The cryptocurrency got a boost, but investors are in no hurry
Optimistic mood this week again returning to the market, and the beginning of July 2018 will go down in history of the stock market as “dawn of hope”. The most basic question that everyone should ask themselves the investor: whether the current moment is perfect to buy at the lows or even a correction lower in comparison with the current values? Let’s look at the example 2 of the leading assets of the market of digital currencies.
The first asset that we will consider and which ultimately determines the dynamics of the entire cryptocurrency market supports Bitcoin (BTC). As we expected, the area value $6011 hurriedly “sellers” could not be overcome, and the quotations come nearer to powerful resistance and simultaneously to the first target for the growing movement $6650 – $6800.
Crazy recovery rate tells us that were all the time reduction since the beginning of may in the “wait” buyers were ready to take advantage and start buying all “that is bad”. If you do not Express their ideas metaphorically, we can note the growth of some altcoins and 15% for the day.
Therefore, the previously expressed thought about reaching end of summer values of $10,000 does not lose its relevance. But to confirm it will be possible only in case of overcoming multiple daily candles value $6800, as well as the following more serious district levels $7375 – $7500 (this will happen most likely in mid-July). Here you have all the “bears” will lose their last illusions about the impossibility of growth.
But experienced market participants, of course, kept in the minds and the option to try again in the downward movement in the correction, and then to the current values is to look for short-term support near $6300 and the previously mentioned $6011. A new attempt to push prices below $6011 will be met with $5800 and $5300. Yet the current situation indicates more on the revival of the propensity to buy in the longer term upcoming months.
Investors in another cryptocurrency Ethereum (ETH) within the past week showed active buying from oboznachivshegosya in reviews of the minimum value on the strong support of $400 – $422.
At the time of writing it is trading near a very important resistance level of $487 (23.6% correctional level of Fibonacci lines). Is “smart money” is already configured for overcoming this value? If in the coming weeks will see the confirmation for this idea, then it should be prepared to fix (as reliably as a football goalkeeper catches the ball) the profits in areas of $530 – $560 and $600.
Of course, cryptologist disagreed on the question whether the current rise is of short duration and artificial (it is also called a pump) or there is the implementation of urgent potential?
The first version indicates the past tense at the beginning of last week (by accident?) zapechatyvanie another 250 million tokens Tether. Note that a similar situation occurs before each increase Bitcoin. So, if applied to schedule the release of new electronic counterparts Tether, we observe a strange coincidence in 2017 and in the beginning of this year right before Gagarin’s take-off of the first currency at $1400. The answers to all the questions we receive in the coming weeks.
Head of unit, analysis and research,