The market returned to green numbers today after having touched the minimum of the year in many of the cryptos, due to the heavy drops suffered all around the crypto charts. Also, BTC prices went down to year lows, what was the trigger to drag the other cryptos down? 90 coins of the top 100 are in the green today, some with two digits, which is a good indicator for today.
General Overview
Market Cap: $252.306.359.683
24h Vol: $16.578.084.967
BTC Dominance: 41.7%
The market has lost 9 billion$ in capitalization since last Friday but positive movements are expected today as the volume is slowly increasing. Last Friday in our market update we said this; ¨ … the market will have another bearish boost before Sunday where BTC could lose its $6000 value and very likely will test the $5,700¨. The price behaved as it was estimated although its minimum reached only $ 5,774 where it found support and buying pressure.
News
Japan Wants to Stop Cryptocurrency Criminal Activities With Credit Evaluation
This week, after disclosing its plans to crack down on anonymous cryptocurrencies Zcash, Dash, and Monero, the government of Japan has said that major credit agencies will evaluate cryptocurrency users to prevent the utilisation of digital assets in laundering money generated from illicit operations.
Fiat Withdrawals Could Become ‘Impossible’, Warns Major Indian Cryptocurrency Exchange
As the date for India’s banking ban on the cryptocurrency sector approaches, Zebpay – one of India’s biggest exchanges – is proactively warning users that their fiat deposits could be affected.
Sun, Fun and Crypto – Bahamas’ Central Bank Set to Introduce a Digital Currency
The Bahamas has joined a small list of countries that are planning to experiment with central bank digital currencies
(CBCD).
Source: ccn.com
Jack Ma Goes for Blockchain, But Bitcoin Is “Still a Bubble”
The founder and chairman of a China’s giant Alibaba Group, one of the Chinas’ richest men, Jack Ma, has declared Bitcoin a bubble once again, just as his Ant Financial launched blockchain-based money transfers between Hong Kong and the Philippines today.
Crypto-Related Crime Might Be Top Cyberattack of 2018
According to a cybersecurity expert, crypto is where the real danger lies this year, as cyber attacks related to the nascent industry will surpass all other types.
Source: cryptonews.com
Analysis
ETH/USD
Ethereum has gained 5.42% in the last 24-H and is getting stronger while the session progresses. Ethereum buyers pushed back after the price tested $421 to send the price up to $468 where its now trading after crossing resistances of $450 and $460.
If buyers can reach $485, that would be an important level to support and then attack the $500 level. The RSI and Stochastic are pointing up and still not touching the overbought levels, there may still be a way to go upwards.
Market sentiment
4-H chart technicals signal a buy sentiment.
Oscillators are showing buy signals and pointing up.
Pivot points
R3 536.24 R2 506.78 R1 480.59 P 451.13 S1 424.95 S2 395.49 S3 369.30
LTC/USD
Litecoin price has gained 8.52% in the last 24H after touching year lows of $73.52 yesterday. The market was showing that it was going to happen and the buyers came strong sending the price over the central pivot point and now is trading at $83.64.
The price is testing the Fibonacci retracement of 38.2% but it has found strong resistance there, the next resistance is the Pivot R1 in $85.11.
Market sentiment
4-H chart technicals signal a buy sentiment.
Oscillators are showing buy signals and pointing up.
Pivot points
R3 95.34 R2 89.36 R1 85.05 P 79.1 S1 74.76 S2 68.92 S3 64.47
BCH/USD
As like many of the cryptos, Bitcoin Cash started to recover from the hard drops over the whole week after finding support around $666. The bulls are now pushing the market, and the charts in many currencies seem very similar today.
The price is now trading at $759 in the middle of the central pivot point and R1, the indicators are showing mixed signals.
Market sentiment
4-H chart technicals show signal bullish.
Oscillators are showing mixed signals.
Pivot points
R3 905.49 R2 839.95 R1 791.86 P 727.02 S1 680.39 S2 615.47 S3 567.98
Conclusion
There is a new bullish scenario today. Price and technical indicators are showing some divergences and BTC is leading the route in the charts as always. If BTC breaks the immediate resistances, we could be inside a bullish momentum that could send the prices higher and buyers could take advantage of it.
