General Overview
Market Cap: $284,566,156,804
24h Vol: $14,268,669,088
BTC Dominance: 40.0%
In the last 24 hours, cryptocurrency market capitalisation has decreased from 294,184,000,000$ which was the yesterday’s high to around 284 billion dollars where it is currently sitting in stagnation.
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The market is mostly in red, but we can see a mix in colour, with a nonsignificant average percentage change.
News
Top stores that came out in the last 24 hours are mostly negative in sentiment which may impact the market negatively. One of the most significant headlines is the Bithumb exchange hack.
Hackers have stolen cryptocurrencies worth $30 million from South Korea’s leading virtual currency exchange Bithumb, Cointelegraph Japan reported June 19. As a result all deposits and payments have been temporarily suspended.
Another significant headline that can impact the market negatively is a statement made by CBOE Global Markets President Chris Concannon who said that the initial coin offering (ICO) market could soon face a two-fold regulatory “reckoning,” Business Insider reports June 19.
“The reckoning will come in two waves. First, the SEC will go after ICO market participants. Then, class-action lawsuits against the teams behind ICO projects will surge.”
A lot of negativity is circling around EOS at the moment as EOS blocks producer froze users funds. Seven accounts have been compromised by the registration process through phishing scams, and in an attempt to protect user funds, EOS block producer has declined to process those transactions.
EOS Block Producers discussed the decision to freeze the accounts over a two hour conference call, ultimately deciding that since the EOSIO constitution has not yet been ratified, they could ignore the EOS Core Arbitration Forum’s (ECAF) decision not to freeze the funds.
This created a twitter bashing from some of the most respectful and credible figures in the crypto world, like the pioneer Nick Szabo and Charlie Shrem.
With so many problems EOS has faced in the midst of their launch – vulnerability fix, launch freeze, and now this centralised face that they have shown, investors may lose confidence in the project which may impact the price negatively.
Analysis
BTC/USD
From yesterday’s open at 6733$, the price of Bitcoin has decreased by 1.67% and is now sitting at 6622$.
Looking at the hourly chart, we can see that the price went to the range resistance line where it was quickly repealed by it. After that happened, the price went below the range support, back inside the range and is currently retesting that same support line. It looks like its going to be broken again and the next level I would expect the price to interact with is the 0 Fibonacci retracement level which would be in the terms of price around 6500$.
Market sentiment
Bitcoin is in the sell zone.
Oscillators are on neutral and moving averages signal a sell.
Pivot points
S3 6359.8 S2 6553.0 S1 6644.3 P 6746.2 R1 6837.5 R2 6939.4 R3 7132.6
NEO/USD
The price of Neo has fallen by 8.28% from yesterday’s high at 41.46$ to where it is currently sitting at 38$.
On the hourly chart, we can see that the price went into the support zone, which now serves as resistance and quickly fell back from those levels to the levels of the minor support, where it is retesting it. I don’t believe that these levels will serve as resistance as they haven’t been that strong and respected in the past.
Market sentiment
Neo is in the sell zone.
Oscillators are on neutral while moving averages are signalling a strong sell.
Pivot points
S3 34.60 S2 37.32 S1 38.64 P 40.05 R1 41.36 R2 42.77 R3 45.49
LTC/USD
The price of Litecoin has decreased by 5.4% from yesterday’s spike at 101.68$ to 96.133$ where it is currently sitting.
Litecoin’s hourly chart is showing similarities with that of Neo, as we see a spike up after which the price fell down below the minor support area, went above it and is now sitting right on it testing it for support.
Market sentiment
Litecoin hourly chart technicals match the Neo’s much like the chart patterns.
Litecoin is in the sell zone with oscillators on neutral and moving averages signalling a strong sell.
Pivot points
S3 89.600 S2 94.348 S1 96.551 P 99.096 R1 101.299 R2 103.844 R3 108.592
Conclusion
After going through the news and looking at the chart I conclude that we are in for more red today. The artificial spike we have seen on Monday didn’t trigger buying, and there’s not a single sign of a potential trend reversal. The prices look unstable and the selling may be very steep as a consequence of the spike up we have seen. As soon as the market participants realise there’s no trend reversal coming, sellers will start selling and there will be no buyers which will result in a significant price drop in a short time period.
