The Crypto Market is trying to recover slowly from 2 negative days this week. While 6 of the top ten cryptos are still in red, for the first day in this week the market capitalisation has gone up though only by 2 billion in the last 24 hours. Although the volume has dropped by a little bit, the price of BTC comes strangely in a narrow range during the session and stuck to the central pivot point at $6,098.
General Overview
Market Cap: $245.415.147.783
24h Vol: $10.177.260.767
BTC Dominance: 42.4%
The market continued to perform small ups and downs in the last hours, BTC remains calmed and just above the $6,100 level at the time of writing this update.
News
There is no significant news today that can make the market move significantly, however, the cryptocurrencies always have informative material every day that we summarise here.
An Interview: “Governments Can’t Prevent People from Choosing Crypto”
When you visit a crypto event, like the Block Forum in Vilnius, you take the chance to talk to anyone and everyone who will stop for a chat. This is a foolproof way to learn more about what’s going on in the cryptoverse from the big players themselves. Cryptonews.com talked to Miko Matsumura, co-founder of crypto exchange Evercoin, speaker, initial coin offering (ICO) advisor and investor.
Vitalik Vs. Apple: App Store Is Restrictive & Nobody Is Complaining
Vitalik Buterin, co-founder of the Ethereum platform, is quite active on Twitter and absolutely does not hold back when there is something that needs to be said. This time, Apple’s app store was on the receiving end of his criticism: he thinks that it is strange that they get so much power and almost nobody complains.
20% of UK Millenials Prefer Bitcoin Over Real Estate – Survey
20% of the surveyed UK millennials, a group of the population aged between 21 and 35, would rather invest in Bitcoin than in real estate, the UK-based build-to-rent developer Get Living said in its report “Millenial Living in 2018”
Source: cryptonews.com
As Tezos Prepares for Launch, a Year in Review
In an email sent out to investors, the Tezos foundation stated: “Preparations for the launch of the Betanet are being finalised.”. After running the alphanet, a test network, for over a year now Tezos is expected to launch its beta network in the next few days. The main network launch would follow soon with transactions from the beta network transferred over.
Source: ccn.com
Analysis
BTC/USD
Bitcoin is trading around $6,100 at the moment of this publication, losing -0.17% over the last 24-hours. The price remains in range during the session and still stuck to the central pivot point in this 1H chart. Nervousness and uncertainty, are the words that could describe the market currently and the bearish trend continues to break it, BTC needs to climb at least up to the level of $7,000 which seems quite unlikely.
I’m still thinking that the important level to beat for the bears is $6000; if this level is crossed the pair could be looking again for the yearly minimums around $5781.
Market sentiment
4-H chart technicals signal a Bullish sentiment.
Oscillators are showing neutral signals.
Pivot points
R3 6415.65 R2 6301.73 R1 6217.96 PP 6104.03 S1 6020.26 S2 5906.34 S3 5822.57
LTC/USD
Litecoin price has lost -0.74% in the last 24H and we can see here in this 1-H chart how a symmetrical triangle pattern is formed with the price still stuck in the central pivot point around $79.20, very close to testing the resistance and ready to make another move to the support.
The 50 EMA is also following the price as a dynamic resistance and the 100 SMA keeps below the 200 EMA. Technically speaking this means that the selloff is more likely to resume than to reverse. My expectation is that a stronger selling pressure is coming and LTC/USD would probably break the support line of this triangle as well.
Market sentiment
1-H chart technicals signal a Bullish sentiment.
Oscillators are showing buy signals and pointing up.
Pivot points
R3 90.3521 R2 86.0960 R1 83.4095 PP 79.1534 S1 76.4670 S2 72.2108 S3 69.5244
ETH/USD
Ethereum is forming a Falling Wedge Pattern on this 4-H chart. The price is currently very stable and without much volatility due to nervousness in the market and the current risk aversion of the investors. The price moves to $435.66 at this time, just a little below the central pivot point for almost all day, the 100 SMA is moving below the 200 EMA, technically speaking this means that the selloff is more likely to resume than to reverse.
However, we see that the RSI indicator as much as the Stochastic are pointing up, so it is possible that there is a new entry of buyers that give a bit of dynamism to the boring market today. The most important support is Pivot S1 at $424.
Market sentiment
4-H chart technicals signal a Bearish sentiment.
Oscillators are showing buy signals and pointing up.
Pivot points
R3 479.19 R2 462.80 R1 452.19 PP 435.80 S1 425.18 S2 408.79 S3 398.18
Conclusion
The market has been quiet except for a few coins, the main ones have kept little volume and short movements when this happens, usually, sudden movements can come in any direction so we should be vigilant.
