Bearish cycle still remain the same for cryptocurrency
August 28, 2018 5:34 am,
Cryptocurrency market capitalization last week fell below the threshold of about $200 billion for the very first time in the year 2018, reaching to the level of November 2017. From August 12 till August 19, 2018 market capitalization kept on fluctuating from $189.8 billion to $225 billion is the maximum value. Bitcoin capitalization fluctuated, within the range of about $10.5 billion.
The cryptocurrency market topped out and moved back inside the Bearish cycle. A pull-back momentum observed some weeks back over fundamentals seemed too faded away with the confirmation of bearish cycle. In the present year, vertical pull-back from the desired fundamental price level has become a dream for Bulls. Cryptocurrency trading, as well as investments, has risk-returns which are; therefore the understanding of the price theory becomes one of the most crucial parts of trading for calculative returns that are optimized. BTC, on the other hand, has turned out to be short-term bearish, $7,750 and $8,000 acting as an immediate resistance. $7,240 forms an intraday support and if it holds like this, BTC might go back over to 5% momentum upside. The slipped down level opens up the Bear projections up till $6,950.
Ethereum has been constantly under control of bears, the trials are to have closing move above approximately $500 for midterm bullish objective had failed. Fall below an amount of $400 would open the bear avenues testing the April low of amount $355. On an upper side of multiple resistances were seen along the amount $445, $485, $500 and $550 although on contrary the lower side amount of $400 and $355 forms support.