From yesterday the evaluation of the cryptocurrency market hasn’t changed much as it is still hovering around the same levels as on yesterday’s analysis which is around $133B. However, we can see today the first signs of weakness as the evaluation interacted with the horizontal resistance level and has gone into a downward trajectory since like expected.
- Market Cap: $133,280,816,683
- 24h Vol: $16,949,176,338
- BTC Dominance: 51.1%
Looking at the global chart you can see that from yesterday’s open which was at $127,775,000,000 the evaluation has been steadily increasing until reaching the minor horizontal level which is why the market is in green today with an average percentage of change among top 100 coins ranging around 1.8-2.7%. The biggest gainers are Chainlink with an increase of 15.94%, Augur with an increase of 14.65% and DigixDAO with 12.51%.
Consequently, Bitcoin’s market dominance has been steadily decreasing and has fallen below 51% yesterday when the evaluation of the market cap peaked at $135,251,000,000 but has now stayed above and is currently at 51.1%.
From yesterday when the price of Bitcoin was $3920 at it’s lowest point, the cryptocurrency has experienced an increase of 4.19% as it went up to $4084.3 at its highest point yesterday.
Looking at the hourly chart you can see that the price has entered the sellers as the price came near the previous high vicinity. As as the minor retracement began the price has fallen back to the minor horizontal support level where it is searching for support and it looks like the support is there for now at least. But as the momentum is clearly slowing down more downside is to be expected for the price of Bitcoin or at least some more sideways movement as the upward move might not be ended. We might see another increase up to the bold black line or the 5th impulse wave ending point which would be at $4267 before that expected downside continuation occurs.
Bitcoin’s hourly chart technical indicators are signaling a buy.
Since the start of the day, the price has decreased from $34.38 at the open to $33.56 where it is currently. Now as the price failed to go past the previous high by a significant amount and large wicks appeared from the upside indicating sellers’ pressure, we are seeing the end of the Minuette WXY correction which would also be the end of the Minute X wave. RSI also signaled that the price was reaching overbought conditions as it was at 71.29% when the price spiked up to $34.970.
The Minuette correction might get prolonged by two more waves in which case I would expect that the second wave X lands on the minor uptrend support line and the Z wave potentially going up to the 0.786 Fibonacci level for a proper interaction, but as the final waves end on the upper side, more downside is to be expected when it ends. I don’t believe that there are going to be two more waves as the price action and the RSI confirms that the price has entered the sellers’ territory.
Litecoin is in the buy zone as signaled by the hourly chart technical indicators.
From yesterday’s low at $2.7 the price of EOS has increased by 11.37% measured to its highest point yesterday when the price spiked up to $3.013.
Looking at the hourly chart you can see a similar situation that on the Litecoin’s chart. After an impulsive move, we are now likely seeing a correction which I have labeled as a WXY. The current upward move that has likely ended is the X wave from that correction which means that from here more downside is to be expected for the price of EOS, but the price target remains unclear with so many possibilities.
EOS is in the buy zone.