Home Crypto Crypto Market Analysis Daily Crypto Update 25.06.2018 – Short-term Recovery Expected

Daily Crypto Update 25.06.2018 – Short-term Recovery Expected

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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.

Live Trading Update

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.

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