Crypto Market Analysis

Daily Crypto Update 09.07.2018. – Uncertainty May Cause Panic Selling

General Overview

Market Cap: $274,298,138,355

24h Vol: $11,514,339,284


BTC Dominance: 42.5%

Yesterday the evaluation of the cryptocurrency market capitalization increased from 266,452,000,000$ to 280,836,000,000$ at its highest point. Since then the evaluation has decreased and is currently sitting around $274B.

Crypto Price Analysis

The market is showing mixed colours but the dominant one is red. Average percentage change among top 100 coins is ranging from 1-4%. The biggest loser is Bitcoin Diamond who decreased by 20% in the last 24 hours, while the biggest gainer is DigiByte with an increase of 14%.


There aren’t any significant headlines that came out in the last 24 hours that could impact the market sentiment.

Headlines are mostly analytical in nature because of yesterday’s rise. The only headline that could impact the price of a particular coin is the one regarding Ontology (ONT).

According to the press release the Mainnet launch has been successful and the Ontology blockchain is now live. This could impact the price of this coin as it will gain confidence in the followthrough from the original idea.

Crypto Price Analysis


On Saturday the price of Bitcoin spiked up from 6524$ to 6765$ which was also the opening price on yesterday’s open. Since that high, the price of Bitcoin has retraced a bit, by 0.9% which is not a significant change.

As you can see from the hourly chart the price went above the minor resistance, and has retraced to its levels again for a retest of support, and has interacted with the levels 2 times so far. If the price fails to hold at these levels I would be expecting a downtrend to start to the lower low, but if it holds I am expecting the uptrend to continue.

Market sentiment 

Hourly chart technicals signal a buy.

Pivot points 

S3 6453.4 
S2 6589.2 
S1 6648.1 
P 6725.0 
R1 6783.9 
R2 6860.8 
R3 6996.6


From yesterday’s opening at 486$, the price of Ethereum has first gone up to 491$ which was yesterday high but has retraced since below the levels of the opening at 480.50$.


Looking at the hourly chart we can see that the price is below the minor resistance line, that was bearly crossed which means that the price has entered the seller’s territory. The price is looking like its consolidating inside the minor support area, and similarly to the price of Bitcoin, is showing signs of indecision. If the price breaks out from this minor range, I would expect the downtrend to start to new lows, but if it goes up the price could recover significantly.

Market sentiment

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

Pivot points

S3 459.43 
S2 473.79 
S1 479.95 
P 488.15 
R1 494.31 
R2 502.51 
R3 516.87


From yesterday’s high of 40.50$, the price of Neo has decreased by 5.44% as its now sitting at 38.42$.


As you can see from the daily chart, the price of Neo has been rejected by the support area which now serves as resistance, which propelled the price in a downward trajectory. Currently, the price is below the minor resistance line and is struggling to get above it, judging by the cluster that the price action formed.

Market sentiment

Neo is currently in the sell zone.

Pivot points

S3 34.88 
S2 37.22 
S1 38.11 
P 39.55 
R1 40.44 
R2 41.89 
R3 44.23


The news of the Mainnet launch hasn’t impacted the price of Ontology, but as the press release was posted only an hour ago, the reaction is yet to be seen. The price of Ontology is in a downtrend from 25.06.2018 which is why this news may serve as a catalyst for a recovery.


Looking at the hourly chart, we can see that the price interacted with the descending channels support line on today’s opening, which resulted in an increase but it was short-lived, as the price is again on the same levels.

Market sentiment 

Hourly chart technicals signal a strong sell.

Pivot points

S3 0.0006199 
S2 0.0006495 
S1 0.0006610 
P 0.0006791 
R1 0.0006906 
R2 0.0007087 
R3 0.0007383


As the prices increased over the weekend, today is the retracement day. The price is, in my mind, on the crucial breaking point as everyone is expecting the uptrend to continue, but there aren’t any new buyers coming in, in the midst of the uncertainty. I think that from here the price will fall which would cause another panic sell.


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