During the previous week the market capitalization continued its decline, resulting in decreased 7.5%. At the time of writing (18.06.2018) the capitalization of the stock market is $279.9 billion. it is Worth noting that from Monday to Thursday 11.06 14.06, the dynamics of capitalization of the market was characterized by strong pulsed vibrations. In turn, after Thursday began a steady motion. The share of bitcoin has grown and reached 40.2%.
Schedule of price dynamics announced about the consolidation of the bullish sentiment. This confirms the break out of the triangle. 10 June was the pulse break of the lower border of the triangle, and then downward movement continued, and the minimum price for this period was $6145.14.
Fig. 1 – BTCUSD, Weeks
The dominance of the bears is also confirmed by the price consolidation below the 50-week exponential moving average.
The next logical level, which may soon reach the price will become $6000.00 — $5867.99.
In the four-hour timeframe we can see a descending triangle formation. In case of breaking the lower border of this triangle will be formed the first motion to $6137.23, and then to the above levels ($6000.00 — $5867.99).
Fig. 2 – BTCUSD, H4
I wouldn’t discard the possibility of breaking through the upper boundary of the triangle, then the price may continue to move towards $7058.86. But such a development is unlikely as there is sufficiently large bearish volumes.
Second, the cryptocurrency is not distinguished positive movement, unless you consider the short pump because of the news that the SEC does not define Ethereum as a valuable paper. Instead, the controller indicates the quality of Ethereum characteristic of the product.
At the time of writing (18.06.2018) capitalization of this cryptocurrency is fixed at $49.9 billion, and the Ethereum traded against the us dollar at a price of $498.14.
Considering the price chart, we can note a movement in the bearish sloping channel. This movement began with 07.05.2018 after the price bounced off $831.05.
Fig. 3 – ETHUSD, Weeks
Further movement can be continued to the trend(blue) line, which serves as a strong support level. There is also a strong horizontal support level of $419.25 – $355.43. On this basis, we can expect a price reversal to the upside, but to strengthen price will need to break and fix above the resistance level sloping channel.
In turn, trend indicators indicate dominance of bearish positions, as the price has fixated below the heavy exponential moving average with a period of 50 weeks. Also see the intersection of fast ЕМА12 slow ЕМА24 from top to bottom, which significantly strengthens the bearish trend.
Analysis of prices on Bitcoin and Ethereum held TSI Analytics analyst Yegor Tishin.
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The review reflects the subjective position of the analyst Coinspot subject to personal trading style. Trading operations with cryptocurrency are increased risks due to the nature of the market. The editorial Board does not bear ответствbенности for your trading decisions and recommends trading only to those funds, the loss of which will not be critical.