Crypto Market Analysis

Daily Crypto Update 04.06.2018 – No Trade Zone

General Overview

Market Cap: $345,759,677,827

24h Vol: $16,991,056,608


BTC Dominance: 37.7%

In the last 24 hours, the evaluation of the cryptocurrency market capitalization has been on the rise from 343,187,000,000$ to 354,900,000,000$ at the highest point and has retraced sharply since to 343,918,000,000$.

The market is mixed in color, but the dominant one is red with an average decrease of 4% amongst the top 100 coins. Biggest losers are IOTA which experienced a decrease of 9%, Loom network the same around 9% and MOAC by 8.3%.


There haven’t been any major headlines over the weekend that can impact the market’s sentiment, however, those stories that came out as significant are positive overall. Many are analytical in nature, as analysts are eager to see if the prices have bottomed out.

For example, Joost van der Burgt, policy adviser at the Federal Reserve Bank of San Francisco who is leaning on the work of Hyman Minsky and his five stages of an asset bubble (displacement, boom, euphoria, profit-taking, and panic), believes that Bitcoin is in the profit taking stage and that the panic stage is yet to come.

Positive headlines are those regarding blockchain tech adoption and governmental relation to crypto.


Baidu, the Chinese multinational technology company specialising in Internet-related services and products, is planning to launch a protocol aimed at reducing mining energy consumption, according to a report by China News Weekly today, June 3.


Spanish Congress unanimously supported draft legislation that would favourably regulate blockchain technology and cryptocurrencies in the country. However, there are complications with the EU laws compliance, but the attempts to legalise cryptos in Spain are going to be successful.

South Korea

The South Korea National Assembly is set to re-legalise Initial Coin Offerings (ICO) in the country.

Abu Dhabi

Maqta Gateway LLC, a wholly owned subsidiary of Abu Dhabi Ports, has become the first entity in Abu Dhabi to deploy its own blockchain solution, Construction Business News reports June 2.

On the flipside, the negative news is about ZenCash 51% hack

ZenCash became the target of a 51% attack like we saw recently on Bitcoin Gold. The hacker obtained more than 50% of the hashrate, giving him control over the network, but the team at ZenCash acted immediately, containing the attack to only two double spending transactions of 19,000 ZEN which is around 558,000$.



From yesterday’s open, the price of Bitcoin has decreased by only 0.45%. The price has been rising from 7639$ to 7751$ and has retraced since to the 7602$ level where it is currently sitting.


Looking at the daily chart we can see that the price of Bitcoin is in the cross-section of many significant trendlines. The price went above the baseline support (bold black line) but was stopped out at the triangle resistance (bold blue line) and 0.236 Fibo level, and it has retraced back to the baseline support.


Zooming into the hourly chart, we can see that the price broke out from an ascending wedge from the downside and is currently below the baseline support.

Market sentiment

Hourly chart technical signal a sell.

Oscillators are on neutral and moving averages signal a sell.

Pivot points

S3 7341.0 
S2 7520.0 
S1 7619.0 
P 7699.0 
R1 7798.0 
R2 7878.0 
R3 8057.0


From yesterday’s open, the price of Ethereum has increased by 1.7%. The price went from 594$ to 625$ but it has retraced since to the high of 603$ where it is currently sitting.


Looking at the daily chart, we can see that the price of Ethereum has hit the downward channel resistance line and was repealed by it and is now heading down.


Zooming into the hourly chart, we can clearly see the momentum behind the upward movement, and how the price interacted with the resistance line – it went above it, retested it for support but the support wasn’t there so the price fell below it again and is currently sitting on the support line of the ascending triangle from which it broke previously.

Market sentiment

Ethereum is in the sell zone, as indicated by the hourly chart technicals.

Oscillators are on neutral, and moving averages signal a sell.

Pivot points

S3 343.61 
S2 452.53 
S1 521.49 
P 561.45 
R1 630.41
R2 670.37 
R3 779.29


From yesterday’s open the price of Litecoin has decreased by 1.38%. The price went from 123$ to 127.9$ at the highest point and has retraced since to 122$ where it is currently sitting.

On the daily chart, we can see that the price of Litecoin went above the retracement zone, but quickly fell into it again leaving a wick on yesterday’s candle.

Zooming into the hourly chart, we can see clearly what happened at these levels – the price went above the 124.87$ support level, retested it for support but it didn’t find it, which is why the price quickly fell below it back to the retracement zone to the prior resistance line, where it did find some temporary support.

Market sentiment 

As in the case of Bitcoin and Ethereum, Litecoin is in the sell zone.

Oscillators are on neutral, and moving averages signal a sell.

Pivot points

S3 110.023 
S2 117.893 
S1 121.657 
P 125.763 
R1 129.527 
R2 133.633 
R3 141.503


We can see that the prices are struggling to get above their resistances even though the buying was triggered. A lot of sideways movement is experienced, and a lot of significant trendlines are near, so without any confirmation as to where the prices are going from here, I conclude that we are in a no trade zone.



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