September.
Earlier this month Binance launched Smart Chain – an Ethereum-compatible blockchain that will focus on decentralized finance projects (DeFi). On September 10, the company announced the creation of a $100 million fund to support the initiative.
As of the time of writing, BNB is trading at $30.03 against USDT.