Crypto Market Analysis

Daily Crypto Update 05.07.2018 – Today’s Action Will Provide Confirmation

General Overview

Online Coin Market Cap: $274,137,015,909

24h Vol: $15,046,476,500


BTC Dominance: 41.9%

From the opening at 275,197,000,000$, the evaluation of the cryptocurrency market cap has fallen to around $270 billion at the lowest point today but has recovered since and is close to the levels of the resistance line.

Online coin market

The market is currently in green with a small percentage of change among the top 100 coins. The biggest loser is Syscoin who decreased by 26%, and biggest gainer is Ethos who increased by 27.53%.


As the market is showing signs of recovery, many headlines that have come out are analytical in nature, as people across space are trying to figure out what is coming next. There are some significant headlines regarding blockchain adoption and regulatory tone.

First on the line is news coming from Spain.  Spanish National Securities Market Commission (CNMV) Spain’s securities regulator in association with various banking and financial institutions have announced the completion of the pilot test for the Fast Track Listing (FTL) project.

In a statement the CNMV has announced:

“The objective has been to simplify processes and reduce the amount of time needed to register issuances. It has been proven that the use of blockchain technology can improve efficiency in terms of time and resources, as well as increase the security and traceability of processes.”

Source: CCN

Second news in line is the one coming from Malta. Malta’s prime minister Joseph Muscat confirmed the parliament will favour and approve three cryptocurrency bills designed to embrace the blockchain sector.

Speaking to CCN, the Parliamentary Secretary for Digital innovation and Finance Silvio Schembri stated:

“This is the last stage of the legislation that will put Malta on the international map for blockchain and crypto regulation. There is political consensus on this roadmap and we are foreseeing that this area will be the mainstay of our economic growth for the next 4-5 years”.

Source: CCN

And the last news headline that fits into this category is that coming from Russia. The CEO of  Sberbank, Russia’s largest state bank, Herman Gref said he could not yet foresee governments “yielding their centralised role” in fiat currency creation as part of his comments on cryptocurrency.

Speaking to reporters during the Astana Finance Days international conference in the Kazakhstan capital July 4, Sberbank’s Herman Gref repeated the comments he has made “many times” about cryptoassets’ future role in the economy.

“I don’t think that the state is ready to yield its centralised role in emission of fiat currency to some other decentralised institutions.”

Source: cointelegraph



From yesterday’s open at 6721$ the price of Bitcoin has decreased by 2.16% as its now sitting at 6577$.

Looking at the hourly chart, we can see that the price was repealed by minor resistance, and has retraced slightly since. The price is still above the 0 Fibonacci level which is the prior low level on the daily chart which is a good sign. However looking at the price action, we can see that the momentum behind the upward move is slowing down as higher highs are getting shorter, and higher lows are getting lower.

Market sentiment 

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

Pivot points

S3 5854.7 
S2 6225.5 
S1 6407.8 
P 6596.3
R1 6778.6 
R2 6967.1 
R3 7337.9


From yesterday’s high at 88$, the price of Litecoin has decreased by 3.54% and is now sitting at 84.90$.

Looking at the hourly chart we can see that the price action is forming a triangle, and the price is currently close to its support line. Like in the case of Bitcoin we can see that the momentum behind the upward movement is slowing down, so a breakout from the downside is more likely.

Market sentiment 

Hourly chart technicals signal a sell.

Pivot points

S3 73.895 
S2 79.999 
S1 82.711 
P 86.103 
R1 88.815 
R2 92.207 
R3 98.311


From yesterday’s high at 251.70$ the price of Dash has decreased by 1.8% and is currently sitting at the 246.90$ level.

On the hourly chart, we can see that the price action has formed a symmetrical triangle, and the price is currently sitting close to its support. The breakout looks very close and what I think it’s going to happen is that we are going to see a breakout from the upside, but the price fails to create a higher high and consequently fall to the levels of the current range support around 238,9$.

Market sentiment 

Hourly chart technicals signal a buy.

Pivot points

S3 181.963
S2 211.383
S1 228.243
P 240.804
R1 257.664
R2 270.22 
R3 299.646


Online Coin Market: As seen on the global chart and on the charts of the coins covered in this article, the first significant resistance hasn’t been broken. The prices of the coins covered are currently in consolidative patterns, and today we are going to see a confirmation if the uptrend continuation or the start of the retracement.


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