Daily Crypto Update 21.06.2018 – Permanent Indecision

The market is moving sideways today and there is not a real direction we can say it is going in right now. Most of the cryptos in the market have a lot of barriers to break in order to consolidate prices. Only 27 of the top 100 cryptos appears in green which is showing us that we are more likely to see a move down today.

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 General Overview

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Market Cap: $286.905.409.179

24h Vol: $11.907.725.991

BTC Dominance: 40.1%

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News

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Korean Government Details Regulatory Plans After Multiple Crypto Exchange Hacks
Following multiple hack reports, the South Korean government explains how it will strengthen the regulatory framework for cryptocurrency exchanges. A bill has already been submitted which imposes multiple new obligations on crypto exchanges.

Source: bitcoin.com

US Congressional Members Ordered to Disclose Crypto Holdings
The House Ethics Committee has informed all US Congress members that they must disclose any investment worth more than $1,000 as of June, 18

Crypto Mining Mogul Hits the Big-time with Portable Mining Containers
Serial crypto entrepreneur Valery Vavilov of Bitfury has struck gold again with his latest venture by solving two of the main hurdles in mining cryptocurrency with some big black boxes.

Litecoin Futures are a Go on UK Crypto Exchange
Litecoin (LTC) derivatives are a go in the UK. Trading platform Crypto Facilities announced that as of Friday, June 22, their new dollar-denominated service will allow investors to trade in futures contracts which have Litecoin as the underpinning collateral, with weekly, monthly and quarterly maturities.

Source: newsbtc.com

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Analysis

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XRP/USD

The price of XRP has lost 1.14% in the last 24 hours and is trading above $0.53 after having rebounded in the EMA-50 in this 4 H chart. The pair is bearish in the last hours since the sellers have pressed hard and the attempts to exceed $0.54 have been unsuccessful. The price could continue to fall and reach $0.5286 (61.8% Fibonacci).

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Market sentiment

4-H chart technicals signal a sell sentiment.

Oscillators are showing sell signals and pointing down.

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Pivot points

R3 0.5809
R2 0.5653
R1 0.5525
P 0.5375
S1 0.5244
S2 0.5093
S3 0.4962

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LTC/USD

Litecoin hasn’t been able to recover the $100 level and has been repeatedly bouncing in the EMA-50. The price will have to beat several lines in order to go for the $100 again, such as $97, very close to the Central Pivot Point. If the $100 level is achieved the bulls would have a good opportunity to look for higher levels such as $107 and then $110.

The next strong support is S1 Pivot Point in $95.93. Below that, there are no more barriers until the S2 Pivot at $93.96.

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Market sentiment

4-Hourly chart technicals signal bearish.

Oscillators are showing sell signals and pointing down.

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Pivot points

R3 102.87
R2 100.91 
R1 99.37 
P 97.44 
S1 95.90 
S2 93.97 
S3 92.41

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BTC/USD

BTC has lost 0.85% in the last 24 hours and is moving right now at $6,717, trying to break the Central Pivot Point at $6.710. The buyers are trying with no success to get the $6,800 but this is a very important number because a break above this can send the price towards the $7,000. We can see here in this 1H chart a contracting triangle formed with support at $6,684 and resistance close $6,770.

The price is approaching both break lines of the triangle and I think the price will break below $6,700 to look for the S1 Pivot at $6.606.

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Market sentiment

1-Hourly chart technicals signal bullish.

Oscillators are showing mixed signals.

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Pivot points

R3 7.124
R2 6.970 
R1 6.865 
P 6.710 
S1 6.605 
S2 6.451 
S3 6.346

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Conclusion 

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The market continues indecisive but with a more downward trend in the pairs analysed today. There is a weekend coming where we must be very attentive to maybe strong movements, mainly bearish. However, many investors will be hoping for an upward trajectory that has not been seen in months.