General Crypto Market
The general market outlook is bullish, despite what the Bitcoin chart is showing at the moment. Our market outlook is not always reflected in charts, as we are looking at current overall sentiment of cryptocurrency.
Here are some of the key figures regarding the market outlook:
The U.S. Securities and Exchange Commission (SEC) has delayed its decision on the VanEck ETF and has at least until late December to decide on approval. There is a 2 month extension possible, stretching the timeline until late February 2019.
Fidelity Investments have recently announced that they will most likely have new crypto-related products ready by the end of the year. They are a multinational financial services corporation based in Boston, with $18.2 billion annual revenue in 2017. (For comparison, financial services provider and investment bank Goldman Sachs reported revenue of $32 billion for that year). Fidelity Investments is a force to reckon with in the financial sector, managing about $2.4 trillion in assets, which makes them the fourth largest asset manager in the business. It’s still hard to tell or predict what exact “crypto-related products” they will have.
Major league Italian soccer club Juventus announced Monday, September 24, it will launch its own cryptocurrency “fan token,” two weeks after a similar announcement from Paris Saint-Germain.
U.S. Rep. Tom Emmer (R-MN) is planning to introduce three bills to support blockchain technology and cryptocurrencies, according to a press release published September 21. “The United States should prioritize accelerating the development of blockchain technology and create an environment that enables the American private sector to lead on innovation and further growth, which is why I am introducing these bills.”
Bitcoin Market Analysis
The BTC volatility index hit yearly lows and the daily trading range has become fairly narrow. The CME BTC futures expire on the 28th of September, which in general is accompanied with volatility increase after settlement.
As the markets are approaching the end of the month, it is important to note that if the BTC September month-end price closes below 6380, further downside is likely imminent, as that will be the lowest monthly close since June 2018. https://www.tradingview.com/x/2tCXyLzB/
The last weekly close on September 17 ended up being bearish as BTC was not able to surpass the 6816 level. Assuming a further downtrend, if the 5800-6000 level does not hold again, the next support below is at around 5400. Heavy weekly resistance lays at the last local weekly top of 7300-7700, signified by a bearish orderblock from the week of May 28.
Ethereum Market Analysis
It is important to note that ETH has broken and rebounded from a key monthly level test. This suggests that capitulation has likely occurred and ETH may not see further downside from the rebound at the 170 level. There is not much to see on ETH from a weekly standpoint, it is currently in between its key monthly level and its weekly level resistance of the 275-300 level. https://www.tradingview.com/x/QchSwc9M/
Altcoins and Ripple (XRP)
This week has seen a high volume Altcoin Market Cap break-out that was led by XRP. The market dominance of BTC dropped to 51%, while XRP dominance nearly doubled to more than 10%. Most of the volume went to the large cap coins (XRP, EOS, ADA and BCH) on exchanges offering margin trading. The altcoins on traditional exchanges have shown multiple green days in a row, but haven’t convincingly broken market structure on the higher time frames just yet. Most of these altcoins made it up to significant resistances before turning to the downside. https://www.tradingview.com/x/ZjjHpJJ2
Catalysts of XRP’s strong rally:
- ‘Swell by Ripple’ takes place on the week of October 1st
- National Commercial Bank of Saudi Arabia joins Ripplenet
- PNC Bank embraced blockchain and joins RippleNet
- Ripple could launch a commercial application (xRapid) of its cryptocurrency-focused product “in the next month or so.”