Crypto Market Analysis

Daily Crypto Update 21.06.2018 – More Sideways Movement

General Overview

Market Cap: $288,490,071,943

24h Vol: $12,063,316,263


BTC Dominance: 39.9%

In the last 24 hours, the evaluation of the cryptocurrency market capitalisation has experienced a lot of sideways movement as you can see from the chart below.

The market is mixed in colour but the dominant one is green, with a small average percentage change.


In the midst of the bear market, negative news tends to echo on. That is the case with the Bithump hack that happened two days ago, and it is still reported and followed up on as this is the world’s sixth biggest exchange based on volume. As the market is showing sideways movement and indecision, many headlines are trying to reassert the usefulness of the blockchain tech trying to regain the confidence in the market.

In an interview with CNBC yesterday, Charlie Lee, Litecoin (LTC) founder stated that the recent hack of leading crypto exchange Bithumb “doesn’t really change the fundamentals of Bitcoin”. Attempts to change the focus from price to technology doesn’t really do much for the current sentiment as participants are still focused on the losses that the market has experienced.

Another relevant headline is that Tether, cryptocurrency supposedly back in a 1:1 ratio by US dollars has hired a law firm to conduct a random check on their bank balance, and is reported by Bloomberg that Freeh Sporkin & Sullivan LLP has confirmed that the amount of US dollars matches and exceeds the current Tether circulating supply. This was not an official audit, and we are still yet to see if everything checks alright with Tether, but this may calm some concerns made in the past regarding the Tether controversy.

Goldman Sachs is exploring cryptocurrency trading derivatives, Goldman Sachs Chief Operating Officer (COO) said in an interview with Bloomberg June 20. This is normal as the demand of their clients is pushing them to provide those services.

“We are clearing some futures around Bitcoin, talking about doing some other activities there, but it’s going very cautiously. We’re listening to our clients and trying to help our clients as they are exploring those things too.”

Similar to that, Toronto Stock Exchange (TSX) will list a new blockchain exchange traded fund (ETF) starting Thursday, Bloomberg reported June 20. The Horizons Blockchain Technology and Hardware Index ETF fund will join other ETFs from Harvest Portfolio Group Inc. and Evolve Funds Group Inc.

The U.S. Securities and Exchange Commission (SEC) has received an additional emergency court order to freeze the assets of Dominic Lacroix, owner of PlexCorps, in an ongoing enforcement action, Crowdfund Insider reported June 20. The SEC had previously sued Lacroix for securities fraud and received an emergency asset freeze order in December 2017. The order was unsealed June 18.

Source: cointelegraph



The price of Bitcoin is on the same level as on yesterday’s opening which is around 6735$. Yesterday the price fell to 6620$ quickly and recovered even quicker as you can see from the chart below.

Bitcoin’s price is yet again the middle of the range on the resistance level struggling to stay there. As price action looks unstable I am soon expecting the price to retest either the range resistance or range support which would be more likely.

Market sentiment 

Hourly chart technicals signal a buy.

Oscillators are on neutral an moving averages signal a buy.

Pivot points

S3 6185.1 
S2 6450.1 
S1 6605.3 
P 6715.1 
R1 6870.3 
R2 6980.1
R3 7245.1


From yesterday’s open at 517$ the price of Ethereum has increased by 3.35% coming to 536.12$ where it is currently sitting.

Price action has formed an ascending wedge of some kind and the recent low retested its support line. The price is currently sitting on the resistance levels of the current range, and if the price gets repealed from it I would expect a breakout from the wedge on the downside.

Market sentiment 

Ethereum’s hourly chart technicals signal a buy.

Oscillators are on buy and moving averages signal a buy.

Pivot points

S3 480.62 
S2 506.15 
S1 521.21 
P 531.68 
R1 546.74
R2 557.21 
R3 582.74


From yesterday’s opening at 38.75$, the price of Neo has decreased slightly. The price is now sitting at 38.17$ which is just 1.46% lower than yesterday. The price went above the open but has dropped quickly as you can see from the chart below.

On the hourly chart, we can see that the price is interacting with the minor support and is retesting it. If the support holds I would expect the price to get back to the levels of the support area which now serves as strong resistance. If the current minor support gets broken I would look out for a downfall to the 33.8$ level.

Market sentiment

Neo is in the sell zone.

Oscillators are on buy, and moving averages signal a strong sell.

Pivot points

S3 33.95
S2 36.37 
S1 37.67 
P 38.79 
R1 40.09 
R2 41.21 
R3 43.63


The price of 0x is sitting at the levels of yesterday’s open which is at 0.8747$. It experienced a lot of choppy, sideways action so it went above and below the opening before retracing back to the same levels, as you can see from the chart below.

The price is now on the minor support, similar to Neo and if we see the level respected, the price is going to go to the level on 14th high which is at 0.966$ where it would find first resistance. If the levels break I would expect a breakout from this current consolidating triangle and a lower low.

Market sentiment 

0x is in the sell zone.

Oscillators are on neutral and moving averages signal a strong sell.

Pivot points

S3 0.7316 
S2 0.8001 
S1 0.8380 
P 0.8686 
R1 0.9065 
R2 0.9371
R3 1.0056 


From the coins analyzed in this report we can see that the price action looks unstable as all are sitting and waiting on some support/resistance levels. With all the sideways movement that the market experienced in the last couple of days, maybe today we will see some sign as to where the market is going. I think that the prices are going to plummet down to their next support as fear uncertainty and doubt are ruling the market sentiment currently, but this stagnation may also trigger some buying as buyers may interpret it as the bottom.


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