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From yesterday’s high at $220,397,000,000 the evaluation of the cryptocurrency market cap has been depreciating steadily. As you can see from the global chart below the evaluation failed to exceed the resistance level at around $224B which lead the evaluation in a downward trajectory.

Cryptocurrency Price Market Watch

Take a look at our Live Coin Prices & Market Caps

  • Market Cap: $217,731,114,327
  • 24h Vol: $12,144,501,159
  • BTC Dominance: 52.2%

Consequently the market is in red with an average percentage of change among top 100 coin being around 1.7%. The biggest gainer in the last 24 hours is Holo with an increase of 11.3%, Wanchain 8.34%, Aurora 14.23%, Genesis Vision 16.7%, The biggest loser is Noah Coin with a decrease of 13.88%.

News

There aren’t any significant headlines today so far. Most notable headlines are the once regarding regulation.

Crypto Exchange Bakkt CEO said today that the right regulation could help market flourish.

The right level of regulation can go hand-in-hand with and help new technologies like cryptocurrency.


Cryptorocket

Kelly Loeffler, the chief executive officer (CEO) of forthcoming US cryptocurrency exchange Bakkt, said on Wednesday. Loeffler was one of the speakers during the first day of Fintech Forward 2018, the annual Commodity Futures Trading Commission (CFTC)’s conference that focuses on the challenges and opportunities of new technology including blockchain and virtual coins.

I wanted to point out this headline because this is what I have been saying since ever: only significant headlines are the regulatory one.

In the lines of what is said the next headline worth mentioning is that the European Securities and Markets Authority (ESMA) has budgeted over 1 million euro for monitoring fintech and crypto assets, according to a document published Oct. 4. As reported by cointelegraph:

In its 2019 Annual Work Program, the ESMA cites a 1.1 million euro program and its objectives for the next year, which include regulation and supervisory treatment of new financial activities, focusing on fintech and crypto assets.

The program will:

Achieve a coordinated approach to the regulation and supervisory treatment of new or innovative financial activities and provide advice to present to the E.U. institutions, market participants or consumers.

Third one is the headline from Australia. Australia’s market regulator, the Australian Securities and Investments Commission (ASIC) is considering a new tactic in regulating digital currency exchanges and raising the monitoring of initial coin offerings (ICOs) to provide better investor protection As reported by the cryptovest.

 

Fort the period, ASIC pledged to create a new framework for applying the principles for regulating market infrastructure providers to crypto exchanges, while monitoring emerging products, including ICOs and to intervene “where there are poor behavior and potential harm to consumers and investors.”

Tron Price TRX/BTC

From yesterday’s high at 360 Satoshi the price of Tron has fallen by 3.8% and is currently trading at 345 Satoshi level.

Looking at the 4 hour chart you can see that after the downtrend resistance line has been broken the price action has formed a triangle inside the support zone range from which we are going to see a breakout soon as the price gets near the apex.

Zooming into the hourly time-frame I believe that the price action inside the triangle has formed an abcde correction which ended on the triangles resistance line which is why I would expect a breakout from here on the downside and the continuation of trend to the downside. The next horizontal level strong enough to hold the momentum is at 205 Satoshi.

Market sentiment

Tron looks to be in the buy zone on the hourly chart.

Pivot points

S3 0.00000239
S2 0.00000289
S1 0.00000311
P 0.00000339
R1 0.00000361
R2 0.00000389
R3 0.00000439

Binance Coin BNB/BTC

From today’s open the price of Binance coin increased by 2.59% coming from 15544 Satoshi to 15949 Satoshi level.

Looking at the 4- hour chart you can see that the price action of Binance coin has created a similar pattern with the each next cycle. This is called a fractal and as you can see it’s characteristics are that one impulsive move occurs (who’s high later sticks out) after which the price pulls back and creates a triangle in which it bounces a few times before breaking it on the upside and continuing the uptrend.  The price action is currently doing that exact same pattern again as it broke the last triangle’s resistance line.

Zooming into the hourly chart you can see that a minor bull flag was formed after a breakout from the last triangle fractal. This means that the move is impulsive in nature and as it just began more upside is expected for the price of Binance coin.

Market sentiment

Binance coin is in the buy zone.

Pivot points

S3 0.0013771
S2 0.0014439
S1 0.0014794
P 0.0015107
R1 0.0015462
R2 0.0015775
R3 0.0016443

Conclusion

As the market is at a turning point I was waiting to see some kind of a hint on the direction of the move. As there were no conclusive moves yet I believe that the weekend will serve as a catalyst to activate market participants as both buyers are sellers start to turn impatient amid the market inactivity.

It seems like time for the market to make up it’s mind – will it continue the downward trend or make a break upwards?

Another third scenario is also possible and that is the one in which we don’t see an eventful breakout but rather just a stagnation around the current levels and the price action just gets out from the triangle. In that case the triangle would be invalidated and the market would likely prolong the stagnation period. That would actually be a very good thing for the prices because that might indicate a bottom.


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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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