Bitcoin Analysis July 13, 2017
The coin market is still young, so the recent storm has made many investors equally worried. Besides, you have noticed one thing
The market capitalization of 100 billion is just a small number that the market may move according to the "orientation" of the big guys. However, Bigboys always know that when making market prices or making certain coin prices, they have to be reasonable and they make us irresistible. Too good, too professional, right? After pressing the market down to around 80 billion, the market capitalization now increased to nearly 90 billion. I also analyzed for you about the Segwit Bitcoin casethis. Whether Bitcoin Segwit succeeds or fails, BTC is still a class that cannot be replaced by any other coin. It's not that Bitcoin is better than other coins, it's simply a "heroic era". It was born early and at the right time and is now almost irreplaceable.
Technical analysis Bitcoin
Daily chart analysis (Monthly frame)
After breaking the green uptrend line, Bitcoin price is still fluctuating under the downward pressure of the red trendline.
Currently BTC is in the blue cloud signaling that the current trend of Bitcoin is sideways. Ichimoku is signaling sideways and downward pressure as Tenkan and Kijun are parallel and Kijun-sen is above.
Price is trading below MA20 which is good for the downtrend. Bands are contracting and the middle bands are pointing down. So maybe it will test the bottom again before Bitcoin can go deeper or not.
The 54 MFI cash flow still signals that Bitcoin holders still believe in it a lot.
The ADX signaled a clear decline.
Stoch is oversold and looking to cut up and has a bit of a divergence so it might go up.
Conclusion A: BTC is still flat and under strong downward pressure. The nearest support is still at 2250, the nearest resistance is at 2390. You can see to learn how to analysis: SiaCoin (SC) Market Sentiment Analysis
H4 chart analysis (Weekly frame)
In general, the signals are all down, so I won't list them here. The price is approaching the middle Bollinger bands and Stoch is starting to point down. Today's forecast is that Bitcoin will fall from this zone after a bullish divergence from the 2237 bottom. If you want to short, you can wait for the signal in the resistance area of 2380-2415. Conclusion B: The downtrend is quite clear. Currently BTC is correcting after hitting the bottom of this wave at 2237. SELL zone 2380-2415. Target hovers around 2237 or beyond at 2168 support. We hope the technical analysis will make it easier for you to buy and sell at Primexbt crypto trading
CONCLUSION A + B ==> BTC trend is down quite clearly as the market is under pressure ahead of the upcoming Segwit.
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