Alright, last days have been very volatile among the crypto markets without any doubt.
We suffer from this volatility since Bitcoin had crossed the $2000 mark. In the past week, following the sharp declines in the Etherium rate, bitcoin had gone for a sharp correction. Most of the altcoins, by the way, had suffered from a deeper correction.
At the moment it looks like a healthy correction after a long way rally since the beginning of the year. The Crypto market is known as a speculative and volatile young market, and deeps are also part of the game.
WHAT AWAITS US THIS AUGUST
So what will happen in August? It is still unclear where the subject of Segwit’s adoption is going. At the moment, the signals coming from the miners do not guarantee that we are heading in the Segwit’s direction. On the other hand, it seems that there is a high probability to see kind of solution in the beginning of August. Whether it will come from the miners or the users side. BitMain, who controls 70% of all mining equipment sold on the market, had released the code for Hard Fork (UAHF), which was coded by the Bitcoin Unlimited developers and apparently did not refer to SegWit technology at all. It seems that upcoming august is going to be hotter than ever in Crypto.
TECHNICAL ANALYSIS
Bitcoin, Technical point of view: The rate is very volatile between $ 2300 from below to $ 2600 area from above, where lays the short term resistance.
BTC
It also seems that the RSI indicator is low and the market is volatile accordingly.
The comparison to the bubble of 2013 is obvious, can be clearly seen in the following graph.
On the other hand, the market situation is very different from the 2013 situation. The trigger that began the crash in 2013 was the collapse of the Mount Gox exchange, which back then was by far the major exchange. Today situation is very different of course. In conclusion, we can be optimistic but caution is required.
BTC VS OTHER CRYPTOS
Etherium: ETH support had broken and now we are stabilizing around 0.1 BTC area. There is still hype around ETH based ICOs, so seems like the correction is kind of healthy behavior. In the ETH -USD chart, the support line seems to be around $ 250. Who would have thought that a year ago, one ETH was worth only $ 10…
Zcash: Even after the last rally and a decent correction against the Zcahs – BTC value, the target reached at 0.17 BTC. It now seems that the previous resistance at 0.11 had become the new strong support.
If Zcash holds here, we might see a continues uptrend movement. Mining power is growing and now the miners’ incomes are less. The increase in mining power is accompanied by an increase in the difficulty of producing new Zcash coins. Another positive news to keep in mind – soon Alphabay (DarkNet) to add Zcash.
ZCASH
Technical view, ZCASH – USD: The dollar rate is currently around $ 280 and the support level seems to be around $ 240.
Cofound.it – CFI: A decentralized global platform that connects start-ups, experts and investors around the world. In addition, CFI holders will have access to featured ICOs, in advance to the public ICO. This feature is available for users holding at least 5,000 CFI coins in their wallet. From the graph point of view, it seems that CFI is oversold after successful ICO price exposure, and the current value of 0.00007BTC might be interesting. CFI is mainly traded on Bittrex.
More updates soonest and I will appreciate your contributions