Home Crypto Crypto Market Analysis Daily Crypto Update 06.07.2018 – Market Can’t Keep Bullish Momentum

Daily Crypto Update 06.07.2018 – Market Can’t Keep Bullish Momentum

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Recently, the market has seen a moderate downward trend in most of the cryptocurrencies and the last hours are showing a small correction in the pairs we are going to see today in this update. Only 3 of the top ten cryptos report positive numbers right now (BTC-ETH-XLM).


General Overview


Market Cap: $271.699.753.396

24h Vol: $15.382.782.187

BTC Dominance: 42.1%

Cryptos Report:


News


Why India And China Won’t Lift Their Crypto Bans
The highest court in India this week upheld the Reserve Bank’s decree prohibiting the country’s banks and other regulated lenders from dealing with or supporting any cryptocurrency-related services, including allowing customers to buy crypto with credit cards.
Source: barchart.com

Coinbase UK CEO Interview: Huge Interest From Institutional Investors Toward Crypto
Coinbase UK CEO Zeeshan Feroz is working to achieve a crypto revolution amidst hesitant bankers in a city torn over Brexit. Last week, he made a speech on blockchain’s potential to connect the unbanked and rebuild the entire financial system. Today, in an interview with NewsBTC, he said that Coinbase is looking to roll out GBP wires in the next few weeks, where London could be the next blockchain hub and that Brexit may even speed up clarification over regulatory uncertainties.
Source: barchart.com

Digital Collectible On Ethereum Network Sold For $1 Million On Valentine’s Day 
A group of ten collectors split the million dollar price tag for a digital photo of a red rose digital collectable on valentines day launched on the Ethereum network. The piece is thought to have fetched the highest price yet paid for a piece of virtual art. Forever Rose, produced by Kevin Abosch and GIFTO, exists on the blockchain just as Bitcoin and other virtual currencies do.
Source: newsbtc.com


Analysis


XRP/USD

The price of XRP had a considerable drop today from $0.5063 and broke the $0.50 support area, the drop was only stopped by the Pivot S1 at $0.4624. Now the price is moving around the 0.50% Fib Retracement while the bears keep showing strength.



There is a crucial support broken at $0.475 and if a break below the Pivot S1 happens, we could see declines towards the $0.4547 and the Pivot S2 at $0.4477.


Market sentiment

4-H chart technicals signal a sell sentiment.

Oscillators are showing buy signals and pointing up.


Pivot points

R3 0.5299
R2 0.5163
R1 0.4966
PP 0.4830
S1 0.4634
S2 0.4498
S3 0.4301

ADA/USD

The price of ADA has been recovering from the last drop from $0.1614, bouncing on the Pivot S1 at $ 0.1408. The bears have lost momentum and now the price has been recovering with three consecutive green candles. It seems the price reacted to news from the Cardano Foundation that stated the company is releasing a new roadmap.



Although the EMA-100 appears at this moment as the resistance to break, added to that, the Central Pivot Point is very close to it. We should also consider that a new bearish pressure could send the price to look for the 0.50% Fib Retracement close to $0.1369.


Market sentiment

4-H chart technicals signal a Bullish sentiment.

Oscillators are showing buy signals.


Pivot points

R3 0.1693
R2 0.1627
R1 0.1550
PP 0.1483
S1 0.1408
S2 0.1382
S3 0.1265

EOS/USD

EOS tries to recover the losses of the beginning of today’s session and bounced the price in the Pivot S2 at $8.36 that converges with the lower trend line of this ascending channel in the 4-H graph. At this moment it is trying to beat the Pivot S1 at $8.60. If the price can cross down the channel we could see pronounced sales in the short term.




Market sentiment

4-H chart technicals signal a Bullish sentiment.

Oscillators are showing buy signals.


Pivot points

R3 9.68
R2 9.45
R1 9.13
PP 8.89
S1 8.59
S2 8.36
S3 8.06

Conclusion


Cryptos Report: The expected trend change has not yet shown and that’s why sellers are still taking intraday profits in the market rebounds.

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