Market Cap: 265,099,377,794$
24h Vol: 11,200,759,879$
BTC Dominance: 43.8%
Cryptocurrency Daily Update
In the last 24 hours, the market capitalization has been steadily rising from around 259B and is now sitting at the resistance levels again.
Another plateau was formed at approximately 10B more than the previous point, which in terms of the price is around 259,000,000,000$.
Goldman Sachs Exec Leaves To Join Mike Novogratz’s Crypto Merchant Bank
>Cryptocurrency merchant bank Galaxy Digital, founded and run by former Wall Street exec Mike Novogratz, will reportedly be hiring Goldman Sachs executive Richard Kim as its new chief operating officer. “Crypto capitalist” Anthony Pompliano posted on Twitter that the “brain drain from Wall Street continues.” Source: Molly Jane Zuckerman April 10. 2018, cointelegraph.com
Japan Has Over 3.5 Million Cryptocurrency Investors
>The Financial Services Agency (FSA), Japan’s financial watchdog, has published a report that gathered data from the 17 leading cryptocurrency exchanges in Japan and found that over 3.5 million people, close to 2.8% of its population, is investing in the emerging asset class. Source: Ricardo Esteves April 10. 2018, newsbtc.com
European Commission Urges EU To Play ‘Leading Role’ In Blockchain Development
>European Commission (EC) Vice-President Andrus Ansip has recently called on Europe to become a world leader in digital innovation by embracing Blockchain technology, along with Artificial Intelligence (AI), in a speech at EC’s Digital Day 2018 in Brussels Tuesday, April 10. Source: Helen Partz April 10. 2018, cointelegraph.co,
UNOPS Partners With Dutch Government To Explore Blockchain’s Untapped Legal Potential
>A joint initiative between the Dutch government’s “Blockchain Pilots” program and the United Nations Office for Project Services will explore the legal potential of distributed ledger technology. Source: Jordan Daniell April 10.2018, ethnews.com
New Blockchain Investment Fund With Chinese State Ties Launches
>After two failed starts by separate investment funds, a new Chinese blockchain innovation fund has solidified the nation’s long-term commitment to blockchain technology and has over a billion USD in government backing. Announced today, the Zhejiang Xiongan Blockchain Strategic Development Research Institute (ZXBSDRI) was launched inside China’s Hangzhou Blockchain Industrial Park. Source: Jordan Daniell April 10. 2018, ethnews.com
The daily chart is looking bearish as the Bitcoins price failed to create a higher high and is now 6823$. Not much has changed since yesterday, expect that the price slightly rose by 1,84%.
Looking at the hourly chart, we are seeing that the head and shoulders pattern is completed since the price failed to exceed the previous high.
Closely monitor these levels. If the uptrend support line is breached, we are in for more movement to the downside with high volatility.
Ethereum’s price rose around 4.25% in the last 24 hours coming from 400$ to 413$ where it sits now. However, the price is still below the uptrend support line in a no-trade zone.
The current Ethereum sentiment is positive, giving it a score of 73,33% from 120 mentions in total. Source: sentiment.io
On the hourly chart, we can see that another kissing point has been made with the uptrend support line which is now serving as resistance, making a quadruple top. Lower spectrum of the price action is rounded, and it seems like a bottom of a cup and handle formation, but with the upper end of the range interacting four times with resistance, the formation is not certain.
Overall the hourly chart signals a buy.
Since May 29. Till today the Ethereum’s price is interacting with the uptrend support line which is now serving as resistance and is stuck in a range between 414$ and 370$. This is because on the 416$ there is a 100% Fibonacci level which is the top of the previous range, and is serving as a strong resistance. There was to be a strong momentum behind an upward trajectory to break that resistance, and it hasn’t been experienced four times now.
Ripple has been sitting around the same levels as yesterday, with a slight rise of 2,04% making the price to sit at 0.488$.
The current sentiment for Ripple is very positive, giving it a score of 83,67% out of 49 mentions in total. Source: sentiment.io
Zooming into an hourly chart, we can see that the price, in fact, did form a symmetrical triangle, which I was expecting yesterday. Symmetrical triangle a consolidation pattern which means that the price can break out of it from any side.
Overall hourly chart signals a buy.
Even though there are no clear signs as to which side is the price likely to breach, the formation is almost completed, so we will soon see.
Markets have been really quiet in the last 24 hours – no major news, low volatility and little action overall. This may, in fact, be the calm before the storm. As to which side the wind will blow, we would just have to wait and see, but from a probability standpoint, I would say we are up for more downward trajectory.