After a significant drop August 14, capitalization of the stock market began a recovery and during the previous week increased by 13.7%. On 20 August at the time of writing its value is $215 billion, and the maximum mark for the period was recorded August 18 — more than $225 billion.
Bitcoin price in this period was characterized by high volatility: it rose to the level of $6532,92-6682,68, and then fell again to around $6000. Currently bitcoin is trading at $6400-6500.
This movement can be characterized as an upward correction of the previous downtrend. Possible limits for it, we stretched the Fibonacci grid
Fig. 1 — BTCUSD, Daily
The important levels for upward correction will be: 38,2% ($6900), 50,0% ($7200), 61,8% ($7510,07), each of which can form a reverse downward movement. The consolidation above the latter will speak on the strengthening of the upward movement and the transition into a new trend, causing the price to continue growth to the level of $8500,43.
Do not forget about the downtrend. If the price breaks and consolidates below $5764,57, it is likely the downtrend will continue towards $5000.
Ethereum
As stated in the previous review of course, the price of Ethereum cryptocurrency reached $274,80, followed by market consolidation. At the time of writing, Ethereum is trading at $300-290.
Fig. 2 — ETHUSD, Daily
The price tests the resistance at $274,80-250,70, in the case of a break-through which will extend the downside movement to around $200.
Such a strong fall in the price of this cryptocurrency is credited with once the sale of its coins. ICO-companies that in many ways makes the cryptocurrency is irrelevant at the moment.
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Egor Tishin, an analyst at TSI Analytics, especially for Coinspot
The review reflects the subjective position of the analyst — partners Coinspot subject to personal trading style. Trading operations with cryptocurrency are increased risks due to the nature of the market. The editors are not responsible for your trading decisions and recommends trading only to those funds, the loss of which will not be critical.
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