The market is in green with an average percentage of change among top 100 coins being around 2%. The biggest gainer is MonaCoin with an increase of 22%. Ripple is up by 1.75% and Electroneum recovered by 17.3%.
- Market Cap: $212,096,714,062
- 24h Vol: $14,600,681,459
- BTC Dominance: 52.7%From yesterday’s support retest at $204B the evaluation of the cryptocurrency market capitalization has increased by 8 billion dollars as the evaluation is currently sitting at $212B.
Congressional Crypto Roundtable: Panel Discusses Token Classification and Compliance for ICOs
More than 45 representatives from major Wall Street firms and crypto companies took part in a meeting to discuss Initial Coin Offering (ICO) and cryptocurrency regulations in Washington D.C. September 25.
The “crypto roundtable,” hosted by Congressman Warren Davidson in the last legislative session week before elections, gave a chance for industry representatives to express their concerns regarding possible regulations of the crypto space. Namely, experts told lawmakers that there is a pronounced lack of regulatory clarity for ICOs and digital currencies.
Roundtable participants discussed “token taxonomy,” aiming to describe the existing uncertainty around the definition of ICO tokens, as well as the implied regulatory framework.
Google to allow certain cryptocurrency ads in U.S., Japan
Google said on Tuesday it would allow certain regulated cryptocurrency exchanges to advertise in the United States and Japan, easing an earlier ban on all cryptocurrency ads.
Mt. Gox Trustee Publishes Final Bitcoin Sell-Off Figures Totalling $230 Million
Nobuaki Kobayashi, the trustee of defunct cryptocurrency exchange Mt.Gox, released a new statement Tuesday, September 25. According to the document, Kobayashi has liquidated almost 26 billion yen ($230 million) in Bitcoin and Bitcoin Cash in around four months.
Bitcoin Price BTC/USD
In the last 24 hours, the price of Bitcoin has increased by 1.82% and is currently trading at $6458.
Looking at the hourly chart we can see that the price action has formed a symmetrical triangle. Currently, there is an interaction with a minor range horizontal resistance level, but judging by the nice bounce off of the triangle’s support the price is going to continue moving upward to the triangles resistance line again. As this is a symmetrical triangle, a breakout from both sides can occur.
Zooming out to the 4-hour chart we can see that the Z wave structure resembles the current one, and if we take into account what happened in the prior wave and project it into the future buy the same length amount, a target for a lower low at $5114 comes up.
I believe that this is a more likely scenario than a breakout from the triangle’s resistance.
Technical indicators on the 4-hour chart are signaling a sell.
S3 5072.8 S2 5813.7 S1 6268.4 P 6554.6 R1 7009.3 R2 7295.5 R3 8036.4
Litecoin Price LTC/USD
From yesterday’s open the price of Litecoin has increased by 4.75% and is currently trading at $57.139.
Looking at the hourly chart you can see that the price is right on the support zone resistance line 1 retesting it from above for support. As you can see the price action is in an ascending channel pointing to the resistance line 2. As the price is in an upward trajectory I believe that we are going to see it find support on the current levels and go to R2 at $67.86 before going back down.
Zooming out to the 4-hour chart you can see that the price of Litecoin is in a really tough spot were many major and minor support-resistance ranges intersect.
The descending channel may overrule the current ascending one that is younger and more recent which would lead up to the price getting rejected at these levels and go in a downward trajectory from here. But as the market recovers today I would be rather expecting some short-term upward movement before the price gets to S2 where it hasn’t been yet.
Like in the case of Bitcoin, the hourly chart technical indicators are signaling a buy, while high time-frames are a sell.
S3 33.031 S2 45.520 S1 53.100 P 58.009 R1 65.589 R2 70.498 R3 82.987
OmiseGo Price OMG/USD
From yesterday’s low, the price of OmiseGo has increased by 6,3% and is currently trading at $3.39 coming from $3.2.
Looking at the hourly chart you can see that the price action is in a range which can be clearly seen on the 4-hour chart, but currently, we can see the interaction with the descending channels resistance, similarly what can be seen on the Bitcoin chart.
Zooming out to the 4-hour chart you can see that the price is in a support zone range. If the range support serves as a stronger level than the descending channels resistance then a breakout from the upside would propel the price in an upward trajectory, but if the selling pressure proves to be stronger than a breakout of this support range would lead to a straight decline.
OMG is in the sell zone/neutral zone on the higher timeframes, while the hourly chart and the lower time frames are signaling a buy.
S3 1.6263 S2 2.5452 S1 3.0531 P 3.4641 R1 3.9720 R2 4.3830 R3 5.3019
Today the cryptocurrency market has recovered slightly which is why by looking at the global chart as well as the charts from the cryptocurrencies covered in this market update, I think we are going to see the prices rise a bit more before the downtrend continues.