As the market is in green again and we are waiting for further positive movements because many of the cryptos are gaining upside momentum, we will see if this weekend does not surprise us like the last weekend and the market can sustain itself this way. Although the trend has not been reversed so we have to be careful.
General Overview
Cryptocurrencies: 1629
Market Cap: $280.574.505.254
24h Vol: $15.343.266.248
BTC Dominance: 39.9%
Market capitalisation has moved up by 6 billion dollar which indicates the Capital is coming back after the hard current week.
News
Billionaire Investor Explains Why Bitcoin Price Will Hit $250,000 by 2022
Billionaire venture capitalist and investor Tim Draper has long been one of cryptocurrency’s biggest bulls, and that has not changed during the first half of 2018, even as bitcoin price has sunk more than 67 per cent from its all-time high.
Ripple Expects India to Overturn Cryptocurrency Ban with Regulations
Ripple is reportedly ‘unfazed’ by the Indian central bank’s mandate on restricting banks from dealing with cryptocurrencies and expects a new regulatory framework to rescind the ban altogether.
Crypto Market Rebounds as SEC Clarifies Bitcoin and Ethereum are Not Securities
The cryptocurrency market has rebounded from $271 billion to $291 billion, by more than $20 billion in the past 24 hours, as the US Securities and Exchange Commission (SEC) clarified that Bitcoin and Ethereum are not considered as securities under the laws of the US.
‘Netflix of Cryptocurrency Mining’ to Hold IPO on London Stock Exchange
A cryptocurrency mining startup is reportedly making a foray into becoming the first industry firm to be listed on the London Stock Exchange.
Why Africa Is Fertile Ground for Bitcoin Adoption
Despite fears and scepticism over usage of virtual currencies for crime, tax evasion, and money laundering, more African countries and individual investors are increasingly embracing cryptocurrencies to escape challenges to do with fiat money and to mop up extra value from informal markets that dominate the continent.
Analysis
XRP/USD
In the last hours, Ripple price found support in the 50-MA after bouncing in the 100-EMA when sellers appeared close to $0.56.
At the moment, the price is moving around $0.5439 and very close to the lower line of this ascending channel in this 1h chart, if the price continues moving inside the channel, we could see a further higher over the $0.5700 level in the short term.
Market sentiment
Ripple is moving in range during the last hours
RSI undecided and pointing down, Stochastic in oversold zone.
Pivot points
R3 0.6271 R2 0.5976 R1 0.5773 P 0.5461 S1 0.5276 S2 0.4989 S3 0.4778
ETH/USD
After having taken a big jump from the support at $464, the price went up to $530, above the 100-EMA on this 4H chart and breaking the upper line of the channel.
Then the price declined to find support at $487 where buyers have pressed again today moving the price up to $503 where it is currently, more pressure is expected in the next few hours as the indicators are pointing up and even with a lot of ground in the field.
Market sentiment
ETH technicals are showing buy momentum
RSI pointing up, Stochastic is near to oversold levels
Pivot points
R3 617.09 R2 543.71 R1 546.72 P 503.04 S1 476.34 S2 432.66 S3 405.97
BCH/USD
BCH has lost 29% in just ten days, the way to recover won’t be that easy, now the price is moving around $871 with difficult to overcome the Fibonacci retracement of 23.6% of the last drop, I see a lot of strong resistance in this 4H chart such as $925 (R1 + 38.2% Fibbo) and $956 .
Market sentiment
BCH is showing neutral signs.
Pivot points
R3 1006.16 R2 957.54 R1 925.35 P 874.67 S1 847.13 S2 798.68 S3 766.91
