Crypto market waits for a catalyst as ranges get tight
InvestingOnline.com
7/07/2018, 12:52Cryptocurrencies are trading mostly sideways as investors are waiting for a catalyst that can shake crypto assets. At the same time, the market is focused on the trade war between China and the United States for new developments.
Bitcoin is trading horizontally above the 6,580 level, supported by the 20-day moving average around 6,395. Ethereum is moving sideways too but performing small positive days, the ETH/USD is supported by the 450.00. Bitcoin Cash is down for the third day at 720.00. It is testing the 700.00 area.
Gemini hires NYSE former tech chief
Gemini, the crypto exchanged founded by Cameron and Tyler Winklevoss, announced Friday that they hired Robert Cornish as its first chief technology officer. “Rob is a tremendous addition to our team,” Tyler said in the press release.
Cornish is a former New York Stock Exchange chief information officer and he will on charge of the deployment of Nasdaq’s SMARTS Market surveillance, “real-time and T1” solutions for market surveillance.
According to the news, Robert is called to drive the expansion of the cryptocurrency offerings in the company. Cornish “will ensure that Gemini continues to deliver the best platform experience to our customers as possible and set the standards of excellence for the cryptocurrency industry as a whole.”
Facebook hires its first director of engineering, blockchain
Mountain View’s giant Facebook announced the hiring of Evan Cheng as its first “director of engineering, blockchain.” Facebook is getting serious about blockchain technology.
Facebook has been exploring blockchain technology since the beginning of 2018 after it appointed a team to evaluate the possibilities of the technology.
Bitcoin overbought, but sideways
BTCUSD YTD daily chart July 7
The crypto king has been trading water in a small range between 6,450 and 6,670 for the since July 2 when the BTC/USD broke above the 20-day moving average. It is now on consolidation mode supported by the moving average.
Investors are waiting for a catalyst that can make the pair break above, or below, current range. BTC/USD seems to be performing a flag formation.
To the upside, the pair needs a break above 6,750 to confirm some bullishness. Above that, the 50-day moving average is waiting at 6,970.
Ethereum sideways but slightly positive, supported by 450.00
ETHUSD YTD daily chart July 7
ETH/USD is trading in a range between 450.00 and 485.00 as the pair remains contained by the 20-day moving average around 470.00. The cross is consolidating levels after bouncing at 400.00 on June 29.
To the upside, Ethereum should close above the 485.00 to trigger more buys. Above that, the short covering would send the pair above the 500.00 area.
To the downside, if the pair breaks below the 450.00 area, it will find the next support at the dynamic line of 402.00. Then, 365.00 is the last frontier.
