23 July 2018

Overview of the cryptocurrency market. Week results and future plans

The weekly Japanese candle closed growing at BTC. This means that the cryptocurrency market showed a general rise. The main digital currency in the previous week rose almost 20%. Strong growth was also demonstrated by some altcoins. For example, BTC Cash showed growth of 12%, EOS - at 12,5%, Stellar Lumens - 32%, Cardano - 22,1%. Capitalization of cryptocurrency market rose by $30 billion, the index of domination of digital gold rose to 45,5%.

As for the current situation, the cryptocurrency market went according to the second scenario, which we forecasted on the last analyst. There is an assumption that the wave of growth will not be as strong as in the previous week. However, trading indicators and moving averages do not think so. On the daily chart of BTC/USDT, they allow the purchase of an asset, on a four-hour basis - they talk about a strong purchase. A break of $7 600 is another plus for the price of digital gold. But buying cryptocurrency is still dangerous. The risks of the beginning of correction are high, in addition, some indicators indicate the beginning of the bearish trend. The best option for trading is to wait for testing of the new $7 600 support and further purchase taking into money account and management risk.

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