The entire market capitalization increased at the beginning of the last week to a new high for the year of 388 billion dollars, before the overall market corrected at the end of the week to 315 billion US dollars. The dominance of the Bitcoins (BTC) increased by the strong rise in the last few days, to 65 percent.
From Stefan Lübeck
At the 1. July 2019BTC$10.282,00 must absorb -7.04%part Facebook Twitter LinkedIn xing mail
All of the Top 10 Altcoins, despite a strong Performance at the beginning of the week in week view, double-digit losses. While the price of Bitcoin can rise in week-over-week, two per cent, had to cope with the Ethereum-rate a Minus of four percent. Despite a weeks-Maximum of 363 dollars. The other Top 10 Altcoins have to accept after a strong start to the week losses of between nine percent (Litecoin) to 20 percent (EOS). It is shown that the Altcoins correlate strongly with the Performance of the key currency Bitcoin. In particular, the ALT/BTC pairs had to leave in the past week, more springs and have the majority of new all-time lows.
Even if the market capitalization from a week high good 70 billion US-corrected dollars, and the week, gains it all back in mine, it shows an overall positive image. A consolidation in the range of 280 billion dollars needs to be budgeted for. Only a fraction of this brand is bearish.
The bullish development of the total capitalization of the crypto-market is for the time being, intact. The psychologically important mark of 300 billion US Dollar has kept to the end of the week, at the latest, in the area of the 61 per cent Fibonacci Retracement Level at 280 billion US Dollar, new rise in opportunities in the direction of the old highs from April 2018 at 440 billion U.S. dollars. Of great relevance to the achievement of this brand of the week performance of the Altcoins is the same as always.
The course of developments in the Top 10 Coins will not confirm its positive Outlook of the last few weeks, accordingly. The end of the week all the Top have to accept Coins greater price declines. In addition to Ethereum, which braces are still the most against the on-going consolidation, also have all the other Top 10 Altcoins the end of the week springs. In addition to the week’s losers, the EOS, in particular, the winner of the previous week, noted Bitcoin Cash, Bitcoin, SV and Ripple this Time, a strong exchange rate losses.
Best price development: Ethereum (ETH)
After the resistance at 320 US dollars was overcome at the start of the week, made it to the Ether-course almost, be activated course objective in the area of the 38-percent Fibonacci Retracement Levels and the mentioned Supply/Demand Zone to be processed. The week’s high of 363 US Dollar, however, could only be held briefly, before the price plummeted in the Wake of the consolidation of the overall market again under the US $ 300. Holding the course took place only on super trend at 275 dollars, which also marked the week. As long as the price of Ethereum above the 23 percent Fibonacci Retracement level at 262 US dollars, you can better argue even above the week’s lows, there is increase in opportunities to about 370 US dollars.
The RSI as well as MACD indicator currently have mixed signals. On a daily basis, first bearish trends for both indicators now. The RSI in the daily chart touched on, the value of 75, bounced around there and with a value of 54 now in the neutral Zone. In the weekly chart, the RSI has still air upward. The MACD indicator is weakening on a daily basis, from week to view, space is also still up. The Bollinger bands are running with the rates currently tend to be sideways, indicating a Transition to a sideways phase. In the last week have raised a Long Setup with a buy zone between 295 and 289 US Dollar has continued. The Stop should adjust Loss however, due to the strong correction on the weekend on the purchase price, possible losses and to minimize the risk of a prolonged price correction.
A break of the weekly lows at 275 dollars could make the course up in the direction of the horizontal support area around US $ 225 to consolidate. A short-term short trade for risk-savvy traders would be thus in case of breakage of the 275 US dollars with the goal of 225 USD. The area around 225 US dollars should not be enabled upward trend line and its target price of 195 U.S. dollars.
Worst course development: EOS (EOS)
The EOS-rate recorded in may of 2019, a concise course doubling up to a price of 8.60 USD. Unfortunately, the course didn’t make it in June, this level again to attack. To overcome tried EOS for the week at the beginning of the super trend in the daily chart at 7,60 US Dollar fell, the price in the entire market consolidation strong. The end of the week he traded with a discount of nearly 20 percent in the vicinity of the week lows at 5,86 US Dollar. At the moment, the uptrend line is still Holding, it should break this support, however, needs a further price drop to the exponential moving average of the last 200 days in to 5.38 U.S. dollars.
Should not hold this support also is not a pullback to the Demand Zone in the case of 4,40 US dollars to imagine. Compared with the other Top 10 Coins EOS is with this weak Price trend is currently a clear under performer. As long as the price can maintain above the upward trend line, is a renewed increase up to the parent 23 percent Fibonacci Retracement Level at 6,64 US Dollar, where also the middle Bollinger Band from the daily chart, to imagine. The indicators show a bearish trend. The MACD indicator has a case of character and very comfortable place down.
The RSI, however, has although the first bearish divergence and indicates an oversold condition on a daily basis, overall, the more bearish the overall image predominates, but when you look at the weakness of the RSI on a weekly basis. As mentioned, the upward trend line supports at the moment the course. A break of the weekly lows at 5,66 US Dollar is enabled, however, the above-listed course goals in the area of 5.40 US Dollar and 4.40 US Dollar. This outbreak scenario, to the bottom can thus lows very nicely with a Short Setup and sale days closing price below the Week (see Chart) are traded. A Stop-Loss just above the 6.40 as the US Dollar offers.
the stability of the Top 10
After an ordinary start of the week in the Wake of the Bitcoin rise gen 61-percent Fibonacci Retracement Level at approximately 13.600 The US Dollar fell, the market capitalization of the Top Coins for the weekend with an average discount of 15 percent. The rankings of the Top 10 Altcoins have changed this week, only slightly. Only Cardano outdated Stellar and is now back to 9th place.
winners and losers of the week
The positive development of the Top 100 Coins in the last weeks was not continued. The majority of the Altcoins had price markdowns. The negative Situation at the ALT/BTC Charts with the surrender, have come to a head. Furthermore, many of the Altcoins look compared to the Bitcoin exchange rate weak. Scarce 65 percent of the Top 100 Coins to record the end of the week below the previous week’s course.
In a weak market environment this week, in particular, Chainlink, with a temporary rate increase of about 140 percent. Thus, he noted for a long time, for the first time in the Top 20. The heard already in the last few weeks performing Egretia Coin with a week plus of 81%, once again to the weekly winners. Among the losers of the week, this time next to the “Zahncoin” Dent also has some great projects such as Moneround Tezos with discounts of about 20 percent to find. The majority of the negative price development of the Top 100 Altcoins this week, is due probably primarily to the astronomical rise in the last time.
The Bitcoin-dominance has to run to the start of the week, the key brand is at 65 percent and is now slightly withdrawn. A sustainable reallocation of Bitcoin in Altcoins is still not reported. Increases in Altcoins, you will find in the last couple of weeks, at best, selective. As mentioned in last week’s suspected, it came out this week on a broad Front to take profit on the Altcoins. Again, it is important to keep calm and to wait for a possible sustainable reversal of the trend in Altcoins. Here it is important to look at the extent to which Bitcoin can defend his week’s low at approximately 10.400 dollars. This should also give the Altcoins Stop.
Disclaimer: The information on this page is the illustrated rate estimates do not constitute buy or sell recommendations. They are merely an assessment of the analysts.
The chart images have been using trading view created. To be considered, the value pairs of ETH/USD and EOS/USD bitfinex.com
USD/EUR exchange rate on the cut-off: 0,88 euros.
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