Bitcoin market update

in #btc2 years ago

It is August 30th, 2018! BTC dominance is currently at 53.5% (+0.7%). Total market cap is currently at $223.5 billion (- $8 billion). The volume of last 24h was $13 billion (- $0.4 billion).

Bitcoin price drop caused drop in entire crypto market! Bitcoin dominance raised 0.7% in last 24h what means that BTC drop caused more fear in altcoin market than in BTC market!

Fundamental analysis

  • Yahoo Finance Integrates Bitcoin, Ethereum and Litecoin Trading

https://cointelegraph.com/news/yahoo-finance-integrates-bitcoin-ethereum-and-litecoin-trading

  • Report: EU to Discuss Further Crypto Regulation Amid Concerns About Lack of Transparency

https://cointelegraph.com/news/report-eu-to-discuss-further-crypto-regulation-amid-concerns-about-lack-of-transparency

The fundamental of the crypto market at the moment is very neutral! We have a lot of bullish and bearish news but nothing too big to cause change in the price trend! Yesterday's drop was caused by technical not fundamental reasons! Most of that drop was made by auto-trading!

What I want you to keep in mind is SEC decision about 9 ETF applications! They did this on purpose! Now, we do not know anything about that! New decision can be published anytime and probably it will cause the price to go up or down! Less we know, better and easier for them to manipulate the market!

I personally do not see any reason why would SEC change decision about these 9 applications! I think we need more serious application in order to expect approval! So, probably they are waiting to see how high price can go to dump it with new article that is probably going to be negative!

Technical Analysis

Daily chart : https://www.tradingview.com/x/2dKKxihJ/

Yesterday's daily candle closed very bearish so this drop was expected! Now, this candle looks very bearish but we have more than 12 hours before close of this candle so this could be bear trao easily and few hours before close small pump of $50-100 can change the meaning of this candle a lot. That's why we are trying to find out the direction of the upcoming move on lower time frames!

4h chart : https://www.tradingview.com/x/GGy6naoD/

On this chart I marked 4 very important areas!

The blue area at the bottom is area that should hold out if bulls want to see uptrend! closing below this area will be very bearish sign!

The green area is the area of intereste! We saw a lot of action in this area and this could be potentially great long entry area!

The red area is current resistance! That area was resistance in the past and so far it is holding price below!

The upper green area is potential long target! I do not think we will go above this area in near future! Big things should happen if we want to break this area!

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