5 July 2018

Overview of the cryptocurrency market. The struggle of buyers and sellers

The digital market shows recovery after yesterday's slight decline. The bulls had enough strength to raise BTC again to the value of $6 600. The bitterness of the struggle at this level is noticeable, as the victory of buyers promises growth to $7 000, and the victory of sellers will continue the downward trend. The price is in the zone of horizontal resistance. There is no need to hurry up and open long positions, as there is a possibility of a bull trap.

The total capitalization of cryptocurrency market is $274 billion, the daily trading volume exceeds $16 billion, the BTC domination index is 41,1%. A special growth of the top 10 cryptocurrency can boast only the coin NEO, which gained 14,69% over the day. The digital market remained almost at yesterday's level and as if awaiting the decision of bulls or bears.

The price of BTC will be able to do two things before the next step. The first is correction from horizontal resistance to support lines with a new upward movement. If such a scenario will happen, it will show the interest of the big players. Second - the levels will punched down. BTC will fall into the horizontal support zone between $6 287 and $6 152. The interest of buyers will lose, and this can activate sales again.

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