Bitcoin, Ethereum, altcoins - Cryptocurrency overview - 2/03/2020

The cryptocurrency market is experiencing consolidation. The amplitude of fluctuations in short-term cycles decreases,volatility indicators gradually come tovalues at which the proportion of the emotional component when making trading decisions by participants is relatively low. The main indicator of the market since Friday decreased by 1.6%, and its value at the moment is $ 246 billion.

Our BC 10 Index lost 1.5% to 153.6 points.

Bitcoin

The dynamics of the BTC to the US dollar (BTC / USD)

The rate of decline in the price of BTC has slowed down.Over the weekend, quotes dropped to $8,500, but there was no further acceleration. From a technical point of view, the movement is now taking place in a downward channel on volumes below their average values. In the event of a confident breakdown of the upper boundary of the trading channel, the likelihood of a trend change will increase significantly, however, for a complete reversal, the price will need to consolidate above $9,000 per coin. Meanwhile, BTC hashrate has reached record levels.

Ethereum

ETH to USD exchange rate dynamics (ETH / USD)

Over the weekend the ETH situation is not significantlyhas changed. A technical figure of a descending triangle is forming on the chart, where the price is supported by the level of $ 218. In the event that the Bears have the strength to push the price below the green line, then the next significant support will be located around $ 195 per coin.

Ripple

Dynamics of the XRP to the US dollar (XRP / USD)

The situation in XRP from a technical point of viewis developing according to a similar scenario to ETH. An exit from the emerging descending triangle pattern may indicate the most likely direction of movement in the near future. The next significant support is located around $0.20. At the same time, according to the technical director of Ripple, the company is developing a function that will allow network users to create their own cryptocurrencies within the system.

Bitcoin Cash

BCH to USD exchange rate dynamics (BCH / USD)

Over the past three days, BCH quotesremain in the trading range with boundaries of $302-$322. Exiting the sideways trend will help indicate the most likely direction of the trend, however, if the price moves beyond the upper limit of the trading range, the bulls may encounter another resistance at the level of the medium-term downward trend line passing nearby. If there is no change in market sentiment and the decline continues, then the next significant support for the price will be located around $275.

Litecoin

The dynamics of the LTC to the US dollar (LTC / USD)

LTC has slowed down,however, a downward trend still persists. At the same time, volatility fell to its normal values; trading takes place on average volumes. From a technical point of view, the formation of new local lows on the chart as part of the current trend indicates the continued strength of the “bears”.

World context

Former vice-president of the Chinese Banking Regulatory Commission Chen Weigang said that he does not rule out a complete ban on cryptocurrency trading in the country.

In Hong Kong, the authorities plan to further tighten the regulation of the cryptocurrency sphere in security matters, according to the recommendations of the FATF.

&lt;em&gt;Disclaimer&lt;/em&gt;  &lt;em&gt;Nordoes not, in whole or in any part, constitute an offer to buy, sell or make any transactions or investments in relation to the currencies and assets mentioned in this review, and does not constitute a recommendation to make any investment decisions. The information used in preparing this review was obtained from publicly available and believed to be reliable sources. &lt;/em&gt;&lt;em&gt;BloomChain&lt;/em&gt;&lt;em&gt; has the right, at its own discretion, without any notice, to change and/or supplement this review and the recommendations contained therein. This review may not be reproduced, published or distributed in whole or in part, nor may it be referenced or quoted from without the prior written permission of &lt;/em&gt;&lt;em&gt;BloomChain&lt;/em&gt;&lt; em&gt;. &lt;/em&gt;&lt;em&gt;BloomChain&lt;/em&gt;&lt;em&gt; shall not be liable for any adverse consequences, including losses, resulting from the use of the information contained in this review or as a result of investment decisions made on the basis of this information. &lt;/em&gt;