Bitcoin price change:
24 hours: 6.43%
1 month: 33.7%
BTC trading volume (24h): $6,937,500,000 (Significant increase)
BTC Dominance: 47.2% (Moderate increase):
Biggest Gainers (TOP-100): ZenCash (20.78%)
Biggest Losers (TOP-100): Augur (-6.28%)
📈 Just as I wrote in my previous analysis (http://bitafta.tech/weekly-report-07-13-2018-07-20-2018/), as I expected, after breaking through $7800 resistance, Bitcoin moved to the lower resistance of $8400 – $8600 zone. 1W Candle closed above $7800, which indicates bull sentiment .
📣 News environment: Neutral. Plenty of positive news encouraged market to grow this week. Market positive vibe was equalized by negative news from The U.S. Securities and Exchange Commission (SEC) that has delayed making a decision on whether to approve five bitcoin-related ETFs until September, and G20 countries decision to collectively apply new Anti-Money Laundering (AML) regulatory laws/standards.
📊 Short-term analysis: While majority of crypto world is celebrating Bitcoin recovery, I am still very careful as our major resistance line at 10,000 and 11400 is yet to come. Majority of indicators display bull market signs: MACD – Bullish Signal Line cross with growing divergence. VFI – still in negative value, however it’s the first time when Bitcoin came so close to 0 value since early March 2018. If Bitcoin will move above 0, we are likely to see impressive bull market. It’s fair to remind that we still have bearish signs: RSI – 76 value (overbought asset) might lead to a short-term price drop below $8200. WT Oscillator: Indicates possibility of short dip as low as $7700 USD. Considering all these indicators, I think that we might see some short-term correction, but with very promising mid and long-term outcome. For this period, I will abstain from any Altcoin purchases and will concentrate solely on BTC-USD pair trading.
