From yesterday things haven’t changed much, as the evaluation of the cryptocurrency market capitalization is hovering around the same levels.

  • Market Cap: $203,138,251,087
  • 24h Vol: $10,251,356,270
  • BTC Dominance: 54.1%

Cryptocurrency Price Analysis

Submit Press Release

As you can see from the global chart the evaluation is starting to form a consolidative leg after which I would expect that the market continues its downward trajectory. The market is showing mixed color with an average percentage of change among top 100 coins ranging from 0.4% to 3% in the last 24 hours.

Bitcoin Price BTC/USD

From yesterday’s high at $6500 the price of Bitcoin has fallen by 2.35% measured to the current levels at $6348. The price went even further down to $6320 but has started consolidating.



Looking at the 15 min time frame you can see that the price action has formed a bearish pennant from which the price has already started to break out from the downside. As the current candle is a red one after a green which interacted with the triangle’s support and closed with a wick on the upside, we have seen the retest and rejection from the prior support. We might see another increase to retest the triangle apex which would be around $6357 before the price continues its downward trajectory.

Market sentiment

Bitcoin is in the sell zone.

Pivot points 

S3 6145.5
S2 6343.4
S1 6421.8
P 6541.3
R1 6619.7
R2 6739.2
R3 6937.1

Bitcoin Cash Price BCH/USD

From yesterday’s open which was yesterday’s high as well, at $442.6 measured to the current levels at $420.6 the price of Bitcoin Cash has depreciated by 5%.

Looking at the hourly chart we can see that the price action has formed an ascending structure after the drop of 6.18%. The ascending structure is only corrective in nature which is why I would be expecting the price to easily continues its downward move and the next horizontal support level I see strong enough that can withhold the momentum behind the sell of is at $390.

Market sentiment

Bitcoin Cash technical indicators are signaling a sell.

Pivot points 

S3 387
S2 417
S1 428.4
P 447.5
R1 458.6
R2 477
R3 507.9

Litecoin Price LTC/USD

From yesterday’s high at $52.17 the price of Litecoin has fallen by 5% as its currently trading at $49.58. The price spiked down by 7.4% by has made up for some of the loss.

On the hourly chart, you can see that my projected target was met, and my target was the lower support line from the support zone range in which the price action is since mid-August. Now as the price spiked below the level weakening it, we are likely to see a trend continuation to the downside. The next level I see fit for the lower low would be at $44.4.

Market sentiment

Litecoin’s hourly chart technical indicators are bearish.

Pivot points 

S3 47.131
S2 50.113
S1 51.208
P 53.095
R1 54.190
R2 56.077
R3 59.059

Conclusion

As the global chart and the chart of three major cryptocurrencies covered in today’s market update are implying we are yet to see more downside in the following period.

Posted by Nikola Lazić

Nikola holds a bachelor degree in Sociology, which gives him an edge as a financial markets analyst, i.e., to better understand the psychology behind the crowd´s positioning. Consequently, his preferred analytical tools are Elliot applications, combined with Fibonacci cluster formations. He started learning more about financial markets back in 2015 and is now a full-time trader.As a crypto expert, Nikola´s approach to the future of the industry favors a more decentralized market that falls in line with a new “anarchic” capitalism trend. His analysis have been praised by some of the most influential people in the cryptocurrency scene, such as Jeff Berwick (founder of The Dollar Vigilante Newsletter), Vit Jedlicka (the president of Liberland), as well as other relevant peers.


All content on Blockonomi.com is provided solely for informational purposes, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, product, service or investment. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate.

Leave a reply

Your email address will not be published. Required fields are marked *