Monday Market Report and TA

Cryptocurrency Market Report for 6/11/18

The market took a sharp dive on Sunday with a 10-20% drop that left a sprinkle of green on a sea of red for the week.

The apparent break in the trend that we saw last week was just that, apparent. A small exchange was to blame if you read the headlines but anemic volumes were probably the underlying cause of the sudden drop. If we fall past a few more support zones many cryptos will be at levels not seen since before the end of 2017 boom.

Make no mistake we are currently in a bear trend, with the potentiality of reversing the trend, if bulls can follow up with both strength and significant volume. Given $BTC is trading at it’s 2018 Lows it can be well considered to be a bargain at these prices, so IF bull momentum can be generated before taking out $6425 Low, it could potentially make the recent down move a bear trap, resulting in a buying spree, thereby fooling as many traders as possible.

In the end, we need material events such as the approval of a BTC ETF or the like by the SEC in order for bullish confidence to return.

The 50 MA has crossed over the 100 MA a good signal that the end of this bearish trend is at hand. If it just tests this zone a failure could mean a visit to sub $6000 support levels.

Our Technical Analysis shows that this week only BNB seems to be holding its own weight.
Fundamental Analysis points to very positive comments by the CFTC in regards to cryptocurrency as something that will not go away. If the SEC can jump on this positive sentiment the public will follow and volumes should return.

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