Bitcoin price change:
24 hours: -1.72%
1 month: +14.53%
BTC trading volume (24h):$4,881,834,802 (One billion decrease)
BTC Dominance: 48% (No changes):
Biggest Gainers (TOP-100):Populous (14.88%)
Biggest Losers (TOP-100): Elastos (-14.63)
📉 Couple days ago I indicated that Bitcoin was moving within bullish ascending triangle, however this correction hit me like a bucket of ice water on my head;
📢 News environment: Neutral. Market news are allocated equally. We got some positive news: Crypto exchange Coinbase customers will now be able to deposit and withdraw British pound (GBP), and Commissioner Hester Pierce’s reassuring speech on Bitcoin. Negative news: US Securities and Exchange Commission (SEC) officially rejected the Bitcoin ETF proposal of the Winklevoss twins, who operate Gemini, a major cryptocurrency exchange in the US. While it’s not a fresh news, it had significant negative influence which I will discuss later in this article.
📊 Short-term analysis: We might see some short-term recovery, but since BTC went below $7800 zone, this recovery shouldn’t turn into full-scale bull run, unless some major news will come in. I didn’t expect BTC to move below $7800 this week because majority of indicators were neutral, some of them were bearish, but I didn’t take them into consideration, which was my mistake...