Analysis the price of Bitcoin/Ethereum: waiting for growth
Since the beginning of the previous week (25.06.2018) observed a continuation of the lower capitalization of the cryptocurrency market until Friday (29.06.2018). After that there was a strong upward movement, in which market capitalization rose by $27 billion At the time of writing the market capitalization of crypto-currencies is $254.01 billion In turn, the share of bitcoin is 42.57% and ether 17.71%, which is more than half the capitalization of the entire market.
About the possible scenarios of price movements of several popular altcoins will tell analysts TSI Analytics Yegor Tishin and Oleg Sergeyev.
Considering the price of bitcoin, we can note the impulsive motion generated 29.06.2018, which led to growth in market capitalization. It should be noted that this movement has become an unexpected phenomenon, since it is not supported by any one fundamental factor.
Fig. 1 – BTCUSD, D1
The rebound in prices has occurred from the level of $5796.16 and lasted to around $6500.00, and then began the consolidation movement, and the volume began to decline.
As a result, the pulse movement the price managed to fixate above the long-term trend lines, which act as an important resistance level.
Next will be a logical continuation of the upward movement to the level of $6839.31. In case of fixation over which the movement will continue to the level of $7776.49 and meet another trend line. Consolidation above these levels will talk about strengthening the bullish trend in the market.
It is also worth noting the formation of figures continue the trend on lower time frame (H4), namely the bull flag.
Fig. 2 – BTCUSD, H4
On the theory of technical analysis flag after consolidation shall form another ascending impulse, which is equal to the previous movement. Therefore, the continuation of this figure can raise the price to $6839.31. The trigger for the beginning of this movement will be the price fixing above the resistance level sloping channel (which is part of the figure), and the need to increase trade volumes without breaks can be considered false.
Despite the fact that the ether repeated the movement behind bitcoin, it is still in a downward sloping channel.
The decisive factor in this price schedule will be the resistance level of downward sloping channel. Strengthening of bullish positions can be expected only after the breakout and fixation above the above mentioned level. It is then possible continuation of the upward movement to the levels of $547.02 to $629.05.
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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.