Market Cap: $276,493,181,374
24h Vol: $10,178,348,969
BTC Dominance: 40.1%
From last Monday, 11th of June, the cryptocurrency market cap has experienced a short-term rise from 294,722,000,000$ to 301,321,000,000$ which was the weeks high, and after that, it has fallen to 265,974,000,000$ which was the weeks low on 13th of June. After the low, the market has recovered slightly and is currently sitting in the middle of the high-low range as you can see from the graph below.
Top stories that came out in the last week are the following:
German Government Doesn’t Think Bitcoin Threatens Financial Stability
Officials from Germany’s federal government do not believe that Bitcoin poses a threat to the existing financial structure, as the volume of crypto transactions is too low compared to the size of the global financial system to be a great influence. However, the government added that cryptocurrency should be regulated as they continue to monitor the crypto space.
Proposed Bills In Michigan Classify Blockchain Tampering As Crime
Two bills currently proposed in the Michigan state legislature would make altering the public digital record on a blockchain with intent to defraud into a felony punishable by up to 14 years in prison, as well as adding definitions of distributed ledger technology to the Michigan penal code.
CBOE President Says SEC Calling ETH Not A Security Paves Way For ETH Futures
The president of CBOE–which released the first Bitcoin futures last December–said that the SEC’s recent decision that Ethereum will not be regulated as a security has removed a big “stumbling block” from the possibility of offering Ether futures.
From last Monday, the price of EOS has dropped from 11.3$ to 10.22$ which is 9.28% decrease.
As you can see from the daily chart, last Monday’s opening was the highest price it has been, and that level now serves as resistance. On June 13th, on which we saw the market experienced a low was also the day that EOS was at its lowest, closing as a Doji on that day. The next day price recovered significantly but was stopped out by the resistance of Monday’s open. Currently, the price pattern is looking unstable and I would expect another low from here to around 9.1$ at least which was last weeks low, or even further down to the support at 8.69$.
Daily chart technicals signal a sell.
Oscillators are signalling a sell, and moving averages a strong one.
From 108.461$ which was the opening price last Monday, the price of Litecoin has decreased by 13.87% and is currently 93.395$ per Litecoin.
As you can see from the daily chart, the opening on 11th of June was the highest price Litecoin has been, and since then it has fallen to 89.277$ on 13th of June and recovered slightly, but today’s candle is on the levels of 13th of June’s close. The price is currently about to break out from the triangle in which it was consolidating, and judging by the market sentiment the breakout from the downside is expected.
Daily chart technicals signal a sell.
Oscillators signal a sell, and moving averages a strong one.
The price of Dash has dropped from 281.27$ which was the opening price on Monday 11th of June to 251$ where it is currently sitting, which is a decrease of 10.2%.
As you can see from the daily chart, the price of Dash has followed the same pattern as the other cryptos as markets are strongly correlated – the price was at its highest on last Monday, its lowest on 13th of June and is now looking like its going to break out from the downside of triangle.
Dashes daily chart technicals signal a sell.
Oscillators are signalling a buy, and moving averages signal a strong sell.
S3 130.32 S2 198.03 S1 231.81 P 265.73 R1 299.51 R2 333.43 R3 401.14
From last Monday until today, the price of Monero has been dropping from 140.89$ to 103.84$ on 13th of June which was the lowest Monero has gone in the past week. Since that low, the price has recovered and went above the support line at 121.775$, but is now back below it.
On the daily chart, we can see that the support at 121.775$ is a significant level as that was the prior range resistance, from which the price went on a steep upward trajectory to the all-time high. We will see what happens on this level, maybe today’s candle will close above it, however, that’s highly unlikely considering the market correlation and the bearish sentiment.
Monero’s daily chart technicals signal a strong sell.
Oscillators are on sell, and moving averages signal strong one.
S3 22.723 S2 75.123 S1 100.647 P 127.523 R1 153.047 R2 179.923 R3 232.323
Crypto Weekly Update: As the prices were mostly consolidating after the low experienced on June 13th, the crypto market was mostly stagnating. The consolidation period is near completion and from my analysis of the four cryptocurrencies that are covered in this report, I conclude that we are in for another low. This week will most likely be the week of the retest of the lowest points cryptos have experienced in this prolonged correction after which I am expecting a short-term trend reversal.
This was my projection published on 02.06.2018 in my weekly update post, and it looks like it all going in accordance with my projection. What I meant by a ‘retest of the lowest points cryptos have been’ is to see the market at around $250B. After that, I would expect a short-term trend reversal to slightly below last high and then a final down move that many would consider ‘capitulation’, but I would consider it a great buy opportunity.
Market cap on 02.06.2018 with my drawn projection
Market cap today
For more on what I think it’s coming next, make sure to check out the weekly update video in which I will provide my longer-term analysis and the potential scenario of this correction using Elliott Wave principles.