Technical analysis Bitcoin BTC/USD - 22.07.2018

In our last analysis, we wrote about the possibility of breaking the resistance at 6,800 $ and searching for long positions in the further stage.

A dozen of hours later, the price has hit the top hard, reaching up the level of 7,500 $ where the consolidation began. During the week, the capitalization of the entire cryptocurrency market increased to 285 billion $, while the Bitcoin domination increased to over 45%.

Returning to the charts. The price has been moving in consolidation for several days and breaking it down will be an indication of the direction at a later date. Due to the fact that the support of 6,800 $ has not been tested from above, it is possible that the price will go down with the target in this place. Alternatively, if the price goes up, the nearest destination is a resistance of 7,900 $.

Mempool
Below chart of the mempool (last 7 days). Right now fee is 3.3 sat/ byte. The average weekly fee was 18.77 sat / byte.

Blockchain
Transactions on the most active blockchains (7 days average)