From yesterday’s open at around $120,357,000,000 the evaluation of the cryptocurrency market cap has decreased to $118,170,085,268 at its lowest point yesterday which was near today’s open. From there the evaluation has started increasing again today and has come up to around $119,5 where it is currently in an upward trajectory.
- Market Cap: $119,562,580,010
- 24h Vol: $15,542,271,585
- BTC Dominance: 52.5%
Looking at the global chart we can see that the evaluation is stuck in a descending channel both a minor one and a major one and is currently interacting with the minor descending channel’s resistance line. It still hasn’t exceeded the yesterday’s opening so we cannot say that a breakout has started but we might see it in which case I would expect to see the evaluation interact with the second major descending channel’s resistance line, but an immediate rejection afterward and a further downtrend continuation and a breakout to the downside in which case I would expect to see the evaluation below the lowest point on Janury 13th when the evaluation was around $117,3B.
Bitcoin’s market dominance has been decreasing and has fallen from 52.62% to 52.46% where it is sitting currently.
The market is showing mixed color with an insignificant average percentage of change in the last 24 hours for the top 100 coins. The biggest gainers today are Chainlink with an increase of 13%, Loopring with an increase of 46.18%, while TenX is the biggest loser as it has decreased by 16.93%
Bitcoin Price BTC/USD
From yesterday’s open at the minor range resistance level around $3596, the price of Bitcoin has been bouncing inside the range from there to its lower support level at $3556 from where just recently it started a breakout to the upside and is currently at $3628.
Looking at the 15 min chart you can see that the price is currently interacting with the support level of the previous range from which a breakout occurred which is why now most likely we are seeing a retest of the broken support. The wave structure looks like three consecutive corrections which are still in the 4th corrective stage of the five wave move to the downside which is why after the move to the upside has ended another one to the downside is expected.
The current upward move might go up to the 0.382 Fibonacci level as it is the next strong resistance point in line but as are seeing the first signs of weakness as indicated by the wicks from the upside I don’t believe that the price is headed further up for now, so from here I would be looking at another drop to the 0.236 Fibonacci level before the move has ended.
As the previous Minute WXY correction was the second wave X to the upside a final wave Z from a Minor degree WXYXZ is most likely going to push the price even lower to the next horizontal level which could serve as support at $3367.
Bitcoin is in the buy zone, as indicated by the hourly chart technical indicators.
Looking at the hourly chart you can see that my projection for the price of Chainlink was confirmed as I was expecting a decrease on the 4th wave and another increase as the 5th impulsive move to the upside should develop which is what happened. The move looks like it has almost ended as it reached the vicinity of the 3rd wave’s ending point where the price encountered some resistance again.
It could potentially go a bit higher but I wouldn’t expect it to go beyond the 1 Fibonacci level or in price terms above $0.61157. After this move has finished a move to the downside should start and because the current one is a five wave impulse we are likely going to see a corrective move to the downside likely in a three wave move whos target I see fit at the 0.382 Fibonacci level or in price terms around $0.5337
Chainlink is in the buy zone as indicated by the hourly chart technical indicators with moving averages signaling a strong buy.
Today we are seeing a small recovery and an attempt to retest the previous support for the resistance. By looking at the analyzed charts, we can say that the resistance is there as the sellers are putting a lot of pressure to the current upward movement which will most likely result in another low. But as the buyers have shown interest this dip might again activate buying pressure needed for the prices to start the upward corrective move that is expected after another and final downfall out of the correction that is lasting from December 24th.