General Overview
Market Cap: $287,548,026,731
24h Vol: $18,483,342,934
BTC Dominance: 43.8%
Since yesterday’s high at just slightly below $300B, the evaluation of the cryptocurrency market cap has retraced a bit and is currently sitting around $287,5B. Since today’s open the evaluation has flattened out much like it did before yesterday’s increase.
Consequently, the market is in red with an average percentage of change among top 100 coins ranging from 3-6%.
News
As the market showed significant gains in the last day, many news headlines are analytical in nature, promoting the idea that the market reached its bottom.
For example, Barry Silbert, founder and chief executive officer of venture capital Digital Currency Group, said he is bullish on Bitcoin (BTC) as an investment vehicle, CNBC reported July 18.
Speaking at the Delivering Alpha Conference in New York on Wednesday, Silbert said that he thinks “we’ve probably hit the bottom for the year. I actually put some money into Bitcoin last week.” He added that “as an asset class it is here to stay … I’m 100 percent confident a decentralized, non-fiat form of money is here to stay.”
The most significant event in the last 24 hours in the US Congress hearing regarding cryptocurrency regulation entitled “The Future of Money: Digital Currency”. The news is neither positive or negative but at the moment as this is a discussion on which the regulatory framework is going to be built. At the hearing, the Subcommittee on Monetary Policy and Trade discussed the deployment of cryptocurrency and its underlying technology, blockchain, by central banks, arguing whether central banks should introduce a central bank digital currency, and there are views supporting both cases.
Witnesses before the U.S. House of Agriculture Committee at a public hearing July 18 were unanimous in their view that digital assets complicate the hard and fast distinctions of existing regulatory frameworks.
We will be closely monitoring what policymakers have to say as their action could impact the market in both ways.
Analysis
BTC/USD
From yesterday’s open at 7319$ the price of Bitcoin went up to 7514$ and since then it has retraced to 7315$ forming a cluster around those levels, and currently, we are seeing a breakout from that cluster on the upside as the price is on a green candle around 7400$.
As you can see from the hourly chart it looks like the price is ready for another exponential increase, and if that happens I would expect the price to around 7834$ where the black downward pointing line is, which is the resistance line from the triangle on the higher time frame.
Market sentiment
Bitcoin is in the buy zone.
Pivot points
S3 6721.6 S2 7063.1 S1 7221.3 P 7404.6 R1 7562.8 R2 7746.1 R3 8087.6
EOS/USD
From yesterday’s open at 8,89$ the price of Eos has at first increased to 9,14$ and fallen to 8,37$ after. Since like in the case of Bitcoin a cluster has formed and now we are seeing a breakout on the upside.
On the hourly chart, we can see that the price is below the 8,69$ level which is a significant resistance level, and you can see that the price went below it quickly. If that level gets broken I am expecting the price to go to the next Fibo level which would in the price terms be around 10,4$.
Market sentiment
Eos is in the buy zone.
Pivot points
S3 6.9916 S2 7.8954 S1 8.2502 P 8.7992 R1 9.1540 R2 9.7030 R3 10.6068
XMR/USD
From yesterday’s open at 143,9$ the price of Monero has increased at first but fallen after to 138$, and currently, we are seeing the start of another uptrend as the price is currently sitting around the same levels of yesterday’s open.
Looking at the hourly chart we can see that the price went above the triangle’s resistance, but we still cannot say that it broke out as these fakeouts happened in the past, but judging but the bounce off of the resistance line I think that the support is found for the price to continue upward.
Market sentiment
Monero is in the buy zone.
Pivot points
S3 117.387 S2 129.917 S1 134.893 P 142.447 R1 147.423 R2 154.977 R3 167.507
Conclusion
As the confirmation of the uptrend happened yesterday and the first minor retracement happened, fear of missing out will kick in and the prices are going to be pushed higher which is why we are going to see some recovery in the market in the following days.
