Over the past week the market capitalisation has decreased from $257 billion (6 August) to $216 billion (13 August). The capitalisation was one step away from down below $200 billion. on Saturday, August 11, the capitalization was fixed at a minimum of $206 billion. Considering this situation, it is safe to say that the recent rise was just a correction of the downtrend.
It is also worth noting that the market is the increase in the share of bitcoin and the decrease in the proportion of altcoins. With an overall drop of capitalization, this may indicate that investors began to withdraw their assets from altcoins, but most likely not in bitcoin, and once in the Tether or in Fiat currency.
The price of bitcoin over the past week fell to around $6000, but was unable to punch her, and then began a temporary consolidation of the market, which may develop into an upward correction.
Fig. 1 — BTCUSD, Daily
About the nearest upstream traffic according to the RSI indicator, which demonstrates the high level of oversold asset. Taking into consideration the level of resistance, the upward correction may continue to the horizontal level of $6846,68 and to long-term trend line. Then again, will continue the downward trend to around $5764,57 that also show trend indicators: slow ЕМА50 crossed quick ЕМА24 from the bottom up. The signal to exit the downward movement will take hold above the mentioned levels, which will send the price to around $7783,94.
This crypto currency has also strengthened the downward trend, breaking below its April low. Over the past week the price of Ethereum decreased from $412,17 to $318,15. The minimum value was recorded on August 11 — $308,61.
Fig. 2 – ETHUSD, Daily
Next resistance level for the price will be $274,80. The RSI indicator suggests a high level of overselling this cryptocurrency, which can lead to short-term upward correction.
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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.