From Friday’s low at around $177,498,000,000 the evaluation of the cryptocurrency market cap has been moving sideways over the weekend as it came up to $180B level after which another downfall has been made to $175,641,179,204 on Sunday.
On Monday the evaluation stabilized and was hovering around the same levels around $180,5B from where it started increasing again.
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On the global chart, you can see that the evaluation came up to the levels of the prior high which was made on an impulsive increase from around $147,445,000,000.
We are now going to see if a breakout occurs to the upside or would the resistance at those levels again be present and if it is strong enough for the third attempt to end as a rejection.
Cryptocurrency Market Moves
- The market is in green mostly with an average percentage of change ranging around 2.6% among the top 100 coins.
- The biggest gainer is Tezos with an increase of 12.83% followed by Aurora with an increase of 11.52%.
- Out of those who are in red the biggest loser is Digitex Futures with a decreased of 9.17%.
Bitcoin’s market dominance has increased from Friday when it was 51.84% at its lowest point to 53.4% on today’s high.
This is a bit out of the ordinary as the evaluation of the Bitcoin’s market dominance is inversely correlated to the evaluation of the cryptocurrency market cap, meaning that when the market evaluation increases the confidence grew and the market participants are more spread out into altcoins, but when the market evaluation decreases the confidence diminished and the market participants tend to stick to the major cryptos.
This could mean that the market participants are getting ready for another sell-off as they have been stacking their money into which would correlate with the increase seen in the Bitcoin’s price who experienced the highest amount of increase in the last 24 hours among the major coins.
From yesterday’s low at $5275, the price of Bitcoin has increased by 5.95% as its currently being traded at $5582. The price was moving sideways over the weekend and was in a minor downtrend yesterday, but since it came down to the mentioned low levels it started increasing impulsively.
On the hourly chart, you can see that the price came up to it significant resistance levels out of which the first one is a horizontal and the other is an ascending one.
Both are significant as they are the upper outline of the range in which the price action has been stuck in for quite some time now and considering that they are intersecting around the current levels there we can assume that strong resistance would be found and judging by the looks of the current hourly candle the price might have already encountered it.
The price of Bitcoin has most likely ended its 4th wave correction, which started on the 3rd of April. We are now most likely seeing the start of another impulse wave to the upside which would be the 5th wave of a Minute count.
This might not be true as the price still hasn’t broken out from the ascending range in which it was from 3rd of April, so having that in mind we can potentially see another pullback to the downside for a retest of support before a proper breakout to the upside occurs.
As the price hasn’t fallen below the median line on the previous minor ascending channel which is the support level from a higher, previous one we might see this happen if the currently seen interaction with the significant resistance level ends as a rejection.
If the price of Bitcoin continues increasing further and goes above $5640 I would consider that a breakout to the upside started, but if the price immediately starts decreasing from here we might see another decrease before a breakout.
Bitcoin’s hourly chart technicals are signaling a buy.
- S3 4384.9
- S2 4812.8
- S1 5076.4
- P 5240.6
- R1 5504.3
- R2 5668.5
- R3 6096.3
The cryptocurrency market has started experiencing some bullish price action from yesterday but the significant resistance points both on the global chart and the chart of Bitcoin haven’t been surpassed.
This is why it is hard to say if the correctional movement seen from 3rd of April ended or not as we could still be seeing the same correction developing.
If the price of Bitcoin continues moving to the upside and manages to exceed the $5640 the breakout to the upside has most likely started, but if the price starts decreasing from here and falls below the $5220 we could consider further sideways movement is to develop before the end of the correction from 3rd of April and a breakout to the upside.