Bitcoin (BTC) has been in a constant downtrend for the last few weeks. The price crashed especially hard during the last few days. The price did break below $ 6,000, but contrary to expectations, the price found support at what was previously a downtrend resistance as can be seen on the BTC/USD daily chart above. The fall slowed down after Bitcoin (BTC) breached $ 6,000 but Bitcoin (BTC) was still expected to test the $ 5,800 support, which it didn’t.
Ethereum Classic (ETC) has just formed a bullish hammer candlestick on the daily ETC/USD chart above, which followed by a green candle is a strong sign of a downtrend capitulation as it indicates that the bears have finally given up. This marks the beginning of a new cycle for Ethereum Classic (ETC) as a reversal is expected from these levels. The solid support of $ 10 has served as a historical demand zone for Ethereum Classic (ETC), and is a very strong one.
The overall excitement continues to affect all major cryptocurrency markets. That in itself is a very positive development, as it shows there is still a lot of positive momentum waiting to happen. The Stellar price, for example, is still surging and has successfully passed the $ 0.31 mark over the past few hours.
Stellar Price Remains Very Bullish
Even though Bitcoin is getting all of the attention during this recent bull run, it is evident a few other currencies also continue to make a name for themselves. The Stellar price has shown it has some bullish momentum fueling its current run as well. There has been a steady value increase every single day, and it seems today will be no different in this regard.
All cryptocurrency markets find themselves at a very interesting crossroads. Although it seems evident the Bitcoin price is going up in value, most of the altcoins do not benefit from this momentum. The Dash price is the only real exception in this regard, thanks to a relatively solid uptrend in the past 24 hours.
Dash Price Continues to Surprise
It is evident there is a lot of momentum across all cryptocurrency markets. In most cases, the momentum is anything but positive right now, despite the value of Bitcoin going up. Most people assume the Bitcoin price will automatically drag all altcoins up alongside with it, but that is clearly not always the case.
At last some excitement! Yesterday Bitcoin leapt nearly 12% in 24 hours but what’s behind the rally? Could it be the BlackRock and Coinbase news or is it purely fundamental?
What a rollercoaster ride! Earlier this week Financial News London reported that the world’s largest ETF provider, BlackRock, had cast its gaze to Bitcoin and other cryptocurrencies as potential investments but before the news even had the opportunity to impact cryptocurrency prices, BlackRock CEO, Larry Fink came out, denying the news and labeling it as hogwash. Then later in the day, Coinbase retracted their supposed SEC approval announcement, claiming to have jumped the gun.
More bullish momentum is forming across all cryptocurrency markets as of right now. All top coins are in the green, with some coins noting some very big gains in quick succession. The Cardano price has successfully surpassed $ 0.15 again thanks to a very positive trend over the past few hours.
Cardano Price Shows Healthy Gains
As one would usually come to expect from the cryptocurrency industry, gains and losses can materialize at any given time. Although the losses have been well-documented throughout the past six and a half months, it is possible the momentum will finally turn bullish again. It is still a bit too early to say for sure. If the Cardano price is any indication, this may prove to be a very interesting week for cryptocurrency.
It would appear one cryptocurrency has effectively broken the negative market trend. The Litecoin price is the first to go in the green despite this current bearish momentum. A surprising turn of events, albeit one that is also more than welcome under the current circumstances. It also shows the Bitcoin price trend can’t keep altcoins down forever m not even in this day and age.
Bitcoin sits precariously perched at the bottom of the annual market low and many bitcoin investors aren’t sure what to make of it. Although the market seems to be continuing its drift to new lows with greater and greater ease, there are a couple of bullish signals worth considering while the market continues to consolidate:
Figure 1: BTC-USD, Daily Candles, New Market Low
On Friday, June 29, 2018, for the first time this year, the daily candles closed below the annual low of $ 6,000s. However, something to note about this bearish close is the lack of volume and lack of momentum on the follow through. Overall, the volume is continuing to consolidate and it appears to be within the realm of an accumulation trading range (TR).
Despite being a minority among crypto investors, just like anywhere else, women in India actually spend on cryptocurrency twice more than men do. A newly released survey also found that the majority of Indian crypto users live in big cities like Delhi, Mumbai, and Bangalore. The study comes out while Indians expect new regulations within weeks.
Men Still a Majority Among Investors, Women Spend More
Unsurprisingly, female crypto investors are a firm minority in India, and pretty much anywhere else on the planet. However, what sets Indian women apart from many other, beauty aside, is their willingness to spend more on cryptocurrency than their husbands and boyfriends.
