General overview
Cryptocurrency Market Analysis:
Market Cap: $296,498,188,426
24h Vol: $20,483,525,295
BTC Dominance: 43.1%
From yesterday’s plateau at around 270 billion dollars, the evaluation of the cryptocurrency market cap has increased by $30B at one point as the evaluation hit 299,927,000,000$.
The market is currently in green with an average percentage of change among top 100 coins ranging from 7-16%. The biggest gainer is Ardor which increased by 46%. Next in line is Stellar Lumen with an increase of 30%.
News
Coinbase Retracts Announcement of Regulatory Approval to List Coins Considered Securities
Crypto exchange and wallet Coinbase has retracted its previous statement that it received approval from the U.S. Securities and Exchange Commission (SEC) to trade in securities, Bloomberg reports July 18.
Mastercard Files Patent for Payment System Linking Blockchain Currency, Fiat Accounts
Mastercard has filed a new patent for consumer protection and payment transactions based on blockchain technology, according to a US Patent and Trademark Office (USPTO) patent filing published July 17.
Stellar Becomes ‘First’ Sharia-Certified Blockchain for Payments And Asset Tokenization
Stellar, an open-source platform for distributed payments, is reportedly the first distributed ledger protocol to obtain Sharia compliance certification in the money transfer and asset tokenization field, according to a Stellar blog post published July 17.
IBM Backs New US Dollar-Pegged Stablecoin That Runs on Stellar Network
A new project for a U.S. dollar-pegged stablecoin that runs on the Stellar blockchain network has received backing from IBM, Reuters reports July 17.
Cryptocurrency Market Analysis
BTC/USD
From yesterday’s open at 6700$ the price of Bitcoin rose exponentially to just slightly below 7500$ level.
The price rise has been stopped out at the daily chart triangle baseline support which now serves as resistance. Currently, the price is consolidating after the increase and as it went above the uptrend baseline (black dotted line) I am expecting a retracement to retest it for support.
Market sentiment
Bitcoin is in the buy zone.
Pivot points
S3 5520.8 S2 6338.7 S1 6829.2 P 7156.6 R1 7647.1 R2 7974.5 R3 8792.4
ETH/USD
From yesterday’s open 477$ the price of Ethereum increased by 3,5% and is currently sitting just slightly below 500$. The price spiked above to 509$ but has retraced since it entered sellers territory.
As you can see on the hourly chart, the price broke from the minor resistance at 482$ and it went in an upward trajectory to the 0.236 Fibonacci level where it found next resistance.
Market sentiment
Ethereum is in the buy zone.
Pivot points
S3 398.91 S2 445.44 S1 472.28 P 491.97 R1 518.81 R2 538.50 R3 585.03
NEO/USD
From yesterday’s open at 36,69$ the price of Neo has increased by 6,8% as its currently sitting at 39,13$.
Looking at the hourly chart we can see that the price has been stopped out at the support area which now serves as resistance. Currently, the price has retraced to the minor support level at around 38$ consolidating after a steep rise.
Market sentiment
Neo is in the buy zone as indicated by the hourly chart technicals.
Pivot points
S3 29.29 S2 33.86 S1 36.59 P 38.43 R1 41.16 R2 43.00 R3 47.57
Conclusion
In my yesterday’s report I have said that I am expecting “either a breakout on the upside if the sellers don’t get nervous and let the buyers push the price, or, a retracement of this uptrend to the first support levels” and we have seen a breakout. Because the prices increased exponentially today I would expect consolidation period.
