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2018.06.13 - Technical Analysis

2018-06-13 15:09:15.0


BTC/USDT

Cryptocurrency markets dived following the South Korean currency exchange hack, which has revived concerns on security. BTC/USDT dived to 6600. Trend and momentum indicators remained little changed. The MACD remains marginally positive despite the inevitable momentum loss. Resistance is eyed at 7375/7450 area, including the 38.2% retracement on May – June decline, the 200-dma and last week’s resistance. Light offers stand at 6600, waiting to give a stronger momentum to a potential slip below this level. Key mid-term support is eyed at 6000, if broken should increase the bears’ appetite for a further decline toward 5000.


ETH/USDT

ETH/USDT hit the 500-support on the back of the broad-based sell-off in cryptocurrency markets. The recovery is underway. Buy orders trail above 550 (weekly pivot) for an advance to 600/615 (weekly resistance / 50-dma). On the downside, decent sell orders are sitting at 500, if broken should add an additional downside pressure to the market.

From a fundamental point of view, Ether is expanding steadily. Lately, the number of Ethers in circulation surpassed 100 million coins.


BCH/USDT

Bitcoin Cash has also been hit by a wave of sell-off, after the S. Korean crypto-exchange hack weigh on the sector-appetite. BCH/USDT slipped below the 1000 level, yet the decline was tempered by decent buy orders near 910. The fading positive momentum hints at a rangebound trading close to the weekly pivot, 1005. The key resistance to the actual bearish trend stands at 1190 , the 38.2% retracement on May – June decline and the 50-dma.

Fundamentally, Bitcoin Cash’s larger capacity crunch is expected to bring the network close to Visa and MasterCard scale, according to developer Amaury Séchet. Bitcoin Cash holds ground near the 200-dma against Bitcoin.


LTC/USDT

LTC/USDT trades with limited enthusiasm, though the 100-support has been successfully held despite the broad-based sell-off across the crypto-markets. LTC/USDT remains rangebound within 100/125. The weekly pivot has retreated from 113 to 110. Relatively low volatility has prevented Litecoin from breaking important technical levels over the weekend, but traders should continue monitoring the critical 100-support. Stops below this level could increase the volatility.