General Overview
Market Cap: $245,897,879,486
24h Vol: $10,982,438,642
BTC Dominance: 42.6%
From last Monday, the cryptocurrency market has been in a constant decline as the market fell from 294,184,000,000$ which was last weeks high on Tuesday 19.06.2018. The lowest the crypto market has been was on Sunday when the crypto market capitalization hit 235,331,000,000$.
Those levels were expected to be a lower low after which the cryptos were going to recover, but as the new high failed to exceed the prior one, there aren’t any signs of a trend reversal, and the evaluation is close to the last low levels. This situation implies that a lower low is more likely and that this is the bottom after which the trend reversal is going to start.
News
Out of those stories that marked the past week, the most significant one is the Bithumb hack.
Bithumb, which has fallen from 6th to 10th place for cryptocurrency exchanges worldwide by trading volume, has had about $30 million worth of cryptocurrencies stolen in an apparent hack.
This headline created a lot of FUD (fear, uncertainty, and doubt) in the market and many blamed this event as the fundamental reason of the continuation of the bear market, which was not the case as this exchange is not that large.
In the law and tax category, there are two major headlines. First is that U.S. federal employees will have to report their cryptocurrencies holdings if they equal more than $1,000 or made more than $200 during the reporting period. The other one is that the Uruguayan Chamber of Fintech has announced the creation of a special committee to develop a framework for crypto regulation and promote innovation to support the country’s financial system.
Both of this news is positive, as the first one implies that cryptocurrency is valuable and should be reported as “other forms of securities.”
In the adoption category, the news items that stands out is the news of Square receiving the New York BitLicense. The announcement means that Cash App users in every state except for Georgia and Hawaii now have the option to buy and sell Bitcoin.
Analysis
BTC/USD
From the opening on Monday, June 18 at 6875$, the price of Bitcoin has decreased by 11.19% as it is now sitting around 6110$. The opening price is the highest Bitcoin has been, and the lowest was at 5770$, from which it quickly recovered closing as a Doji candle with a big a wick from the downside on the daily chart on 24.06.2018.
Looking at the daily chart, we can see that the current wave is near completion, but it looks like another low might happen whos target I’ve projected to be from 5664$ on the supportive significant level (purple dotted line), to 5515$ which is the support line from which Bitcoin created the all-time high. As I think this current wave is the wave X of the WXYXZ sideways correction, I am waiting to see signs of the short-term trend reversal, before the price continues to new lows.
Market sentiment
Daily chart technicals signal a strong sell.
Oscillators are on sell, and moving average signal a strong one.
Pivot points
S3 4426.3 S2 5365.2 S1 5758.6 P 6304.1 R1 6697.5 R2 7243.0 R3 8181.9
LTC/USD
From last Monday, the price of Litecoin has depreciated in value from 100$ to slightly below 80$ which is a 20% decrease in ten days. The opening on Monday was the weeks high, and the lowest Litecoin has been is to the 73.5$ area on Sunday.
Looking at the daily chart, I am seeing another low ahead to the support line at 71.29$ which is significant as from that level the price of Litecoin went on to create the all-time high. If that level holds I would be expecting a short-term trend reversal as I think that the current wave is an X from the WXYXZ sideways correction.
Market sentiment
Litecoins daily chart technicals signal a sell.
Oscillators are on sell, and moving averages signal a strong one.
Pivot points
S3 44.663 S2 66.371 S1 74.517 P 88.079 R1 96.225 R2 109.787 R3 131.495
EOS/USD
At the start of last week on Monday, June 18, the opening price of EOS was at 10.95$. Since then the price has decreased substantially to 8$ which is a decrease of 25.81%. The price went even lower on Sunday when it spiked to 6.89$.
Looking at the daily chart, we can clearly see that the corrective move was a WXY correction and that the Y wave is near completion. I am expecting the price to drop to the 6.58$ level were an 8/1 Gann fan level is and another support level from a prior range from whom similarly to the case of Bitcoin and Litecoin, the price created the all-time high. As this would be the last low a trend reversal would be expected, but how long would it live we are yet to see from the formations and patterns ahead.
Market sentiment
Daily chart technicals signal a sell.
Oscillators are indicating a sell, and moving averages signal a strong one.
Pivot points
S3 3.3173 S2 6.2033 S1 7.2797 P 9.0893 R1 10.1657 R2 11.9753 R3 14.8613
XRP/USD
From the opening price at 0.55$ last Monday, the price of Ripple has decreased by 15.48% as it is now sitting at 0.47$.
On the chart, we can see that the support at the prior low level at 0.4541$ held the price again. As the current wave is the last impulse wave I am expecting a trend reversal, but the price may fall a bit lower before that happens. The new potential low would be at the next support level at 0.4144$. However, this level may hold and the trend reversal starts happening from here. The move up would be a corrective move, probably in a form of another three-wave ABC move, which is why I am expecting the price to go down further.
Market sentiment
Ripple’s daily chart technicals indicate a sell.
Oscillators are signalling a sell, and moving averages a strong one.
Pivot points
S3 0.32270 S2 0.41468 S1 0.45231 P 0.50666 R1 0.54429 R2 0.59864 R3 0.69062
XMR/USD
The price of Monero is on the same levels like on Monday last week which is around 128$. The price fell by 17% from Monday to Sunday to the weeks low at 106.78$.
Looking at the 4-hour chart, we can see that the price is currently on the rise, but that would only be a corrective move from where I am expecting the price to go lower to the 100$ level, which would be the support line 2 of the support area.
Market sentiment
Monero is in the buy zone.
Both oscillators and moving averages signal a buy.
Pivot points
S3 97.133 S2 102.972 S1 108.811 P 126.405 R1 146.510 R2 190.105 R3 210.210
Conclusion
If you remember this was my projection from 02.06.2018
As you can see I was expecting to see on the global chart that the prior lows at around 250 billion dollar evaluation get retested, after which another similar pattern would appear.
The lows were retested and the evaluation is hovering around those levels which is why now I am looking for signs of a reversal.
After looking at the charts of major cryptos, and especially Bitcoin as it has the 42% market dominance, I think that another low is going to happen before some short-term recovery. Those lows would be to tests the support levels from where the all-time high was made in all cryptos that we’ve covered in this report.
