Home Crypto Crypto Market Analysis Daily Crypto Update 13.06.2018 – Nothing but Red

Daily Crypto Update 13.06.2018 – Nothing but Red

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Only two of the top 100 cryptos are positive, this is telling us a lot about the difficult time the market is going through. It is still receiving attacks from bears and I think the market will continue bearish today on all fronts but with less intensity while the buyers prepare their strategies. The volume has increased a little but Market Capitalisation continues in a constant drop.


General Overview


Cryptocurrencies: 1628
Market Cap: $276.340.549.831
24h Vol: $15.643.281.033
BTC Dominance: 40.3%

If 98 of 100 cryptos are in red that means that the bears are winning, the market is alive but resentful and if there is a moment to recover it is today;

Market Capitalization
Market Capitalization

If the market keeps losing capitalisation in the rhythm it has, the week will be much more negative.


News


These are the top headlines that came out in the last hours regarding different topics related to cryptos, here is the news:

Google searches for Bitcoin have reportedly declined 75% through 2018, yet the leading cryptocurrency is still outstripping the famous music star Beyonce on Google Trends, CNBC reported Tuesday, June 12th.

A “value discovery” platform for blockchain and cryptocurrencies, aided by a unique AI algorithm, plans to help investors make the best choices available to them in real-time, whilst avoiding dangerous mistakes. Beenews (BKBT) is based on Meta-graph Chain, a public blockchain system which includes the smart contract system.

Tether (USDT) has once again become the source of criticism after a new study blamed it for Bitcoin price manipulation in 2017, The New York Times reports Wednesday, June 13.
A paper released June 13 by John M. Griffin and Amin Shams of the University of Texas suggests that transaction patterns show Tether was “used to provide price support and manipulate cryptocurrency prices.”

Chinese e-commerce giant JD.com has released plans to issue asset-backed securities (ABSs) on the blockchain, local media reported June 13.
According to China’s Securities Regulatory Commission (CSRC) via its media outlet Securities Times, subsidiary JD Finance will issue the ABS in conjunction with Huatai Securities and Xingye Bank.

A big announcement is expected from Coinbase and there seem to be imminent plans to list Cardano (ADA) in this exchange of currencies that has more than 10 million subscribers. Cardano has a strong client base, has less regulation from the SEC and offers a platform that is applicable to real-world situations. However there is another currency that would compete with Cardano to get into Coinbase and that is QTUM, we will see what happens.

Source: cointelegraph.com


Analysis


ETH/USD

ETH / USD Has lost 9.41% in the last 24H and 25% of its value in this 4 day drop, its current price is $474.81, closing under the S1 Pivot point.

 

Looking at this 4 hour chart, the drop seems unstoppable and if ETH Loses today’s minimum at $463, we will very likely see new minimums closing at $430.


Market sentiment

4-hour chart technicals signal show oversold levels but pointing nowhere.

Moving averages pointing down, also showing sell signs.


Pivot points

R3 720.5 
R2 676.6 
R1 599.9 
P 551.7 
S1 478.1 
S2 429.9 
S3 357.5

XRP

XRP has lost 8.27% in the last 24 Hours and is currently moving around $0.53.



In this 4h chart, we can see how the price has touched the S1 pivot point and still seems to be receiving sellers pressure. The pair is now in 2 months minimums and a breakout of this level could easily send the price to test $0.5. If the 50-EMA crosses 100-EMA it could be another strong indicator for further drops.


Market sentiment

4-hour chart technicals signal show oversold levels and pointing down.

Moving averages pointing down, also showing sell signs.


Pivot points

R3 0.82
R2 0.76 
R1 0.67 
P 0.61 
S1 0.52
S2 0.46 
S3 0.37

ADA

ADA HAS LOST 8.27% in the last 24 hours and its current price is $0.1523 losing 36% of its value in only 10 days,
that is quite worrying in this red market.



The price is very close to the Pivot Point S1 at $0.1500 (2 months minimum). If this support is broken, we will be visiting new minimums of $0.1455 and then $0.1405.
A possible salvation for the pair could be the announcement that it could be listed in Coinbase, if this news is confirmed, the price could respond positively. The weakness of the pair does not support an analysis with bullish projection.


Market sentiment

4-hour chart technicals signal show oversold levels and pointing down.

Moving averages pointing down, also showing sell signs.


Pivot points

R3 0.2790
R2 0.2555 
R1 0.2143
P 0.1900 
S1 0.1489
S2 0.1253 
S3 0.0841

Conclusion


The market is definitely red, the sentiment is quite Bearish and if we are not in the market in shorts and taking advantage of the situation it is better to be on the sidelines while it shows signs of recovery. On the other side, if the Bearish Sentiment increases, it is necessary to look for safe entries only in the short term.

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