The crypto markets have not stood still, and the past week has shown once again how volatile it can be. The recent bullish trend that gave hope to many traders was replaced by a sharp correction in which the Bitcoin lost hundreds of dollars in the last 24 hours.
As usual, there are those bent on attributing specific reasons to the decline, but it’s important to remember that these are all necessarily grounded in conjecture. In the absence of a specific factor to point to, we need to keep in mind that this is essentially a bear market. The ongoing downward trend is deterring many potential investors, as the smart money watches from the sidelines, waiting for a clear change in the trend direction.
In addition to the bear market, the news from the past day must have brought quite a few traders and investors to the point of anxiety, prompting significant drops in currency rates. The Bancor breach and the phishing attack sustained by MyEtherWallet surely didn’t contribute to the confidence of the stakeholders in the market, and all the while, disappointment continues to grow over the failure of many of the biggest ICO companies to release working products.
The huge anticipation over the ICO projects in the field has brought tremendous enthusiasm among many of those who joined the crypto hype train because of the 2017 bubble, and some are still waiting for good news. In the meantime, the Augur forecasting platform will release its product in the coming days, which is good news for those waiting for it since 2015. This rollout will serve as an interesting test case for the product, which sits on the Ethereum platform.
More from the altcoins: a green week for DGB, which rose 30% against the dollar, as opposed to EOS, which won the title of the coin’s disappointer of the week, and continues to lose altitude since its peak and is already trading under $8. It seems that the big winners of the week are the exchanges (commissions) and the shorters.
Over the last 24 hours, the crypto market has lost over $20 billion. Bitcoin’s dominance against the Allets stands at 43% for Bitcoin, while the volume of trading continues to be relatively stable, albeit still significantly lower than the volume at the beginning of the year.
This article was first published on: Jul 10, 2018
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This week we came up to test the resistance level at $ 6800 and it appears that support zones are being set around $ 6100. If the support breaks, we will likely see $ 5800 again. All the gains we saw this week were erased in just the past 24 hours.
Against the dollar, a stable week was to Etherium, but here too the story is similar and the correction erased all the gains of the week and brought us back to the prices we saw at the start of July around $ 440. Resistance lies at $ 500 and $ 400 support in that range.
Against Bitcoin the support that felt stable around the BTC 0.07 level had broke, but traded not far away around the BTC 0.068.
Support this range around BTC0.066 resistance lies at BTC 0.075.
Against the dollar, traded around $ 695. Support areas are not far, around $ 650. Resistance lies at $ 780.
Against Bitcoin, it seems that the bearish trend continues to look for support. It appears that the support areas in this range are around the 0.1 BTC. Resistance lies at BTC0.112.
Against the dollar, in a positive trend. Support is around 3 cents holds. Resistance is at 4.5 cents, since February coin is under a bear trend.
Against Bitcoin, is trading around 600SAT. The W that have been marked by previous updates appears slowly and we are approaching the resistance around 700 SAT. Support in this range around 550 SAT.
Cryptocurrency charts by TradingView
