Home Crypto Crypto Market Analysis Daily crypto update 06.08.2018 – Another Crash Coming?

Daily crypto update 06.08.2018 – Another Crash Coming?

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General overview


  • Market Cap: $254,890,576,728
  • 24h Vol: $11,165,311,984
  • BTC Dominance: 47.4%

From yesterday’s low at 250,276,000,000$ the evaluation of the cryptocurrency market capitalization has increased slightly as it’s currently sitting at 254B levels.

The market is in green but with a small percentage of change. The biggest gainer among top 100 coins is Holo who increased by 28,6%.


News


Coinbase Readies ETC Support, Considers 37 Altcoin Additions to Custody Services

US-based cryptocurrency exchange Coinbase announced on Friday that it had reached the final testing phase before adding support for Ethereum Classic (ETC) on its platform. Separately, the company announced it is exploring the addition of 37 new virtual currencies to its custodial service, Coinbase Custody.

Scottish Government Mulls Adoption of Blockchain in Public Services

The Scottish Government published a report that underscores the benefits of blockchain or distributed ledger technology (DLT) in public services laying the ground for a push in using the technology.


Analysis


BTC/USD

From yesterday’s open at 6918$ the price of Bitcoin has increased by 3,13% to the 7143$ but has fallen again in the last 2 hours below the 7000$ again.


Looking at the hourly chart we can clearly see that the current structure looks exactly like the structure between the opening on 3.8 and the midday 4.8. As red candles are more powerful and quicker than the green once that indicates that sellers are in control which means that the price is heading further down from here.


Market sentiment

Hourly chart technical indicators are signalling a sell.


Pivot points

S3 6601.9
S2 6801.9 
S1 6913.9 
P 7001.9 
R1 7113.9 
R2 7201.9 
R3 7401.9 

ETH/USD

From yesterday’s open at 400$ the price of Ethereum has increased a bit as its currently trading at 407$. The price went further up to 414$ but has retraced since.


Looking at the hourly chart we can see why the price has retraced after hitting 414$ – it was to retest the prior support which now serves as resistance. Because the price was rejected at the prior support I am expecting further downside in the following days below 400$.


Market sentiment 

Ethereum is in the sell zone.


Pivot points

S3 377.83 
S2 392.48 
S1 400.62 
P 407.13 
R1 415.27 
R2 421.78 
R3 436.43

XRP/USD

From yesterday’s open at 0,428$ the price of Ripple has increased to 0,436$ but is now back on the same levels of the yesterday’s open.


Looking at the hourly chart we can see that the price of Ripple is on the support line of the current range in which it is stuck from the end of July. As the price created lower high inside the range and has held the lows on the same support levels that indicated selling pressure on that level which is going to be broken soon so more downside is expected.


Market sentiment 

Ripple is in the sell zone.


Pivot points 

S3 0.41242 
S2 0.42277 
S1 0.42879 
P 0.43312 
R1 0.43914 
R2 0.44347 
R3 0.45382

Conclusion


The prices are falling steeply and quickly and the minor support levels that the prices are showing interactions with aren’t going to hold anymore which is why I am expecting more downside in the following days.

 

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