The Crypto Market starts the second day in red this week with only 5 of the top ten cryptos in positive, QTUM, Bitcoin Diamond, Cortex, Emercoin and Monaco. There is no concrete explanation of what is happening with the market and Bitcoin is trading around $6,170 at the moment of this publication, losing -2.58% over the last 24-hours
General Overview
Market Cap: $243.263.694.472
24h Vol: $10.798.007.593
BTC Dominance: 42.7%
There is a bearish dominance all around the charts but with low volume. The market has lost 8 Billion in just 1 day, what is showing is a dark perspective for the coming session.
News
Interest in Bitcoin Set to Double in Europe, New Survey Suggests
People hear and know more about cryptocurrencies with every passing day, and according to a new survey, interest in Bitcoin is expected to increase twofold in Europe.
Crypto Exchange Resumes Trading in India Despite Problems with Banks and RBI
Cryptocurrency exchange Belfrics has resumed trading operations in India after halting earlier this year due to banks refusing to provide payments solutions to the exchange.
Meet Three More Applications That Utilize Bitcoin Cash OP_Codes
Over the past month or so since the most recent Bitcoin Cash (BCH) network upgrade, a lot of developers have created platforms and extensions that utilise the re-enabled Satoshi OP_Codes.
If You Can’t Beat Them, Join Them – Bitcoin Is Hiring Regulators
While everyone is looking for an indication that institutional money is about to flood into bitcoin and revive the market, we just got another confirmation that crypto has indeed entered the big leagues.
Source: news.bitcoin.com
Analysis
Bitcoin is trading around $6,170 at the moment of this publication, losing -2.58% over the last 24-hours. The pair easily crossed the central pivot point in this 1H chart and is now again dangerously close to the $ 6000 level; if this level is crossed the pair could be looking again for the yearly minimums around $ 5.781
Market sentiment
1-H chart technicals signal a Strongly Bearish sentiment.
Oscillators are showing sell signals and pointing down.
Pivot points
R3 6442.78 R2 6357.63 R1 6213.87 PP 6128.72 S1 5984.96 S2 5899.81 S3 5756.04
LTC/USD
Litecoin price has lost -7.54% in the last 24H and is now moving around $75.56 and again, in two days, very close to the year low around $73.62. This price can be the support to beat for the bears and if a breakout happens here the drop can easily move the price to $65.
Market sentiment
4-H chart technicals signal a Strongly Bearish sentiment.
Oscillators are showing sell signals and pointing down.
Pivot points
R3 87.5511
R2 85.0221
R1 80.4131
PP 77.8841
S1 73.2751
S2 70.7460
S3 66.1371
XRP/USD
XRP has lost -5.05% in the last 24h and like many of the cryptos in the market, it has been bearish during the last session. The pair was stuck in the bearish descending line for several hours and then bounced from there to cross the central pivot point and now is sitting around $0.45.
Market sentiment
4-H chart technicals signal a Strongly Bearish sentiment.
Oscillators are showing sell signals and pointing down.
Pivot points
R3 0.5039 R2 0.4931 R1 0.4728 PP 0.4620 S1 0.4417 S2 0.4309 S3 0.4106
Conclusion
The bears are definitively driving the market and we must be prepared for further drops in the short time, the corrections were not strong enough and the buyers are just spectators waiting for an opportunity.
