From yesterday when the evaluation of the cryptocurrency market cap was $109,342,000,000 we have seen a depreciation in the market capitalization evaluation by approximately 5 billion dollars measured to the current levels of around $104,9B.
- Market Cap: $104,916,231,976
- 24h Vol: $11,880,699,310
- BTC Dominance: 55%
Looking at the global chart you can see that the uptrend support line has been broken and the evaluation is around the levels of the start of the minor uptrend. After the downfall, evaluation looks like it has been establishing support, and some temporary support has been made at the yearly low level but I believe that this is heading further lower before this breakout momentum has ended.
The market is in red with an average percentage of change among top 100 coin ranging around 3,4%. The biggest loser is Bitcoin Cash with a decrease of 11% in the last 24 hours, while the biggest gainer is Waves with an increase of 15%.
Bitcoin’s market dominance has increased slightly and is again at the 55% level.
Bitcoin Price BTC/USD
From yesterday’s open at $3528 the price of Bitcoin has fallen by 5% and is currently sitting at $3355.5 level.
On the hourly chart, you can see that the price has fallen to the prior low levels which is I remind you the yearly low. The price action and has created a cluster around the level indicating the struggle between the buyers and the sellers. As this is only a minor support point I wouldn’t expect it to hold for much longer and the next horizontal support level that the price is going to interact with if it continues down is at $3237.
You can see that a similar pattern occurred previously when the price fell to the current levels at first last Friday – a big red candle appeared followed by a cluster which led to one more low which is why I believe that the price is heading down further at least to the next horizontal level but potentially further down which we will see when the price gets there.
Bitcoin is in the sell zone.
Bitcoin Cash Price BCH/USD
From yesterday’s open at $86.6 the price of Bitcoin Cash has decreased by 14.8% as it currently being traded at $82.4.
Looking at the hourly chart you can see that the price action formed a descending triangle from which a breakout occurred from the downside. The price went on downwards making new all-time lows for the price of Bitcoin Cash in a three-wave manner and is currently on the horizontal support level where it is searching for support.
Judging by the wick from the downside the level will serve at least as a temporary support but I would expect further depreciation for the price of Bitcoin Cash in the upcoming period as the target for the descending triangle breakout is around $65.
Bitcoin Cash is a sell.
NEO Price NEO/USD
From yesterday’s open at $6.12 the price of Neo has fallen by 6.94% as its currently trading at $5.71.
Looking at the hourly chart you can see that the price action created a descending triangle from which unlike in the case of Bitcoin Cash the price still hasn’t broken out off. We can see that the price is back on the levels of the prior low like in the case of Bitcoin but with a cluster formation slightly bearish. From here I would expect to see a breakout as the price is getting near the triangle’s apex and the most likely direction would be to the downside.
NEO’s hourly chart technicals indicators are signaling a strong sell.
As the market started to move to the downside we are likely going to see further decrease over the weekend. This might be the final decrease after which a recovery will start developing but there may be another low before that which we will see when the price reaches those levels.