The past week we have seen the declines continue. Very volatile days. A lot of fear in the markets. Bitcoin tested the $6,400 low again. Was that the bottom? For now, there is no doubt – the market is still bearish.
The 2018 year had started very bloody. The crypto market cap shrank by 60%. We can always look for reasons for the situation, but they will not always make sense. On the other hand, if we look back at the Bitcoin cycle over time, the market incline was very sharp, which caused severe drops.
The crypto community will look closer towards May 14, where Consensus event will be held in New York. This major event includes the biggest players of the crypto field that will discuss the crypto innovations. Usually, there are many important announcements coming out of Consensus. In the previous event in 2017, began the bullish trend of June. That bullishness held till the end of 2017.
Good news coming from the SEC which is expected to enable crypto ETF trading. Last month CBOE futures exchange turned to SEC to enable ETFs for cryptocurrencies.
The hard cap for Ethereum; currently there is no limit for the number of Ethers. This week, Vitalik Buterin, Ethereum’s founder, had proposed a limit of 120 million ETH coins.
Along with Bitcoin, the altcoins had also a volatile week. Ethereum dropped below 400$, and against Bitcoin, the ETH price continues the downward trend. Bitcoin Cash also loses support at 0.1 BTC. On the other hand, coins like BNB and XVG showed strength. The bigger Alts had lost a lot from their market value, looks like this money is making its way to mid and low cap alts. The Bitcoin dominance over the Altcoins remained at 45%. The size of the crypto market dropped last week from 300$ billion, and at the time of writing the market cap is at $ 278 billion.
This article was first published on April 3, 2018.
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Russian Hotels Will Accept Bitcoin Payments During FIFA World Cup: A group of hotels in Kalinlingrad, Russia will let football fans pay for their stays using Bitcoin during the FIFA World Cup June 14th to July 15th this year.
South Korean Exchange Bithumb to Make Cryptocurrencies Available at 8,000 Shops: One of South Korea’s largest cryptocurrency exchanges announced its partnership with Korea Pay Services, with its main purpose to allow cryptocurrencies available for purchase in 8000 stores in the country.
40 Percent of Young South Korean Adults Are Willing to Invest in Cryptocurrencies: Asurvey by the Bank of Korea found that out of 2500 participants, 21% were aware of bitcoin and Ethereum and that 24.2% were interested in investing in cryptocurrencies.
80,000 New Merchants in Europe Gain Option to Accept Crypto: Coingate, a Vilnius-based cryptocurrency gateway for merchants in Europe, announced its partnership with Prestashop, an open-source commerce platform. This partnership may develop the choices that people have in the market and may spur adoption.
Huobi officially launches with 100 cryptocurrencies including Bitcoin [BTC], Ripple [XRP], LTC & ETH in South Korea: Huobi, which is a cryptocurrency trading and exchange platform has launched in South Korea.
Bitmain, one of the largest cryptocurrency mining operations and largest suppliers of Bitcoin ASICs has released its ASIC chip to mine Ethereum.
Bitcoin
Last week we had a sharp drop from the 8000$ levels to a low of $ 6427. We are still in a downward trend, the bears are here, it can be seen by looking at the daily chart. The resistance level is at 8000$. We see a pattern of a double bottom (marked in yellow) which can indicate support especially if there is a high volume of buyers – the green candle similar to the one from 6th of February.
Ethereum
Against the dollar, the crash continued to the support areas at 400$, where the support did not withstand the declines this week. The price reached $ 360 at its low. It quickly returend back to the $400 area. Ethereum is still looking to find the floor, and as long as the instability in Bitcoin continues, this is likely to continue.
Against Bitcoin, support level lies at 0.053BTC while support-turned resistance is at 0.06 BTC We are back to the values of November – December 2017.
Bitcoin Cash
The support around 900$ did not hold. The price continued down as low as $ 620, close to the $600 support area. Now it’s traded around 710$ resistance lies at 770$.
Against Bitcoin,the BCH price had dropped from 0.1 BTC. As long as we were above it we felt confidence, but it seems to be a little fragile last week, down to 0.093 BTC. Traded, with low volumes, around 0.096BTC resistance is at 0.1 BTC.
Litecoin
Against the dollar, there is a pattern of double bottom at 110$, which was also seen in February. Bullish during recent hours with a rise of about $20. Traded around 130$ in this range. Support at 110$ and resistance lies at 150$.
Against the Bitcoin, the trend is down but it seems that the price get supported. In the long term it looks healthy, while the LTC turned around after the low at 0.0156BTC. Resistance lies at 0.019 BTC.
HCASH (HSR)
A low cap altcoin. After losing a lot of its value, high trading volumes have started to accumulate. Support lies around 0.000688BTC, resistance in this range 0.0008BTC.