In the previous BTC-USD market analysis, we discussed a macro pattern forming, called a “symmetrical triangle.” A symmetrical triangle (shown in red) is a directionally agnostic consolidation pattern. Until this weekend, the market hadn’t decided whether it was going to break up or break down out of the pattern. Over the weekend, the bitcoin market saw a very strong push on very high volume through the bottom support of the triangle:
Figure 1: BTC-USD, 12-Hour Candles, Symmetrical Triangle Breakdown
This week we learned that Deutsche Börse “Deep at Work” on Bitcoin and John McAfee predicted bulls’ billions will soon be pumped by institutional investors, despite the current cool market. These stories and many more were covered in this week’s daily editions of Bitcoin in Brief. And the most commented on story of the week talked about a guy living is his car while working two jobs just to invest in crypto.
The founder of Onchain Capital, and host of CNBC Africa’s ‘Crypto Trader’ show, Ran Neu-Ner, recently discussed his outlook for cryptocurrency regulation, initial coin offering (ICOs), and shared his outlook for several top cryptocurrencies markets. Mr. Neu-Ner described Bitcoin Cash and Ethereum as markets that he intends to ‘HODL’, adding that right now, he is passing on BTC in favor of more “exciting” virtual currency markets.
All cryptocurrencies are still enjoying a lot of bullish momentum as of right now. Although it remains to be seen how long the positive trend will last, things look pretty promising for the Ethereum price as of right now. Thanks to strong overnight gains, the Ethereum price has surpassed $ 800 for the first time since early March 2018. A very surprising development, although one worth keeping an eye on.
Since bottoming in the mid $ 300s, ETH-USD has managed to almost double in price over the course of a month. The support at the bottom came from the top of the previous reaccumulation trading range shown below:
Figure 1: ETHUSD, 12-Hour Candles, Previous Trading Range
Whether this is nothing more than a brief respite in an overall downward trending market remains to be seen. There are several very bullish factors to consider:
Figure 2: ETHUSD, Daily Candles, Macro Support
Another day of cryptocurrency trading is upon us. Even though things started to look a bit worrisome last night, there is apparently nothing to worry about whatsoever. The Bitcoin Cash price further confirms things are looking pretty solid when keeping the bigger picture in mind. As of right now, one BCH is valued at nearly $ 1,400.
Influential investment bank Saxo released the 35 page, Q2 2018 Quarterly Outlook. In it, the bank’s newly hired Crypto Analyst, Jacob Pouncey, noted the perils of this year’s first financial quarter with regard to digital assets. Taking into account several factors, he believes the next three months could be a breakout time for digital assets, holding the potential to trigger a bull market.
The cryptocurrency markets have enjoyed a strong week, with BTC, BCH, and many altcoins generating significant gains in recent days. There is considerable uniformity shared among major altcoin markets, with many cryptocurrencies recovering to test the 0.236% retracement areas after breaking above descending trendlines.
BCH Gains Over BTC
Whilst bitcoin (BTC) has made gains of 10%, this past week has seen Bitcoin Cash (BCH) perform with considerable strength, ramping up to gain nearly 50% against the dollar in just 7 days. Yesterday, the markets surged past resistance at $ 1,000 USD, breaking into the four-figure threshold for the first time since March. As of this writing, BCH appears to be consolidating above $ 1,000, with current prices sitting at roughly $ 1,080.
The cryptocurrency markets have shown early signs of a bullish momentum shift following several months of heavy selling pressure. After losing upwards of 75% to 85% and forming ‘adam-and-eve’ style double bottoms, many leading cryptocurrency markets have produced significant bounces over the course of the last fortnight. The markets now appear poised in ‘open air’ – with either a retest of recently broken descending trendlines or further bullish momentum toward 23.6% retracement areas comprising the likely next moves for price of leading cryptocurrencies.
In the world of cryptocurrency, there is no such thing as a boring day. Even though the positive momentum seems to have stalled a bit, for the time being, the Bitcoin Cash price is still noting some impressive gains. That in itself is rather interesting to take note of, even though such an uptrend was bound to happen at some point in the future.
A lot of interesting things are happening in the world of cryptocurrency right now. With all markets turning bullish once again, we may finally get the price bounce we have all been waiting for. If the Ethereum price is any indication, this will be a very positive weekend overall. Even so, the Ethereum price may not remain above $ 500 for that long, as profit-taking will kick in fairly soon.