From yesterday when the market capitalization hit $140,876,000,00 which is the years low so far, the evaluation stabilized and has recovered since.

  • Market Cap: $149,526,895,826
  • 24h Vol: $21,273,834,946
  • BTC Dominance: 53.3%

Cryptocurrency Price Analysis

Looking at the global chart you can see that the evaluation has formed a ranging channel in which it has been bouncing and currently the evaluation has interacted with its resistance line and pulled back a bit, and if the resistance rejects the evaluation we might see a breakout from the range on the downside tomorrow and a trend continuation.

As the market capitalization increased by around 9.52 billion dollars from its recent low the top 100 coins are mostly in green with an average percentage of change being around 3.6%. The biggest gainers are Factom with an increase of 26%, Nexo with 31.7% and Ark with an increase of 34.6%.

Bitcoin’s market dominance evaluation is again on the rise and is up from yesterday by 0.4%.

Bitcoin Price BTC/USD

From yesterday’s high at $4959 the price of Bitcoin has fallen by 6% measured to the current levels on which the cryptocurrency is trading which is at $4655.8.

Looking at the hourly chart you can see that the price went even lower, interacting with the next horizontal support level in line at around $4400 but has managed to go again above the intersection of the two significant levels – horizontal support and the descending channels baseline support. As you can see yesterday’s high is currently higher than today’s which is why it is reasonable to say that we are still in a downtrend. The minor push above may be only short-lived and we might see another straightforward downfall as the price struggles to recover. On the other hand, this current interaction with the descending channels baseline support might be another retest for support as the price wants to get higher so what happens now will indicate what will be happening in the upcoming period.

Market sentiment 

Bitcoin is in the neutral zone as indicated by the hourly chart technicals. Even though you can clearly see it says a buy overall, looking at the indicators separately you can see the neutrality.

Pivot points 

S3 3715.6
S2 4784.7
S1 5206.5
P 5853.8
R1 6275.6
R2 6922.9
R3 7992.0

EOS Price EOS/USD

From yesterday’s high at $4.07 the price of EOS has fallen by 4.9% measured to the current levels of $3.8754.

On the hourly chart, we can see a similar situation like in the case of Bitcoin but a symmetrical triangle formation which indicates consolidation can be seen clearly. The price broke the support at $4.16 after which it spiked to $3.47 which is its year’s low as well. As the price action is currently inside a symmetrical triangle the likelihood of a breakout is even from both sides so its hard to say where the price is going. We might see an increase at first followed by more downside or continue down in a straight line.

Market sentiment 

Hourly chart technical indicators are painting the same picture as in the case of Bitcoin.

Pivot points 

S3 2.3443
S2 3.5788
S1 4.1020
P 4.8133
R1 5.336
R2 6.0478
R3 7.282

Litecoin Price LTC/USD

From yesterday’s high at $36.7 the price of Litecoin has fallen by 5.5% and is currently being traded at $34.697, the price went further down today to around $32.7 area but has recovered since slightly.

If you remember my recent LTC analysis I have projected the ghost bar chart from the last time the price action created a similar pattern and I have projected it that the price is will break below the down channel’s support line (interrupted line), to around $36. As you can see my projection was correct but the price went even further down. As a similar chart pattern is seen in the case of Litecoin as in the case of the other two analyzed coins the same implies – the direction is down overall but there isn’t still a clear indication on whether the price is heading a bit up at first to recover for the made loss.

Market sentiment 

Litecoin’s hourly chart technical indicators are like in the case of Bitcoin and EOS indicating aneutrall zone.

Pivot points

S3 22.206
S2 33.778
S1 38.128
P 45.350
R1 49.700
R2 56.922
R3 68.494

Conclusion

As the market experienced a major move down a period of stillness is occurring as the market participants consolidate. This consolidation may be interrupted by new participants coming to the market either to buy or sell which would determine the next outcome of the current minor symmetrical triangle which we have seen on the charts of three major cryptocurrencies covered in this update. As the crpytos are strongly correlated we might see an increase in bitcoin’s dominance at first as altcoin positions get liquidated which would be the first sign that another sell-off is about to start so pay close atttention on the evaluation of the Bitcoin’s market dominance.



Avatar

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 *