Home Crypto Crypto Market Analysis Daily crypto update 02.08.2018

Daily crypto update 02.08.2018

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General overiview


  • Market Cap: $272,382,783,020
  • 24h Vol: $12,683,202,800
  • BTC Dominance: 48.3%

Cryptocurrency market cap has found some support around the 267B levels and is currently testing it, hovering around it. 

The market is consolidating which is the next logical step after the fall of approximately 31 billion dollars in the evaluation. The colors are mixed so we can see both red and green with a small average percentage of change among top 100 coins.


News


Coinbase Adds British Pound Support, Speeding Fiat Transfers for UK Clients

Leading US-based cryptocurrency exchange Coinbase said it is adding British pounds (GBP) to its list of accepted fiat currencies as of Thursday, in a move that will allow faster fiat deposits and withdrawals for its UK-based clients.

Morgan Stanley Hires Crypto Expert From Rival as Crypto Race on Wall Street Intensifies

Morgan Stanley appointed Andrew Peel as head of digital asset markets. The update comes from his LinkedIn profile, where the new position is listed. He leaves Credit Suisse after twelve years with the bank, where his latest job was vice president of sales and trading innovation, although he spent the majority of his stay in the Delta One desk.

EU Advisory Body Claims that Blockchain Innovation is at Risk within the European Union

The European Commission’s blockchain advisory body has warned that the EU’s lack of legal and regulatory certainty can stop blockchain development and the Union’s leading role in innovation. On August 1, the European Blockchain Observatory and Forum published its first-ever report analyzing the blockchain industry in the Union and outlining several recommendations to the bloc.

Source: Coinvest


Analysis


BTC/USD

From yesterday’s open at 7732$ the price of Bitcoin has decreased by 1,46% and is currently trading at 7572$. The price went even lower to the 7440$ but has recovered since leaving a spike on the hourly chart.



Looking at the hourly chart, we can see that the yesterday’s open was on the 0,236 Fibonacci level and from there fell below the blue bold line which is the support from the triangle on the daily chart. From here I am expecting the price to go to the dotted black line which is the baseline support 2 line where it will look for support. Because that level wasn’t respected recently I would expect the price to rester there for a while before breaking it on the downside and continue in a downward trajectory.


Market sentiment

Hourly chart technicals signal a sell with moving averages signalling a strong one.


Pivot points

S3 6969.0 
S2 7284.9 
S1 7445.4 
P 7600.8 
R1 7761.3 
R2 7916.7 
R3 8232.6

ETH/USD

From yesterday’s open at 433$ the price of Ethereum has dropped by 5,2% and is currently trading around 410$.



Hourly chart looks bearish as the price fell below the minor support line and is currently interacting with the minor range support on the same levels as the wave Z was. It looks like the support will hold for now but I am expecting in to break anytime soon, as this level isn’t all that strong.


Market sentiment 

Hourly chart signals a sell.


Pivot points 

S3 362.74 
S2 392.20 
S1 406.12 
P 421.66 
R1 435.58 
R2 451.12 
R3 480.58

XRP/USD

From yesterday’s spike at 0,4633$ the price of Ripple has decreased by 6,81% and is currently trading at 0,432$.



Looking at the hourly chart, we can see that the price of Ripple is once again below the 0 Fibonacci retracement level and the ascending channels support line. Those two including the fast fall after the spike is a very bearish sign. From here I am expecting the price to go to the 0,41444$.


Market sentiment 

Ripple’s sentiment is bearish as hourly chart technical indicators are signalling a sell.


Pivot points

S3 0.37042 
S2 0.40775 
S1 0.42707 
P 0.44508 
R1 0.46440 
R2 0.48241 
R3 0.51974

Conclusion


More downside is expected for the cryptocurrency market as support levels have been broken. Maybe a small rebound could be seen but that would be short-lived.

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