From yesterday’s open at $212,7B the evaluation of the cryptocurrency market capitalization has increased by $7.3B measured to the current levels, but as you can see from the global chart below the evaluation went a bit higher, but has now started to form a corrective descending structure.

  • Market Cap: $220,000,783,709
  • 24h Vol: $16,422,230,513
  • BTC Dominance: 51.6%

Cryptocurrency Price Analysis

Consequently, the market is predominantly in green with an average percentage of change ranging from 1.65-4%. Biggest gainer among top 100 coins is Aeternety with an increase of 13.81%.

Bitcoins dominance has decreased from yesterday’s open by 1% as its now sitting at 51.5%.

As you can see from the chart above the evaluation of the BTC market dominance is in a downtrend which is logical considering that the market capitalization is increasing, and now as the market cap evaluation is correcting the BTC dominance evaluation is starting to recover slightly.

Bitcoin Price BTC/USD

From yesterday’s low at $6450 the price of Bitcoin has increased by 1.9% as the current trading price is $6572.6. The price spiked to $6615 but has now started to decline.

Looking at the hourly chart you can see that the price of Bitcoin has gone beyond the 0.236 Fibonacci level. As the 5th wave ended we are currently seeing a correction just like I projected yesterday. The only difference is that I was expecting a much steeper correction so if the correction plays out like the recent one at wave 4 which was around 1% than the target level for this one would be around $6540.

As stated yesterday, depending on the correction we are going to conclude if the price is likely heading further up or was this impulsive 12345 only a part of a higher degree correction count.

Market sentiment

Bitcoin is in the buy zone.

Pivot points 

S3 5838.1
S2 6109.9
S1 6249.5
P 6381.7
R1 6521.3
R2 6653.5
R3 6925.3

Monero Price XMR/USD

From 29. October which was the most recent low at $101.2 the price of Monero has increased by 9.26% and is currently sitting at $110.66.

As you can see from the hourly chart the price has experienced an exponential increase, especially over the last week which is why the price has been now correcting inside a range which can clearly be seen. As the price is currently interacting with the range support line, we are going to see if the price bounces off or goes below it. I believe that the first scenario is more likely because the increase that the price experienced looks impulsive which is why I would be expecting to see a breakout from the upside and a trend continuation to the next horizontal significant level at $119.226.

That would be the end of second wave X meaning that from there I would be expecting another drop below the prior low level at $101.

Market sentiment  

Monero is in the sell zone.

Pivot points 

S3 91.447 9
S2 98.497
S1 102.903
P 105.547
R1 109.953
R2 112.597
R3 119.647

Dash Price DASH/USD

From 29. October low at $149.6 the price of Dash has increased by 11% measured to the current levels of $166.

Similarly to the chart pattern of Monero the price action has formed a corrective range structure after the recent increase that the price experienced but unlike in the case of Monero this structure looks ascending which usually ends with a breakout from below, but as the price is now interacting with the range support line, we are yet to see if the price breakout or bounces from it. Looking back at what happened prior and that is a breakout from the descending triangle I believe that the momentum behind the breakout is slowing down.

Market sentiment 

Dash is in the sell zone.

Pivot points 

S3 134.08656
S2 144.62358
S1 150.35788
P 155.1606
R1 160.8949
R2 165.69762
R3 176.23463

Conclusion

As the market recovery continues we have seen a correction starting to occur in the case of Bitcoin, and other two major cryptos have already been correcting so another move is soon to happen. Will the recovery continue or are we going down from here we are yet to see from these corrections but I believe that we are going to see more increase before another downtrend starts.

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.


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