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Tanya Abrosimova

Tanya Abrosimova

Tanya Abrosimova has been engaged in the financial markets since 2003, specializing in Foreign Exchange, first as a market news translator, and later as an…

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Cryptos Attempt To Claw Back Weekend Losses

BTC

BTC/USD fell slightly on Tuesday morning to trade at $6764, mostly unchanged since the start of the day. The digital coin No.1 is rangebound after a volatile weekend.

Meanwhile, U.K.'s Financial Conduct Authority took time to remind bank CEOs about potential risks related to cryptocurrencies. It's not the first time the British regulator issues such kind of warnings, but in the latest attempt, it urges banks to pay special attention to the clients, who deal with crypto-assets. Namely, FCA emphasizes the importance of due diligence to ensure anti-money laundering protection and compliance with existing financial crime frameworks.

Bitcoin's technical picture

From the intraday perspective, BTC/USD is capped by 100-SMA (hourly chart), currently at $6764. If this level is successfully passed, the recovery may be extended towards the next local goal at $6,900 and to $7,000. The support is produced by 50-SMA at $6,790, followed by Sunday's low at $6,652.

In the long-run, Bitcoin bulls have to take the coin above $7,683, which is 23.6 percent Fibo to ensure stable recovery with the ultimate goal at $8,000 followed by $8,300 (50-DMA).

BTC/USD, the 30-min chart

(Click to enlarge)

NEO, the 11th digital coin with the market cap $2.9B is changing hands at $44.63, over 2 percent lower since the beginning of Tuesday. The coin recovered from Monday's low at $42.54, but the upside momentum faded away pretty quickly. NEO is most actively traded at CoinEgg against BTC, followed by Binance and OKEx.

NEO's technical picture looks dire, though there are no NEO-specific reasons for the decline, the coin mostly follows the general pattern of the cryptocurrency market that is licking the wounds after the weekend crash. NEO is still 62 percent higher on y/y basis, which is better that Ethereum (+42 percent), but worse than Bitcoin (+163 percent) Related: Dennis Rodman Aims To Unite North Korea And The U.S.

From the longer-term perspective, NEO/USD has to move above $50.00 to have a chance for an extended recovery. Once the said resistance is broken, the upside may be extended towards $59.40 (another downside trend line), and to 50-DMA at $64.65. On the downside, the support is created by new 2018 low at $42.63, followed by psychological $42.00 and $31.15, which is the lowest level since December 22, 2017.

NEO/USD, the daily chart

(Click to enlarge)

Ethereum Classic price is the shining star among the top 20 cryptocurrencies by market capitalization. The crypto is enjoying the support after Binance announced that it was adding more trading pair for the digital asset. The announcement reads, “Binance will open trading for ETC/BNB and ETC/USDT trading pairs at 2018/06/12 2:30 AM (UTC).”

Coincidentally, Coinbase the US-based cryptocurrency exchange announced support for Ethereum Classic in the coming months. The details of the listing were covered at length by one of FXStreet Editors, Tanya. However, a segment of the announcement said:

“We are pleased to announce our intention to add support for Ethereum Classic (ETC) to Coinbase in the coming months. We are announcing this both internally and to the public consistent with our process for adding new assets.”

Ethereum Classic went ballistic on both of the above announcement, but the support from Binance could have played a big role in the surge. Besides, it is good news that Coinbase is expanding its list of tradable assets, moreover, it is significant to the community that it is Ethereum Classic that lands the awaited support. When the listing comes and ETC is finally on Coinbase, there will be another blow up which could see Ethereum classic explore new higher levels.

Related: London Remains Europe's Top Tech Hub Despite Brexit

In the meantime, Ethereum Classic is trading marginally above $15.5 after the bears sort equilibrium from the intraday highs of $16.60. ETC/USD succumbed to the bear pressure in the market in the previous weekend, sliding to $12.21. The crypto bounced using the support above and broke past the resistance at $15.00. The price is currently trading a brief bullish flag pattern pending another upside breakout in the near-term. The moving averages signal that the buyers are not done yet and still yearn for more upside movements. The RSI is ranging slightly below the 70 mark. On the other hand, a short-term support is formed at $15.5, but $15.00 will prevent further declines.

ETH/USD 1-hour chart


(Click to enlarge)

By Tanya Abrosimova via FXStreet.com

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