General Overview
Market Cap: $283,999,903,554
24h Vol: $15,738,961,943
BTC Dominance: 39.8%
In the last 24 hours, the crypto market cap has been showing sideways action as the evaluation went from 268,312,000,000$ to 290,760,000,000$ and has been decreasing since that point to around 283B where it is currently.
The market is currently mixed in colour with a small average percentage change of around 0.4-2%.
News
The most significant news that came out in the last 24 hours which may impact the space positively is that a senior U.S. Securities and Exchange Commission (SEC) official has said that leading altcoin Ethereum will not be regulated as a security, as reported by the Wall Street Journal.
SEC Corporation Finance Director William Hinman said at Yahoo Finance’s All Market Summit: Crypto in San Francisco today that:
“Based on my understanding of the present state of ether, the Ethereum network and its decentralised structure, current offers and sales of ether are not securities transactions.”
This news is interpreted by some analysts as the fundamental factor in charge of the rebound we are seeing currently in the markets.
Another significant news headline is that Coinbase Index Fund opens for large-scale investors, as reported by cointelegraph.
The fund, whose creation was announced in March, is available only to U.S. resident accredited investors – those who have a net worth of more than $1 mln or an annual salary of more than $200,000 – who invest between $250,000 and $20 mln.
Both of these headlines may introduce some short-term confidence in the markets, and impact it positively.
Analysis
BTC/USD
Since yesterday’s low at 6273$, the price of Bitcoin has increased by 5.3% coming to 6605$ where it is currently sitting. The price went a bit higher to 6660$ where the resistance was found, as you can see from the chart below.
Looking at the hourly chart, we can see that current formation looks similar to that of the prior low. The price is currently above the 0 Fibonacci level, but it might drop again steeply, as the cluster is starting to form around 6660$ level which serves as resistance.
Market sentiment
Bitcoin is in the sell zone.
Oscillators are on neutral, and moving averages signal a strong sell.
Pivot points
S3 5612.5
S2 6079.6
S1 6356.6
P 6546.6
R1 6823.6
R2 7013.6
R3 7480.6
XMR/USD
The price of Monero is on the same levels as it was on yesterday’s opening around 122$.
Looking at the daily chart, we can see that the price of Monero has broken out off of the triangle on the downside and has currently found support at prior range resistance. Wednesday’s candle was a hammer Doji that tested the prior range support line and from there went on to recover quickly.
Zooming into an hourly chart, we can see that from the spike down price went to 133.6$ four times and hasn’t exceeded the level which means there’s a strong resistance there, which made the price fall back again to the support line.
Market sentiment
Hourly chart technicals signal a strong sell.
Oscillators are on sell, and moving averages signal a strong one.
Pivot points
S3 96.317 S2 112.207 S1 122.293 P 128.097 R1 138.183 R2 143.987 R3 159.877
DASH/USD
From yesterday’s opening at 245$, the price of Dash has increased by 6.2% and is currently sitting slightly below 260$.
Looking at the daily chart, we can see that the price of Dash found support at the levels of the current range support at around 238.85$.
Zooming into an hourly chart we can see that the price action is forming the same pattern like it did last time it bottomed out, but also similar to that of the prior triangle fractal from which the price went on to continue in a downward trajectory and finally to the current low.
Market sentiment
Hourly chart technicals signal a sell.
Oscillators are on neutral and moving averages signal a strong sell.
Pivot points
S3 201.55 S2 231.57 S1 249.39 P 261.60 R1 279.42 R2 291.62 R3 321.65
Conclusion
As price action of the three cryptocurrencies that I have covered in this report are showing signs of a recovery, they are also struggling to get past the first resistance that they face. I think we might see another low to the levels of the lasts one or even a bit lower, before a short-term trend reversal.
