Daily Market Recap – 07/11 – Can the BTC Bulls Defend the $6k Support? Continued Carnage at the Altcoin Markets


From $258.4 billion to $251.8 Billion – almost $7 Billion has left the building for last 24h. The crypto markets are in pain as total crypto market capitalization has fallen 4.5% on the day. Although volume has remained stable at $13 billion over the past 24 hours, all the coins from the top 10 coins by 24-hour volume posted a negative change, ranging from 1% to 8%.

Most crypto in the Top 30 is in the red with some declining by double figures. Tezos, which has been deying Bitcoin gravity for 4 days now, has finally succumbed with the largest drop of 10%. The momentum looks like it has now been exhausted and it has fallen back to $2.08 from $2.35 this time yesterday. VeChain is also hurting with a 6.4% drop as is Ontology which is losing 7% on the day. Bitcoin Gold rounds out the Top 30 with a 10% decline. Power Ledger (**POWR**) is the top altcoin of the moment is which has spiked 19% over the past 24 hours. Currently trading at $0.324 POWR is up from $0.277 this time yesterday. Kucoin Shares is also defying the drop with as 12.6% rise to $3.21.

Despite the carnage brought by Bitcoin, some analysts are predicting a possible reversal soon as the cryptocurrency is still holding well above the recent low of $5,755 (hit on June 24).

If the bears fail to penetrate the immediate support of $6,000 in the next couple of days, BTC could end up creating an inverse head-and-shoulders pattern (bullish pattern). However, the short duration charts indicate BTC will likely defend the support at $6000. The RSI is already reporting oversold conditions (below 30.00) and another 300 dollar drop would only make it hard for the bears to push BTC below $6000.

So, where do we head next? The whole market is in sense of upcoming reversal, but a lot of signals are telling that lower levels are quite plausible right now. What are you thoughts?

P.S. Full version of this recap can be found at [https://dna.coinve.st/news/articles/2018-07-11/Can_the_BTC_Bulls_Defend_the_$6k_Support@_Continued_Carnage_at_the_Altcoin_Markets_](https://dna.coinve.st/news/articles/2018-07-11/Can_the_BTC_Bulls_Defend_the_$6k_Support@_Continued_Carnage_at_the_Altcoin_Markets_)

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