From yesterday’s high at $214,258,000,000 the evaluation of the cryptocurrency market capitalization has decreased by $2,33B to the current levels.
- Market Cap: $211,980,306,688
- 24h Vol: $13,531,449,026
- BTC Dominance: 52.1%
As you can see from the global chart the evaluation has formed a descending triangle and currently, the evaluation is interacting with its resistance level again. If the evaluation gets rejected again we are likely going to see a breakout from the downside and a failure to keep up the momentum behind the upward movement.
The market is showing mixed colors but the red one is more dominant at the moment among top 100 coins. The average percentage of change is around 1.8% with the biggest gainers in double digits like Decentraland with an increased of 10% and Etheere with an increased of 11.3%.
Bitcoins market dominance has fallen from 52.55% to 52.17% where it is currently sitting indicating a bullish sentiment.
Bitcoin Price BTC/USD
From yesterday’s high at $6473 the price of Bitcoin hasn’t changed much. The lowest it’s been is to $6400 before it went back to around the same levels as the cryptocurrency is currently being traded at $6459.
Looking at the hourly chart you can see my primary projection is playing out accordingly. As the B wave hasn’t exceeded the 0.5 Fibonacci level and has struggled to do so (indicated from the wick on the upside) we are now likely going to see the start of another wave to the downside. We could see another increase to the 0.618 Fibonacci level before the third wave to the downside begins but as wicks indicate the price has started to experience heavy selling.
Hourly chart technical indicators are signaling a buy.
Monero Price XMR/USD
From yesterday’s high at $107.91 the price of Monero has decreased by 1.73% and is currently trading at $106.140.
As you can see from the hourly chart I have labeled this as a WXYXZ correction which is a correction after a WXY in the opposite direction occurred. As the price is above the minor descending triangle’s support line we are likely going to see some short-term increase after which breakout from the descending triangle on the downside happens.
Monero’s hourly chart technicals are bearish.
NEO Price NEO/USD
From last week’s Tuesday when the price of Neo was $17.36, the price has fallen by 9.91% as the cryptocurrency is now being traded at $15.67.
Looking at the Neo’s hourly chart you can see that I have projected that the price goes further up from here to around the same levels as the prior minutte W wave which is around $17,36 but it could go further up before it continues its downtrend because as you can see a breakout from the prior triangle has lead to the price going back to around the prior intermediate Y wave and were the 0 Fibonacci retracement levels its. As the price is putting pressure on the horizontal support level I breakout is to be expected to the downside.
As you can see every chart analyzed is showing more sideways movement in the upcoming period so without any decisive moves indicating the further direction of the market I would suggest taking any trades. Soon we are going to see if the prices flash-crash or is the momentum behind the recovery still there with potentially more buyers getting in at a better price.