Monthly State of Mind [July ]
Recording some of the largest gains among the top ten cryptocurrencies over the last few weeks, Bitcoin has seen a rise of nearly 47% compared to the previous month. Throwback to the month of July 2018.
Last month, the market was rather positive and in a bullish channel. Total market capitalization increased from about $ 256 billion to $ 300 billion, but declined to $ 289 billion at the end of the month.
We spotted the reverse head and shoulders configuration on July 10th, which was confirmed on July 17th when Bitcoin broke the resistance around $ 6700.
During the month of July, BTC broke its resistances at $ 6400, $ 6700, $ 7680, $ 7800 and $ 8100. Bitcoin stagnated at the end of the month between $ 7800 and $ 8400 before falling and breaking support at $ 7800 on the 31st.
Recording some of the largest gains among the top ten cryptocurrencies over the last few weeks, Bitcoin has seen a rise of nearly 47% compared to the previous month ($ 8491 on July 25 vs. $ 5780 on June 29).
The technical situation on 1D horizon was on the rise in July. The volume was, and is still, larger than in June. The MACD as a whole was on the rise. The same situation as WaveTrends, although WaveTrends showed signs of a bearish turnaround on July 30th.
The RSI broke the level of 70 overbought. The 200-day moving average served as resistance during the recent bullish rally. The 50 is still under the 100 and the 200, but we see a flattening of moving averages indicating a potential bearish trend reversal. Indeed, at the end of July, the market was rather negative.
In this context, do not lower your guard and do not forget your stop-loss!
Jiashan (Lesley) Zhang
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