Daily crypto update 03.08.2018 – Downtrend confirmation

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General overview

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• Market Cap: $261,656,562,007
• 24h Vol: $13,407,343,016
• BTC Dominance: 48.5%

From yesterday’s opening at $275B the evaluation of the cryptocurrency market cap has decreased to 260B which is a 15 billion dollar decreased in less than 24 hours.

 

The market is in red with the percentage of change ranging from 4-20% among top 100 coins.

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News

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In the last 24 hours, many headlines that came out are analytical in nature as the market is continuing to depreciate in the evaluation. There aren’t any significant news that could impact the market only speculation on why the market is declining.

As it can be seen on investing.com Bitcoin is falling due to SEC security measures

Bitcoin fell below the $7,500 mark on Friday as the U.S. Securities and Exchange Commission (SEC) is reportedly making efforts to enhance blockchain security.

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Analysis

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From yesterday’s high at 7690$ the price of Bitcoin has decreased by 4,1% and is currently trading at 7383$.

Looking at the hourly chart we can see that the price of Bitcoin has fallen below the baseline support 2 and has retested it and found resistance, which is why I am expecting more downside today.

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Market sentiment

Bitcoin is in the sell zone

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Pivot points 

S3 7040.1 
S2 7303.1
S1 7419.1 
P 7566.1 
R1 7682.1 
R2 7829.1 
R3 8092.1

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ETH/USD

From yesterday’s high at 423,5$ the price of Ethereum has decreased by 3,34% and is currently trading at 409$.

Looking at the hourly chart we can see that the price went below the minor support level and is heading for another which is why I am expecting to see ETH in less then 400$ soon.

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Market sentiment

Hourly chart technicals signal a sell.

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Pivot points

S3 380.02 
S2 397.19 
S1 404.04 
P 414.36 
R1 421.21 
R2 431.53 
R3 448.70

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XRP/USD

From yesterday’s high at 0,4468$ the price of Ripple has decreased to 0,426$ but has recovered quickly and is currently trading at 0,440$.

Looking at the hourly chart we can see that the price is hovering below the ascending channel as the price went back to its support line for a retest. As it found resistance I am expecting more downside for Ripple in the following period.

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Market sentiment

Hourly chart technical indicators are signaling a sell.

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Pivot points

S3 0.39879 
S2 0.41756
S1 0.42393 
P 0.43633 
R1 0.44270 
R2 0.45510 
R3 0.47387

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Conclusion

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As the market depreciated in evaluation those who were still unsure whether this was a retracement for an uptrend continuation or the start of another downtrend now got their confirmation as the bearish sentiment takes over the market. From here I am expecting the price of Bitcoin to go and form a lower low to maybe 5000$ or so.