Home Crypto Crypto Market Analysis Weekly Crypto Update 12.06.2018 – Indecision

Weekly Crypto Update 12.06.2018 – Indecision

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General Overview


Market Cap: $299,872,893,997

24h Vol: $14,697,169,020

BTC Dominance: 39.1%

From last Monday, 4th of June, the cryptocurrency market capitalisation has decreased from 350,914,000,000$ to slightly below $300B where it is currently, which is a 51 billion dollar decrease.


Analysis


BTC/USD

From last Monday, the price of Bitcoin has decreased by 11.87% from 7749$ to 6814 where it’s currently sitting.



 

Looking at the daily chart we can see that the price has broken out from the triangle and found support on the unconfirmed baseline support 2 (dotted line) that dated back from 23.03.2017. The price is currently recovering from yesterday’s low and is likely heading toward the triangle’s support for a retest of resistance.


Market sentiment 

Bitcoin daily chart technical signal a sell.

Oscillators are on neutral, and moving averages signal a strong sell.


Pivot points

S3 6735.8 
S2 7142.8 
S1 7320.7 
P 7549.8
R1 7727.7 
R2 7956.8 
R3 8363.8

ETH/USD

From last Monday, the price of Ethreum has decreased by 14.62% – from 620$ to 529.70$ where it is currently.



 

Looking at the daily chart we can see that the price broke four support lines since Monday – 0.382 Fibonacci level,  569.47$ support (red line), channel resistance which served as support (purple line) and the support at 539.5$ (black line). The last three were broken by the red candle two days before on Sunday when the price found support at 0.236 Fibo level.


Market sentiment 

Ethereum daily chart technicals signal a sell.

Oscillators are on neutral, and moving averages signal a strong sell.


Pivot points

S3 492.69 
S2 545.99 
S1 569.60 
P 599.29 
R1 622.90 
R2 652.59 
R3 705.90

XRP/USD

From last week, Ripple’s price has decreased by 16.88%, dropping from 0.689$ to 0.574$ where it is currently sitting.



 

Looking at the daily chart we can see that the price is currently sitting on the unconfirmed support line (dotted purple line), which will be confirmed if the price finds support now after this current retest. Prior to that, support at 0.236 Fibonacci retracement level has been broken and the price found temporary support on the 0.573$ level, leaving a wick below it close to the prior low levels.


Market sentiment 

Ripple daily chart technicals signal a strong sell.

Oscillators are on sell, and moving averages signal a strong one.


Pivot points

S3 0.51906 
S2 0.59188
S1 0.62438 
P 0.66470
R1 0.69720 
R2 0.73752 
R3 0.81034

LTC/USD

The price of Litecoin has dropped by 16.43% in the last week, as the price fell from 126$ to 104,8$ where it is currently.



On the daily chart, we can see that the price is below the retracement zone which serves as a strong support in the past and is now going to serve as strong resistance. The price is likely going to retest how strong that resistance really is, so I am expecting a short-term upward movement to those levels at around 111$ before another drop. The next low I am looking at is the wedge support line (dotted blue line) which is at around 85.4$.


Market sentiment 

Litecoin is in the sell zone.

Oscillators are neutral, but moving averages signal a strong sell.


Pivot points

S3 92.713 
S2 106.843
S1 112.077 
P 120.973 
R1 126.207 
R2 135.103 
R3 149.233

Conclusion


After we have seen the prices decrease over the last 7 days, we are likely to see some sideways action in this one, followed by indecision over the weekend. I think that the prices are going to retest prior support levels which now serve as resistance and fall back further to the levels of prior lows, which for Bitcoin would be around 6000$ area. That may trigger some buying or may create a panic selling. I am considering this week a ‘no-trade week’ as long as I don’t see either retest of the prior lows or a confirmation of a trend reversal.

As far as the global chart is concerned this was my last week’s projection 

So far, it is playing out as I have projected as I think we will have another low to around $250B which would be a retest of prior lows.

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