Monday 09.07.2018 capitalization of the stock market started falling and reached $242,3 billion on Friday 13.07.2018. Then began a slight increase, which eventually returned to the market capitalization to the value of $255,9 billion.
Bitcoin price at that time made attempts to break above the psychological level of $7000,00, but at $6800,00 bears took the initiative in their own hands with the result that the price was back at $6000,00.
At the moment (16.07.2018) the price is moving in the range of prices of $6856,59 — $6083,76. While trend indicators indicate the dominance of the downtrend, as the price is below the fast and slow ЕМА24 ЕМА50.
Fig. 1 – BTCUSD, Daily
In the case of the price fixing below $6083,76 — $5786,60 – will extend the downside movement up to $5000.00 in, which is an important psychological level.
To strengthen the upward movement the price will have to break through and get fixed above the level of $6856,59 (then the price will meet resistance in the form of an exponential moving average with 50 day period), then you can expect a hike to around $7783,94 in this area is a long-term trend line, a break above which will definitely tell about the market transitions in the rising phase.
Cryptocurrency Ethereum as a bitcoin unable to overcome the important psychological level of $500.00 and formed impulse movement up to $418,75. Currently price has found considerable support at $432,08 — $406,64, in case of fixation below which the downside movement will continue to the value of $359,00.
Fig. 2 – ETHUSD, Daily
It is worth noting that the price is above the long term trend line which has acted as strong resistance level.
If the price still will strengthen the upward movement, the important resistance levels will be: $496,98, $548,94, $629,05. Only after fixing above these levels we can talk about the return of prices to the may highs ($829,74).
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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 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.