From yesterday when the evaluation of the cryptocurrency market capitalization was at around $210,136,000,000 the evaluation has decreased by around $29,564,000,000
- Market Cap: $180,572,350,759
- 24h Vol: $24,123,803,915
- BTC Dominance: 52.9%
Looking at the global chart you can see that the evaluation fell through the previous support from the symmetrical triangle from which the evaluation broke out from the upside at first and that with a steady slope and not just a pop like it was used to confusing many to believe that the price is heading further up, but I have been saying that the picture was still looking bearish. Currently, the evaluation has exceeded all the prior low levels and is on its lowest since this bear market.
Last time when the cryptocurrency market cap was at around $180B was on October 31. last year when the evaluation broke out from the corrective structure and went on in an uptrend just passing through the $180B area, which leads me to believe that this area has no significance. As you can see from the global chart below from that period the significant area is from around $158-177B area which is why I would expect the evaluation further down before this downfall has ended.
Today, the market is in red with an average percentage of change among top 100 coins ranging from 14-20%. Biggest losers are Ark with a decrease of 24.81% HyperCash with 20.4% and Ravencoin with 20.73%
The crash wasn’t been caused by some major news headline like the ETF approval postponed which yet again proves my point that this market is all price action based.
Bitcoin Price BTC/USD
From yesterday’s high at $6486 the price of Bitcoin has fallen by 13.71% and is currently being traded at $5600.
As you can see from the hourly chart the price has fallen below the horizontal significant level at $5767.8 and has formed a cluster around it indicating a temporary stop before more downside as the market participants consolidate for the next move. The price is also below the descending triangle’s support line and by the looks of the momentum we are going to see more downside movement and the next horizontal level I see strong enough that can serve as support is at around $5084. The price may take some time now to consolidate further but as the next sell-off started we are going to see new lows.
Hourly chart technical indicators are signaling a sell.
Bitcoin Cash Price BCH/USD
From yesterday’s open at $534 the price of Bitcoin Cash fell by 16.24% as its now trading at $442.
Hourly chart looks bearish as the price is back 100% from the start of the impulsive 12345 wave as the price spiked down to $416.3 area making the scenario of a further increase invalidated. The downfall in itself looks impulsive so an interaction with the horizontal support level to at around $390 is a posibility before this down move is up.
Bitcoin Cash is in a bearish sentiment.
LItecoin Price LTC/USD
From yesterday’s high at $50.75 the price of Litecoin has fallen to $43.310 which is 14.68% decrease.
Looking at the hourly chart you can see that the price of Litecoin has fallen below the significant horizontal level at $44.621 which is the second support line from the support zone which is now broken out off. For this reason, I believe the price is heading down further to the descending channels support line and potentially further down below the next horizontal support level at $38.21.
Litecoin is in the sell zone.