Technical analysis Bitcoin BTC/USD - 01.07.2018
Looking at the capitalization chart of the entire cryptocurrency market from the last 7 days, one can notice how strong resistance is the level of 260 billion dollars. At present, it is worth 254.7 billion $. Bitcoin domination increased to 42.6%.
A week ago we wrote about a possible formation of a double bottom. In the 4-hour chart, this formation is carried out. The price has reacted with a strong support of 5,800 $ coinciding with the upward trendline from the weekly interval. After reaching the local resistance, it went into the correction phase, again reaching the previously described support, and then again reacted with the increase. We currently see how the price tests local support which additionally coincides with the downward trend line. We think that is a good place to make a purchase. The first target is 7,900 $.
Mempool
Below chart of the mempool (last 7 days). Right now fee is 5.0 sat/ byte. The average weekly fee was 21.81 sat / byte.
Blockchain
Transactions on the most active blockchains (7 days average)
