Home Daily Analysis Crypto Market sentiment Daily Crypto Brief -July 15 – The Selloff Continues!

Daily Crypto Brief -July 15 – The Selloff Continues!

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This weekend was tainted in blood for Bitcoin and altcoins. The bitcoin lost $ 1,700 (14%) since Friday’s close, Ripple went from 0.3448 to move below 0.3, bouncing and currently sitting at 0.309(10%).  Ethereum moved from $275.46 down to 221(20%), is the worst performers of the top coins. The Market cap of the sector lost  45 billion, or 14%, and is currently at 275 billion. Some sources link the cryptocurrencies selloff to the Facebook Congressional hearing.

Current Events

China arrests 22 persons in an illegal BTC mining farm with over 4000 ASIC machines. The article is here.

Iran to launch gold-pegged National Cryptocurrency, according to Central Bank of Iran. The complete information here.

Bitpoint finds $2.3 million in stolen crypto, part of the $32 million that was stolen last week. Here is the complete article.

Yesterday, Thether printed $5 billion worth of USDT “by accident”, an event noted by Whale Alert. This has been the largest amount printed by the firm. All of it was burned shortly after. Complete information by chepicap.com. Also an article by beincrypto.compoints to bots trading based on Tither creation/destruction, as Bitcoin jumped up 3% at the moment of this massive tether creation.

 

Technical Analysis

 

Source: coin360

Bitcoin



The Bitcoin price, after its recent  $13,000 top, has entered again inside its descending channel. Currently, the price has moved to touch the $9850 support level and had a momentarily bounce off it, moving the price again above $10,000. The Stochastics are oversold, the MACD is bearish, and the CCI is about -100, away from the extremes, and signalling that a trend is in place, therefore we must assume the current trend is Bearish. A break of the $9,850 level would mean more drops, possibly down to $8,500.

Ripple



Ripple has been in a corrective action that erased all the gains of its last rally. From the 4H chart, we see that the last trendline is steeper than the previous one, signifying an acceleration of the drops. Right now, the price bounced off of $0.2958 support ( a proxy for the $0.3 to catch the stop-loss orders). The Stochastics show a movement to the upside, but the MACD and CCI are bearish.

The current price action is still bearish, and we need to see a true consolidation – The price breaking convincingly above 0.3174.

Ethereum


Ethereum has been extremely bearish during this weekend, losing close to 20% of its valuation and breaking two support lines easily. The last bounce happened at $212.55 and now is moving between this value and $227.26. The MACD is bearish and the CCI as well, while the stochastics is oversold. We see a consolidation here or a bit of pullback to $240, but the overall picture so far continues being bearish.

 

Litecoin



Litecoin follows the path of all cryptocurrencies and is moving extremely bearish. All indicators point to what is evident by the price action. Currently, it is above a support area. A close below it would drive the price to its next support ($73.6).

EOS



EOS is also moving bearish, no surprise. Today he has made a convincing bounce off of 3.9755 ( also a proxy for $4, to catch the stop-loss orders). Now, it is moving at 4.24  and may continue to test its 4.483 resistance. But it should be clear right now that the current trend is bearish. To change our opinion to bullish EOS should make a close above $5 to make a higher high.

 

 

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