DASH/BTC is trading right below some very, very important resistance levels. It seems somehow motivated to pass above them, but it remains to be seen if the buyers will have enough energy to push the rate higher. The rate moves in a range in the short term after the failure to move towards the downside line of the down channel and after the false breakdowns below the lower median line (LML) of the major descending pitchfork and below the outside sliding line (sl)of the ascending pitchfork.
Right now you should stay away and wait for a valid breakout from the down channel, above the lower median line (lml) and above the 0.041780 static resistance (support turned into resistance). It is very important for the price to make a valid breakout from this minor accumulation because if it stays too much within it, it could turn into a distribution and the rate could drop further.
DASH/BTC has shown an oversold sign when it has failed to approach the down channel’s downside line, but we still need a confirmation that we may have another leg higher.
Conclusion
DASH Technical Analysis: A valid breakout above the mentioned near-term resistance levels will give us a great chance to go long on this crypto pair. It could find temporary resistance at the 50% lines, but the major target remains around the median line (ML) of the major descending pitchfork and at the median line (ml) of the ascending pitchfork.
Only two of the top 100 cryptos are positive, this is telling us a lot about the difficult time the market is going through. It is still receiving attacks from bears and I think the market will continue bearish today on all fronts but with less intensity while the buyers prepare their strategies. The volume has increased a little but Market Capitalisation continues in a constant drop.
If 98 of 100 cryptos are in red that means that the bears are winning, the market is alive but resentful and if there is a moment to recover it is today;
Market Capitalization
If the market keeps losing capitalisation in the rhythm it has, the week will be much more negative.
News
These are the top headlines that came out in the last hours regarding different topics related to cryptos, here is the news:
Google searches for Bitcoin have reportedly declined 75% through 2018, yet the leading cryptocurrency is still outstripping the famous music star Beyonce on Google Trends, CNBC reported Tuesday, June 12th.
A “value discovery” platform for blockchain and cryptocurrencies, aided by a unique AI algorithm, plans to help investors make the best choices available to them in real-time, whilst avoiding dangerous mistakes. Beenews (BKBT) is based on Meta-graph Chain, a public blockchain system which includes the smart contract system.
Tether (USDT) has once again become the source of criticism after a new study blamed it for Bitcoin price manipulation in 2017, The New York Times reports Wednesday, June 13.
A paper released June 13 by John M. Griffin and Amin Shams of the University of Texas suggests that transaction patterns show Tether was “used to provide price support and manipulate cryptocurrency prices.”
Chinese e-commerce giant JD.com has released plans to issue asset-backed securities (ABSs) on the blockchain, local media reported June 13.
According to China’s Securities Regulatory Commission (CSRC) via its media outlet Securities Times, subsidiary JD Finance will issue the ABS in conjunction with Huatai Securities and Xingye Bank.
A big announcement is expected from Coinbase and there seem to be imminent plans to list Cardano (ADA) in this exchange of currencies that has more than 10 million subscribers. Cardano has a strong client base, has less regulation from the SEC and offers a platform that is applicable to real-world situations. However there is another currency that would compete with Cardano to get into Coinbase and that is QTUM, we will see what happens.
Source: cointelegraph.com
Analysis
ETH/USD
ETH / USD Has lost 9.41% in the last 24H and 25% of its value in this 4 day drop, its current price is $474.81, closing under the S1 Pivot point.
Looking at this 4 hour chart, the drop seems unstoppable and if ETH Loses today’s minimum at $463, we will very likely see new minimums closing at $430.
Market sentiment
4-hour chart technicals signal show oversold levels but pointing nowhere.
Moving averages pointing down, also showing sell signs.
XRP has lost 8.27% in the last 24 Hours and is currently moving around $0.53.
In this 4h chart, we can see how the price has touched the S1 pivot point and still seems to be receiving sellers pressure. The pair is now in 2 months minimums and a breakout of this level could easily send the price to test $0.5. If the 50-EMA crosses 100-EMA it could be another strong indicator for further drops.
Market sentiment
4-hour chart technicals signal show oversold levels and pointing down.
Moving averages pointing down, also showing sell signs.
ADA HAS LOST 8.27% in the last 24 hours and its current price is $0.1523 losing 36% of its value in only 10 days,
that is quite worrying in this red market.
The price is very close to the Pivot Point S1 at $0.1500 (2 months minimum). If this support is broken, we will be visiting new minimums of $0.1455 and then $0.1405.
A possible salvation for the pair could be the announcement that it could be listed in Coinbase, if this news is confirmed, the price could respond positively. The weakness of the pair does not support an analysis with bullish projection.
Market sentiment
4-hour chart technicals signal show oversold levels and pointing down.
Moving averages pointing down, also showing sell signs.
The market is definitely red, the sentiment is quite Bearish and if we are not in the market in shorts and taking advantage of the situation it is better to be on the sidelines while it shows signs of recovery. On the other side, if the Bearish Sentiment increases, it is necessary to look for safe entries only in the short term.
The DASH/BTC increased today and recovered a little after the yesterday’s massive drop. The pair remains under selling pressure in the short term because it is still located below two very important resistance levels. The minor retreat was natural after that important rebound. Right now we should wait for a confirmation that the rate will resume the upside movement.
The rate has come down to test and retest a broken dynamic resistance (resistance has turned into support), and now we could see another breakout attempt.
DASH/BTC has found strong resistance at the confluence area formed between the first warning line (WL1) with the 50% Fibonacci line (ascending dotted line) of the ascending pitchfork. It has come back down to test and retest the broken downtrend line and now is fighting hard to jump higher again.
The rate has started an increase after the failure to retest the upper median line (uml) of the former descending pitchfork. I’ve drawn an ascending Pitchfork hoping that I’ll catch a significant upside movement.
You can go long on this crypto pair only if the rate will increase and will make a valid breakout above the downside 50% Fibonacci line (ascending dotted line). The first upside target will be at the median line (ML) of the ascending pitchfork.
Conclusion
DASH/BTC will move towards the ML and towards the upper median line (UML) only if will make a valid breakout above the 50% line. The Stop Loss could be placed somewhere below the 0.04853320 level.
