From yesterday’s high at $225,667,735,000,000 the evaluation of the cryptocurrency market capitalization has fallen by around 3 billion dollars.
- Market Cap: $222,524,460,862
- 24h Vol: $14,409,968,025
- BTC Dominance: 51.3%
Looking at the global chart you can see that the evaluation is steadily increasing but the resistance at around $224 has been rejecting it back. Now we are seeing the interaction with this minor uptrend support line, as we are near a breakout.
In the upcoming period, we are going to see a confirmation on whether or not the cryptocurrency market is going to continue its recovery by surpassing the prior high around the current resistance level, or would this end up as an exhaustion before the price’s collapse once again.
As the 1Broker got taken down by the FBI and the SEC with charges for allegedly breaking federal securities laws by carrying out a security swap scheme funded with Bitcoin (BTC), the market is currently bearish in sentiment.
According to a September 27th press release from the U.S. Securities and Exchange Commission (SEC), an undercover FBI agent was allegedly able to buy some security-based swaps on the 1Broker platform without meeting “the discretionary investment thresholds required by the federal securities laws.”
In a statement made by 1Broker, they will continue processing the withdrawal requests as soon as the SEC allows it.
Bitcoin Price BTC/USD
From Friday’s low at $6371 the price of Bitcoin has increased by 3.55% and is currently trading at $6596.8.
Looking at the hourly chart you can see that the price action has retraced back to the minor uptrend support line where it’s currently looking for support once again after being rejected by the minor range resistance line. As the breakout from the symmetrical triangle looks near, we are soon going to see the clues of the potential direction after the breakout.
Zooming out to the 4-hour chart you can see that the price action has created a cluster around this end of a triangle which confirmed that the upcoming days will be followed by high volatility for the price of Bitcoin. I am expecting the price to go lower from here and create a lower low as the selling pressure looks more aggressive than the buyers which can be indicated by the steepness of the triangle lines.
Hourly chart technicals are signaling a sell with the moving averages signaling a strong one.
S3 5587.1 S2 6085.5 S1 6341.4 P 6583.9 R1 6839.8 R2 7082.3 R3 7580.7
Ethereum Price ETH/USD
From Friday’s low at $205 the price of Ethereum has increased by 11.36% and is currently trading at $227.54.
On the hourly chart, things look similar to that of Bitcoin – a breakout from this symmetrical triangle looks near. Currently, the price is interacting with the support line at the Fibonacci retracement level at 0236 and if the price finds support there then a breakout from the upside is to be expected and vice versa.
Zooming out on to the 4-hour chart you can see my last projection in which I projected that the price goes lower than the current levels.
As the price went near my projected target but hasn’t interacted with the target levels at $153 I am expecting a breakout from this triangle on the downside and a trend continuation to the projected target levels.
Hourly chart technicals are signaling a sell.
S3 133.10 S2 180.47 S1 206.00 P 227.84 R1 253.37 R2 275.21 R3 322.58
Ripple Price XRP/USD
From Friday’s low at $0.44 the price of Ripple has increased by 22.74% and is currently trading at $0.545.
If you can remember I said in my last Ripple analysis on the hourly time-frame that I am expecting a short-term recovery as the ABC correction ended which is what happened. It appears that the recovery ended also because the ascending channel got broken out of today when the price fell from $0.587 below the channels support line. Looking at the current downward move structure the move ended also on the minor range support which is why another small recovery for the price of Ripple could happen. Because the ascending channel looks corrective I am expecting more downside for the price of Ripple in the upcoming period.
The price of Ripple is in the sell zone with moving averages signaling a strong sell.
S3 0.20587 S2 0.37037 S1 0.46973 P 0.53487 R1 0.63423 R2 0.69937 R3 0.86387
The cryptocurrency market looks near a big move after some period of consolidation and recovery. The move to the downside is more likley at this point as the upswings were corrective in nature. The cryptocurrency market could see some green days as the recovery prolonges but there still isn’t anything bullish on the charts of the major coins.