8 August 2018

Overview of the cryptocurrency market. Strong downward movement

The cryptocurrenct market shows a strong drawdown today. The daily chart shows a steady downward trend, which has been going on since 29th of July. Capitalization of cryptocurrency market fell to $233 billion. The decline will stop on the support of $6 200, which was mentioned in the last analyst, apparently. BTC fell by 6%, Ethereum lost 8%, Ripple - 14%. 

The increased fall is connected with the fundamental. The news that the SEC of America announced the next transfer of consideration of the decision on BTC-ETF before the end of September, hit the cryptocurrency market yesterday. More time is needed to pass the resolution according to the mission. 

The situation is much worse as for technical analysis. Volumes to buy fell, sales have multiply increased. Technical indicators show "sell". Some of them demonstrate the overall short-term oversold market. This situation is dangerous because it is risky to play in advance with panic sales or purchases. The probability of falling is high because of the next wave of investors' disappointment, one must be ready for this.

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