IOTA, DASH Biggest Losers of Day As Bitcoin Price Sinks Under $8,000

The top 20 cryptos are within the red area today. The losers of the day are IOTA and Dash as they have declined by 7.62 percent and 7.12 percent consequently. The others demonstrate negative tendencies as well. As for the fundamental background, it remains neutral.

There are some interesting news, that may attract investors’ attention. South Korean Customs Service is going to apply a Blockchain system to check all kind of shipments. This software is under testing currently. In order to develop the system, South Korean Customer Service has employed companies from Singapore and Vietnam.

Another important news comes from Bitfinex. They have announced that users will be required to provide their tax information. The received data will be transferred to British Virgin Islands.

The problem here is that this statistics may become available for clients’ country’s tax authorities later.

BTC/USD

Bitcoin established new local lows on the Hourly chart yesterday. However, bears were unable to develop their progress as a correction started from the support area at $7,941.

BTC price has tested this area twice and jump off it, aiming the closes resistance area at $8,128. BTC/USD stays here currently and tests this level from below. Bitcoin price is far below the Ichimoku cloud meaning bears are domination the market.

We have drawn a local descending trend line, which prevents Bitcoin from moving higher in the moment of writing. The currency pair has lost 1.98 percent in the past 24 hours.

The possible scenarios for the currency pair are the following:

1. Bitcoin will break through the resistance area at $8,128 and continue to grow towards the next resistance area at $8,366. However, bulls will have to enter the Ichimoku cloud in order to reach the next goals.

2. BTC/USD will jump off the current resistance area at $8,128. The currency pair will likely to decline towards the next support area at $7,941.

3. The currency pair will stay close to the current level without significant changes.

Bitcoin has almost left the Ichimoku cloud on the daily chart but there is no momentum meaning it will test the indicator again. The situation remains unclear as there are no signs of any tendency currently.

Card

LTC/USD

The currency pair declined yesterday and reached new lows. Litecoin jumped off the support area at $129.41 and went towards the next resistance, which resides at $134.34.

However, LTC/USD failed to reach it. Litecoin is still trying to move higher, but it seems like bears are on guard currently preventing bulls from driving the currency pair higher.

Litecoin has lost 3.87% in the past 24 hours. LTC price is far below the Ichimoku cloud meaning bears are controlling the market.

The possible scenarios for LTC/USD are the following:

1. LTC price will reach the next resistance area at $134.34 and to test it. There is a high probability that Litecoin will meet the descending local trend line (red) there. If successful, bulls will be able to drive LTC/USD even higher, above those lines.

2. Litecoin will move towards the closest support area at $129.41 in order to test it. If successful, bears will push the currency pair even lower.

3. There will be no significant changes and LTC price will stay close to the current levels.

Litecoin has left the Ichimoku cloud on the Daily chart but there is no momentum and the currency pair seems to test the lower border of the Ichimoku cloud in the nearest future.

ETH/USD

The currency pair declined yesterday and reached the support area at $663.14. Ethereum jumped off this level and started to grow today. TETH price is somewhere in the middle between two levels currently.

We have drawn a local descending trend line (red), which prevents ETH/USD from moving higher. Ethereum price is below the Ichimoku cloud meaning bears are in control of the market. Ethereum has lost 2.72 percent in the last 24 hours.

The possible scenarios for ETH/USD are the following:

1. The currency pair will reach the local descending trend line and test it. If successful, buyers will be able to develop the progress and to reach the next resistance area at $695.52.

2. Ethereum will reverse towards the closest support area at $663.14. The bears will try to cross the level and to push ETH/USD lower.

3. There will be no significant changes in the next several hours.

Ethereum still fluctuates above the Ichimoku clouds as bulls control the situation. There is no midterm trend currently as the price stays within a narrow horizontal channel.

ZEC/USD

The currency pair reached the support area at $306.71 during the Asian session. Zcash jumped off it later and moved higher. The currency pair has broken through the next resistance area at $325.54 and managed to develop its progress.

Bulls seem to drive ZEC/USD towards the next resistance area at $366.51, but there is an obstacle on their way as the price is still below the lower border of the Ichimoku cloud. Zcash declined 1.90 percent in the last 24 hours.

The possible scenarios for ZEC/USD are the following:

1. Zcash will cross the Ichimoku could and reach the next resistance area at $366.51. There is the local ascending trend line close to that area and ZEC/USD is able to reach it in this case. If the price jump over this line, Zcash will restore the uptrend on the hourly chart.

2. ZEC/USD will jump off the lower border of the Ichimoku cloud and move towards the closest support area at $325.54.

3. ZEC price will stay close to the current levels without significant changes.

Zcash jumped off the support area and the higher border of the Ichimoku cloud on the daily chart. However, the midterm situation still remains unclear.

XRP/USD

Ripple established new lows yesterday, but bears were unable to hold the price there. XRP/USD went upwards and has broken through the closest resistance area at $0.6629.

Ripple managed to move a bit higher but was stopped by the local descending trend line (red). XRP price is far from the Ichimoku cloud meaning bears are domination the market. The currency pair has lost 3.18 percent  in the past 24 hours.

The possible scenarios for XRP/USD are the following:

1. Ripple will try to test and the break through the local descending trend line (red). If successful, bulls will be able to drive the currency pair even higher towards the next resistance area at $0.6900.

2. Rejected by the red descending trend line, Ripple price will decline towards the closes support are at $0.6629 first. If bears manage to cross this level, XRP/USD will fall even further towards yesterday’s lows.

3. There will be nothing interesting as the price will stay close to the current levels without significant fluctuations.

The currency pair left the Ichimoku cloud as XRP/USD crossed the lower border of this formation. However, there is no momentum still and the fluctuations on the daily chart are lazy.

IOT/USD

The Internet of Things project’s cryptocurrency is one of two true “leaders” of the day as it has suffered significant decline and has lost about 7.62 percent in the past 24 hours. The currency pair reached new local lows at $1.68 area.

IOTA jump off this support level later and almost touched the local descending trend line (red). IOTA price is far below the Ichimoku cloud meaning bears have full control over the market in the moment of writing.

The possible scenarios for the crypto are the following:

1. IOT/USD will move upwards and test the red local descending trend line. If successful, the buyer will be able to reach the closest resistance area at $1.79.

2. IOTA will start to decline and reach the closest support area at $1.68, which coincides with the local lows, established yesterday.

3. The coin will stay close to the current levels without significant changes.

The currency pair has reached the higher border of the Ichimoku cloud on the daily chart and the moment of truth has come. Bulls are still in control over the market but may lose their momentum if bears push the price below the indicator.

DASH/USD

DASH is the second “leader” of the day as the currency pair has lost about 7.12 percent in the past 24 hours. DASH/USD has reached the local lows today and has found support at $374.77. The currency pair jumped off this line later.

DASH has almost reached the local descending trend line (red) but is still below it. DASH price is below the Ichimoku cloud meaning bears are dominating the market.

The possible scenarios for the coin are the following:

1. DASH will jump over the local descending trend line (red) and move higher, towards the next resistance area at $400.30.

2. The currency pair will jump off the descending trend line (red) and move towards the closest support area at $374.77.

3. DASH price will remain unchanged and fluctuations will be quiet.

The cryptocurrency has left the Ichimoku cloud on the daily chart, but the fluctuations remain calm. There is no momentum currently. Dash price is able to test the lower side of the Ichimoku cloud.

card