From today’s high at $203,657,788,396 the evaluation of the cryptocurrency market capitalization has decreased to $202,702,519,769 at its lowest point today.

  • Market Cap: $203,096,345,080
  • 24h Vol: $10,543,044,075
  • BTC Dominance: 54.15%

Cryptocurrency Price Analysis

As the market slumps further down to the levels of most recent low around a $202B mark and has now recovered slightly, the prices of the major cryptocurrencies are showing mixed colors today with a small average percentage of change in the last 24 hours. Only Dentacoin is up by 18% which shows the irrationality of these markets and the improper evaluation models.

Meanwhile, Bitcoin’s market dominance is slightly up by 0.15% from yesterday which is as I always say inversely correlated with the market cap evaluation because in the time of uncertainty investors sell off their altcoins for Bitcoin in order to quickly close their crypto positions if a threat of the market capitalization depreciation imposes itself.

Bitcoin Price BTC/USD

The price of Bitcoin has fallen by 0.87% from yesterday’s high at $6380 to the current levels at $6326.

Looking at the hourly chart we can see that the yesterday’s high was an interaction with the bearish pennant’s resistance line and from there the price went on to break out from the triangle on the downside and made a lower low to $6315 and spiked further to $6303 but has now recovered slightly and is at the levels of the prior range support which now serves as resistance from which currently by the looks of it the price is getting rejected. I believe that now as the price gets rejected we are likely going to see price create a lower low again, heading down to the descending triangle’s resistance line.

Market sentiment 

Bitcoin is in the sell zone as indicated by the hourly chart technical indicators.

Pivot points

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

Monero Price XMR/USD

From yesterday’s open at $102 the price of Monero has increased by 2.44%. Currently, the price is trading at $104.58 which is 3.31% recovery from the recent low on October 29. when the price was $101.336.

On the hourly chart, you can see my optimistic projection with an Elliott Wave correction count being WXYXZ. If this is the scenario the price is expected to create one more low from there it will continue the prior uptrend and potentially create higher highs from the one of the prior minor WXY correction at $128.

If this current correction however ended on the Y wave, we are then seeing another WXY in the opposite direction reaching the levels of where the second X wave is at $111. This scenario is pessimistic because in that case, the correction ended on the upside which means that the following trend diction is down.

In both cases, the short-term picture stays the same and is represented by the red brush layout. I am expecting more upside to approximately mid range from the second wave X after which the price to go below the minor horizontal support level which was also the support from the descending triangle previously broken.

Market sentiment  

Monero’s hourly chart technical indicators are signaling a buy.

Pivot points 

S3 90.857
S2 98.977
S1 101.843
P 107.097
R1 109.963
R2 115.217
R3 123.337

IOTA Price IOTA/USD

In the last couple of day’s the price of IOTA hasn’t changed much as it has been hovering around the levels of around $0.454

Looking at the hourly chart we can see that the price has interacted with the descending structure’s support level and has formed a cluster in a down leg. It is highly likely that the price will breakout from this descending structure from the downside but we might see an interaction with the resistance levels again around $0.4741-0471before the selling momentum pushes the price further below.

Market sentiment

MIOTA is in the sell zone.

Pivot points

S3 0.4136
S2 0.4511
S1 0.4653
P 0.4886
R1 0.5028
R2 0.5261
R3 0.5636

Conclusion

Now as the market is overruled with uncertainty the prices are likely going to experience sideways movement in the upcoming period before another drop will occur.

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 *