📝Weekly Report (08.07.2018 – 08.15.2018)
BTC dominance has grown over 50%, while market capitalization fell below 200 billion USD.
📉The price of Bitcoin plummeted below $6,000 on Tuesday, and almost reached its lowest point in 2018. The total market capitalization of the whole market went below $200 billion - its lowest figure of 190 billion USD yet seen in 2018. BTC dominance rate reached 53%, which is the highest point since December 2017. The largest hit was taken by Ethereum: just within two weeks, it plummeted from $470 to $260, reaching its lowest point in 2018. It’s the first time, when Ethereum has fallen below the $300 mark since November, 2017. Ethereum dominance also has fallen: it lost over 4% of market share for the past couple months.
🎙The most important events of this week:
- Saudi Arabia bans Bitcoin Trading;
- Former president of PayPal leaves Coinbase Board;
- Leading American satellite provider “Dish Network” now accepts Bitcoin Cash.
đź“Š Market Analysis:
Last week I wrote that Bitcoin would probably move below $6200, down to ~$5800 level. On the 14th of August, price plummeted down to $5847. Shortly after, bulls were able to re-take $6200 level and doing their best to keep the price over $6200. Ability to sustain price over $6200 and $5800 gives hope for buyers to see $6600 and $6800 in the nearest time. Preferably, positive scenario can push the price up to ~$7400 zone. At the moment as I am writing the price is around ~6100 and I expect bounce to $6400 and above. How to spot positive scenario?