On yesterday’s open the evaluation of the cryptocurrency market cap was around $136.6B at the open. It has been increasing steadily throughout most of the day and reached $137.370B at today’s open. It continued to increase a bit further and came to $138,556B at its highest point today, from where it started plummeting down aggressively to $127.446B at its lowest point.

  • Market Cap: $127,461,754,659
  • 24h Vol: $20,848,259,151
  • BTC Dominance: 52.4%

Crypto Price Update

Consequently, the market is in red with an average percentage of change in the last 24 hours, among the top 100 coins, ranging from 5-13%. The biggest loser is Stratis with a decrease of 15.31%, while Status in up by 11.98%.

Bitcoin’s market dominance has increased from yesterday and is currently at 52.30%.

Bitcoin Price BTC/USD

From today’s open at when the price of Bitcoin was at $$4109 the cryptocurrency has fallen to $3874 where it is now, which is a 5.64% drop. The current red candle indicated strong selling pressure as the majority of the decrease happened in only one hour.

Looking at the hourly chart you can see that the price has broken out from the ascending channel in which it was correcting as the Minuette WXY correction ended. The correction could be a WXYXZ in which case this decrease would be the second wave X but since a breakout happened I don’t believe its likely considering that the current move looks impulsive I believe its the start of the Minute Y wave to the downside. 

Projecting the W wave length from the X wave the target area appears to be around $3580.

Market sentiment

Hourly chart technical indicators are signaling a sell.

Pivot points 

S3 3297.2
S2 3609.7
S1 3760.8
P 3922.1
R1 4073.2
R2 4234.6
R3 4547.1

Litecoin Price LTC/USD

From yesterday’s open at $40.1 the price of Litecoin has decreased to $35 area where it is currently which is 13.89% drop. The price fell quickly as in the case of Bitcoin which is to show strong market correlation.

Looking at the hourly chart you can see that the price of Litecoin has fallen to the current uptrend support line and has fallen below it but quickly came back above it indicating that some support is there. Would that support be strong enough to hold the sell-off momentum we are yet to see, but I believe that we are going to see some temporary support at least for now as the RSI is at 23% and even went further down to 15.6%, so recovery is most likely.

But as the current structure look corrective in nature and I have labeled it as the Minute WXY we are likely seeing the start of the start of the impulsive move as a trend continuation to the downside. This, however, might be the second X wave as the correction gets prolonged by two more waves but in either case, that would lead the price potentially to the levels slightly above the previous high on the Z wave before continuing its decline.

Market sentiment

Litecoin is in the sell zone.

Pivot points

S3 20.750
S2 27.645
S1 31.627
P 34.540
R1 38.522
R2 41.435
R3 48.330

EOS Price EOS/USD

From yesterday’s open at $2.96 the price of EOS has fallen to $2.595 area which is a decrease of 11.77%. Like in the case of Bitcoin and Litecoin the majority of the decrease was made in just a few hours which shows strong sellers presence.

The hourly chart looks bearish with more downside to be expected as the current decrease is most likely the start of the Y wave from a Minuette WXY correction. The price action has created a symmetrical triangle area, so a further decrease to its support line at least is to be expected after which a breakout to the downside will occur. The price has interacted with the 0.236 Fibonacci level and came up a bit leaving a wick on the hourly chart which indicates that the buyers have been able to hold the price above it for now.

As the RSI is below its lower border of 30% and a major decrease has been made we are now likely going to see some consolidation or recovery after which another move to the downside will occur.

Market sentiment 

EOS is in the sell zone.

Pivot points 

S3 1.8152
S2 2.2909
S1 2.5191
P 2.7666
R1 2.9948
R2 3.2423
R3 3.7180

Conclusion

Looking at the global chart as well as the coins that were covered I believe that another sell-off has started. This isn’t going to be resulting in a lower lows for the price of Bitcoin compared to the lowest so far in this bear market which is around $3240, but instead, I believe it is a minor retracement after which more upside is to be expected. But ultimately since this upside movement is corrective in nature we are going to see a trend continuation and new lows for the cryptocurrency market.

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.


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3 Comments

  1. I loved Nikola’s post when he uses E.W.
    I am not very good with E.W, so I just wave count and this works reasonably well for me.
    You’re post is clear and simple, though I guess it’s quite hard.
    Please send me some of your E.W posts in the future please.

    And thank you for being great!

    Carol

    Reply

  2. Thank you Carol 🙂 Add me on Linkedin and I will make sure to update you

    Reply

  3. Another well worked out EW analysis and loved the fact you had time to Include other alt tokens…me liked this Nikola:)

    Carol

    Reply

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