So I would like to start today's TA from D1 TF and W1 TF in logarithmic scale and also write about whole picture in current situation.
Lets start from BTC D1 TF:
There were several times noted previously how impartant the uptrend line is (yellow). As we see after yesterday's pierce the second candle was opened. If the price doesnt go back to 7400$ till the end of the day then this support level which keeps the price from further falling will become a resistance level.
«Fibonacci level» - the correction of the rise from 5755$ to 8503$ - 61.8% Fibo which is at 6804$ and this is the nearest bus stop for the bears. The next stop after this level will be at 6300$ exactly at downtrend line (blue).
(Look to the graph below) Ichimoku indicator. If the second candle opens below KIJUN line(7134$) till the end of the day than there are more chance of going lower.
Some Important News From Crypto World
Bitcoin Price Drops, IPO’s and an NYSE Bitcoin Market: This Week in Crypto
The bitcoin price is down 15% this week following strong gains of 9% last week and 18% the week before that. The coin had been hovering around the $8,000 mark since it first hit the crucial price level on August 24th. The $1,200+ price drop has largely been blamed on the SEC’s rejection of the Winklevoss’ second ETF rejection. On its way down, the price flirted with the $7,800 support level before failing to maintain that level. The bearish pattern has continued all the way down to the $7,000 level.
Ethereum is down 14% this week hovering around the $400 level. The coin has been moving in tandem with bitcoin as far as down moves go recently, but not mirroring up moves. As we discussed on last week’s podcast episode, ethereum is representative of lots of altcoins that have mostly taken heavy losses.
The entire coin market cap is down 14% this week. The cap fell below the crucial $300 billion level earlier this week and fell to the $255 billion level mid-week. The price drop falls despite nice gains by major currencies such as tezos.
Source LinkCrypto Market Valuation Drops to $250 Billion, Volume Declines Substantially
Volume is Tanking
Last week, the volume of Bitcoin hovered around at $5.5 billion while the volume of the entire crypto market exceeded $18 billion. As of August 5, the volume of Bitcoin remains below $4.1 billion and the daily trading volume of the entire market has declined by $7 billion within a seven-day period.
Source Link https://www.ccn.com/crypto-market-valuation-drops-to-250-billion-volume-declines-substantially/What to expect from the New York Stock Exchange, Microsoft, and Starbucks cryptocurrency alliance...
Here in Silicon Valley the response to today's news was a bit funny to watch, and mine seemed to be inline with most in the cryptocurrency world. That is - for how long I've been preaching that cryptocurrency "mass adoption is coming" every time a big move like this actually happens - i'm still somehow wowed by it.
Source Link http://www.globalcryptopress.com/2018/08/what-to-expect-from-new-york-stock.htmlMoney or Assets? How World Governments Define Cryptocurrencies
Cryptocurrencies — what are they? Money? Commodities? Securities? Utility tokens? Or something else? Few national governments seem to be in any kind of agreement on this question, and for now, at least, their divisions have given such currencies as Bitcoin and Ethereum a floating, indeterminate status on the global stage.
Source Link https://cointelegraph.com/news/money-or-assets-how-world-governments-define-cryptocurrencies
