The crypto currencies market has received 16 billion in a few hours which has generated a large increase in most of the top 100 cryptos and it seems a possible a reversal in the trend. We have to be careful and expect the week to evolve before taking determinations since the overbought is present in the charts and most likely we will see a strong drop as well.
General Overview
Market Cap: $267.609.425.759
24h Vol: $14.357.089.584
BTC Dominance: 42.1%
The market is green in most cryptocurrencies with two-digit gains in many of them.
Top Gainers of the day
1. Dragon Coins DRG 83.97%
2. Bitmark BTM 69.34%
3. Alphacat ACAT 63.01%
4. Metronome MET 43.72%
5. NaPoleonX NPX 37.91%
Top Losers of the day
1. Pure PURE -32.86%
2. Selfkey KEY -29.27%
3. Aditus ADI -23.95%
4. WINCOIN WC -18.67%
5. Naviaddress NAVI -17.20%
News
Bitcoin and Ether Surge 6% as Crypto Market Adds $15 Billion in 2 Hours
In the past 2 hours, Bitcoin and Ether, the native cryptocurrency of Ethereum, recorded a 5 per cent increase in value supported by a sudden spike in volume. Within merely hours, the volume of Bitcoin surged by over $1 billion while the volume of Ether increased by nearly 20per cent.
Source: ccn.com
Coinbase Custody Officially Launches for Institutional Investors
Today Coinbase announced that it has officially opened up Coinbase Custody for institutional investors. The announcement, written by Sam McIngvale, product lead at Coinbase Custody, stated that Coinbase Custody accepted its first deposit last week before its official launch today.
Source: ccn.com
Kraken Strikes Back at Tether Price Manipulation Claims
Cryptocurrency exchange Kraken is calling foul on allegations that its tether (USDT) markets are frequently characterised by trading activity commonly associated with wash trading and other forms of market manipulation.
Source: ccn.com
Former ‘Big Three’ Chinese Giant BTCC Relaunches Cryptocurrency Exchange
After shuttering its doors nine months ago, the world’s oldest cryptocurrency exchange is relaunching its exchange platform for business and has revealed its plan to launch its own token in the future. BTCC on Monday announced the launch of its revamped exchange with support for crypto-to-fiat and crypto-only trading pairs including Bitcoin, Bitcoin cash, Litecoin and Ethereum.
Source: ccn.com
Analysis
BTC/USD
The price of the BTC has been showing a considerable rise in the last hours even crossing the resistance of $6563.
It is not yet known what could have caused this new rise but there is something clear and it is that last week the price was affected in a very positive way for the closing of the next futures contracts, the day this happened the price immediately rushed up. Tether also printed an additional 250 million USDT and the market felt the effects of this. After strongly breaking up the level of $6,250, BTC now looks more bullish.
Market sentiment
4-H chart technicals signal a Bullish sentiment.
Oscillators are in overbought zone pointing up.
Pivot points
R3 6604.24 R2 6516.95 R1 6432.72 PP 6345.42 S1 6261.19 S2 6173.90 S3 6089.67
ETH/USD
ETH is raising up considerably today, testing the upper part of the channel on this 4-H chart. The price made a big jump from the central Pivot Point and a breakout of this line could quickly send the price to $500, however, the EMA-200 is a strong resistance to consider at $471 where the price is sitting right now.
Market sentiment
4-H chart technicals signal a Bullish sentiment.
Oscillators are in overbought zone pointing up.
Pivot points R3 6604.24 R3 469.58 R2 463.14 R1 457.54 PP 451.10 S1 445.49 S2 439.06 S3 433.45
XRP/USD
XRP raises 6.75% in the last 24 hours while the market continues in green behind the new Bitcoin rise that drags the other cryptocurrencies along positively. In this rise, the price has broken the central pivot point and also the pivots R1 and R2. At this moment the price is moving at $0.4914 but the indicators are still pointing upwards very close to the oversold area. The EMA-200 could be a strong resistance for the price.
Market sentiment
4-H chart technicals signal a Bullish sentiment.
Oscillators are in overbought zone pointing up.
Pivot points R3 6604.24
R3 0.4901
R2 0.4798
R1 0.4706
PP 0.4604
S1 0.4512
S2 0.4409
S3 0.4317
ADA/USD
ADA has increased its price by 34.5% since June 29th in a very interesting rally, also helped by the price increase of BTC by 4.66% today.
The price has crossed the EMA-100 and pivots R1 and R2 in this 4-H chart, although the indicators are already showing high overbought levels so we could see the entry of sellers in the short term.
Market sentiment
4-H chart technicals signal a Bullish sentiment.
Oscillators are in overbought zone pointing up.
Pivot points R3 6604.24
R3 0.1654
R2 0.1564
R1 0.1491
PP 0.1401
S1 0.1328
S2 0.1238
S3 0.1165
Conclusion
Crypto currencies market: BTC continues moving the market up and down, to consider a reverse on the trend the price still needs to go higher over $8.000 because the pressure remains on the downside, while this happens there is still at risk for deeper setbacks.
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