General Overview
Live Trading Update:
Market Cap: $254,201,622,949
24h Vol: $15,258,651,571
BTC Dominance: 41.7%
In the last 24 hours, the evaluation of the cryptocurrency market capitaliSation started off at 259,367,000,000$ and shortly after that it fell to 235,331,000,000$ yesterday. This is the lowest cryptos have been since the correction has started, and the last time we saw this evaluation was in the first half of November last year. Currently, the evaluation has recovered from yesterday’s low and is sitting on the levels prior to the drop.
The market is currently in green with an average percentage of change ranging from 5-10%. Biggest gainers among top 100 coins are WaykiChain 39%, Cortex 38%, and Theta Token 26%.
News
There aren’t any significant news items that came out in the last 24 hours. Most of the headlines are analytical in nature as the cryptocurrency market experienced the recent low, followed by interviews that reassert the bullish views on cryptos over the long run.
These are some of the headlines:
Bitcoin Price Hits 2018-Low at $5,825, Where Will it Bottom Out?
Bitcoin’s Defense of $6K Raises Odds of Relief Rally
Ether Price Drops to 10-Week Low Near $400
Cardano Co-Founder: Wall Street Will Bring ‘Tens of Trillions of Dollars’ to Crypto
Blockchain CEO Says Bitcoin Adoption Will Take a Long Time, Survivors Will Win
One of the headlines that stand out and is not from this category is that China’s state-backed monthly ratings are out and according to them, EOS in number 1. The rating is called “Global Public Chain Technology Evaluation Index” and is published by the China Center for Information Industry Development (CCID) of the Ministry of Industry and Information Technology.
EOS’ top ranking is attributed to the “outstanding technical advantages in transaction confirmation efficiency, network throughput, and transaction costs” of the protocol.
While conceding the EOS Mainnet’s recent mishaps – since going live on June 15, the network has faced technical issues, and criticism for freezing some accounts – the evaluation nonetheless judges the project to be “highly active in technological innovation,” a “new generation public blockchain” that is “currently most regarded by the industry.”
Source: cointelegraph
Analysis
BTC/USD
From yesterday’s low at 5777,3$ the price of Bitcoin has recovered by 7.54% and is currently sitting at 6224$.
Looking at the hourly chart we can see that the price of Bitcoin has fallen below the 6000$ level which was a psychologically significant level as are most round numbers. This spike at around 5700$ played out yesterday just like I’ve predicted and now the price is likely going to start to recover.
Market sentiment
Bitcoin’s hourly chart technicals signal a buy.
Oscillators are signalling a buy and moving averages are signalling a buy.
Pivot points
S3 5061.5 S2 5556.2 S1 5852.1 P 6050.9 R1 6346.8 R2 6545.6 R3 7040.3
XRP/USD
From yesterday’s low at 0.4417$, the price of Ripple has recovered by 9% as it is currently sitting around 0.481$.
On the hourly chart, we can see that the price has fallen below the 0 Fibonacci retracement level, which means that the price fell lowest since the correction has started as this is the ending point of the prior retracement. Currently, it looks like is testing for support on the last range support and we are yet to see if it holds.
Market sentiment
Hourly chart technicals signal a buy.
Oscillators are on buy, and moving averages signal a buy.
Pivot points
S3 0.35393 S2 0.41192 S1 0.44334 P 0.46991 R1 0.50133 R2 0.52790 R3 0.58589
EOS/USD
From yesterday’s low at 6.96$ the price of Eos has recovered significantly as it rose by 15.3% coming to around 8$ where it is currently sitting.
On the hourly chart, we can see that the price action created a similar U shape bottom as in the case of Bitcoin and Ripple. After the recovery the price has experienced, it is currently looking for support on the levels from which the drop appeared.
Market sentiment
EOS is in the buy zone.
Oscillators are on buy, and moving averages signal a buy.
Pivot points
S3 4.7107 S2 6.2507 S1 7.1489 P 7.7907 R1 8.6889 R2 9.3307 R3 10.870
XMR/USD
Monero is another coin which experienced significant recovery. From yesterday’s low at 108.6$ the price has increased by 15.8% coming to 127$. Currently, the price has retraced a bit and is now sitting at 124.7$.
Unlike other cryptos, Monero didn’t just spike down to its lows but instead retested those levels two more times after the first spike down. The price is now above the levels from which it previously dropped, looking for support, as you can see from the chart.
Market sentiment
Hourly chart technicals signal a buy.
Oscillators are on neutral and moving averages signal a buy.
Pivot points
S3 80.973 S2 99.403 S1 110.097 P 117.833 R1 128.527 R2 136.263 R3 154.693
Conclusion
Live Trading Update: As the prices of all major cryptos fell to their lowest since the correction has started, and in a way, retested the lowest cryptos have ever been, I am now looking for signs of a short-term trend reversal that will serve as a retest of prior highs. Spikes that we’ve seen look like the bottoms as they are V-shaped and were short lasted which is how markets usually bottom out. As those spikes could be interpreted as a missed opportunity by buyers, fear of missing out on the bottom can push the prices higher.
