📝 Market Summary, 27th July 2018.
Bitcoin price change:
24 hours: -0.85%
1 month: +32.15%
BTC trading volume (24h): $$5,477,280,000 (Over 1 billion decrease)
BTC Dominance: 47.3% (Slight decrease):
Biggest Gainers (TOP-100):VeChain (27.18%)
Biggest Losers (TOP-100): MOAC (-9.73%)
📈 Bitcoin behaved as I expected, and wrote in my previous analysis (http://bitafta.tech/brief-market-summary-july-24th/): It dropped below $8200 and went as low as 7820, towards $7700 support line, which I also indicated. Bulls prevented Bitcoin from falling below important support line, and saved overall bullish trend.
📣 News environment: Slightly negative. Market generally changed its tone from neutral to slightly negative. Bitcoin reacted with small dip when Winklevoss Brothers ETF was rejected by SEC for second time. Another strike came from Google, which Banned Crypto Mining Apps from Play Store. While this is probably not enough to stop positive momentum, it added some uncertainty among investors.
📊 Short-term analysis: Since my previous analysis was confirmed (http://bitafta.tech/brief-market-summary-july-24th/), I want to emphasize importance of two levels:
If Bitcoin will move below $7700, then we are likely to see further price decrease to $7200-7400 zone, which will trigger negative market sentiment with negative results for Bitcoin;
If 1D candle will close above $8400, then our next target is $8600 - $8800 zone. If Bitcoin will keep its price in $8600 - $8800 on 1W candle chart, it might trigger bull run up to $10,000 in August;