Home Crypto Crypto Market Analysis Daily crypto update 07.08.2018

Daily crypto update 07.08.2018

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General overview


  • Market Cap: $255,560,502,695
  • 24h Vol: $12,415,147,987
  • BTC Dominance: 47.6%

In the last 24 hours cryptocurrency market capitalization has been stagnating around 255 billion dollar levels.

Consequently, the market is showing mixed colors with an average percentage of change ranging from 2-4%. The biggest gainers are Ethereum Classic who increased by 11% in the last 24 hours followed by Basic Attention Token who increased by 13%. The biggest loser is Mixin who decreased by 11,7%.


News


In the last 24 hours the most important headline that already impacted the price of a particular coin is that trading app Robinhood added support for Ethereum Classic (ETC) according to an official blog post.

“Starting today, you can invest in Ethereum Classic on Robinhood Crypto, commission-free,”

Ethereum Network Overloaded Again, Strong Suspicions of Spam

The Ethereum network is once again undergoing what looks like a spam attack. A single address is sending and receiving transactions, consuming 24.85% of the gas, based on data from the Ethereum gas station. This was the peak value in the early hours on Tuesday UTC, and later the transactions started to gradually decrease their gas use.

China: Trader Sues Exchange OKCoin for Failing to Release Bitcoin Cash

A Chinese Bitcoin (BTC) investor has sued local crypto exchange OKCoin for allegedly preventing him from getting Bitcoin Cash (BCH) after the BTC fork, local news agency Legal Weekly reports July 31. The case is reportedly the first legal action in China that involved last year’s fork of Bitcoin.

Goldman Sachs Mulls Crypto Funds Custody Service – Report

One of the major global banks, Goldman Sachs, is considering to launch custody service for digital coin-based funds, Bloomberg reported on Monday, quoting sources familiar with the bank’s new initiatives. The Sachs spokesman neither confirmed nor rejected the news, according to Bloomberg.

Source: cryptovest. com


Analysis


BTC/USD

From yesterday’s high at 7160$ the price of Bitcoin has fallen to the 6852$ which was today’s low so far but has recovered since to above 7000$.



Looking at the hourly chart we can see that this downtrend line is currently being broken which is a bullish sign but judging by the wicks on the hourly candles the price is experiencing selling pressure below the prior high which is a bearish sign.


Market sentiment 

Hourly chart technical indicators are signaling a buy.


Pivot points 

S3 6367.4 
S2 6674.0 
S1 6807.6 
P 6980.6 
R1 7114.2 
R2 7287.2 
R3 7593.8

ETH/USD

From yesterday’s high at 413$, the price of Ethreum has decreased to 402$ but has recovered since to 410$.



Looking at the hourly chart, we can see that the price action has formed a triangle and the price is currently interacting with its resistance line. The price is still below the uptrend semi-significant level but we will soon see the direction of a breakout.


Market sentiment 

Hourly chart technical indicators are signaling a buy with moving averages signaling a strong one.


Pivot points

S3 380.68 
S2 393.66 
S1 399.31 
P 406.64 
R1 412.29 
R2 419.62 
R3 432.60

LTC/USD

From yesterday’s high at 76,4$ the price of Litecoin has decreased by 1,3% and is currently sitting around 74,78$.



On the hourly chart we can see that like in the case of Bitcoin and Ethereum the price action is forming a triangle and the price is currently heading upward to its resistance levels, but unlike BTC and ETH it hasn’t reached it yet, but instead it’s starting to slow down as it is entering sellers territory.


Market sentiment 

Litecoin is in the buy zone.


Pivot points 

S3 65.431 
S2 69.838 
S1 71.702 
P 74.245
R1 76.109 
R2 78.652
R3 83.059

Conclusion


After the prices have fallen significantly in the last couple of day we are seeing now some recovery. How long this recovery will last it would depend on the momentum behind the move.

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