EagleFX

From yesterday the evaluation of the cryptocurrency market cap increased from around $192B to $200B. As you can see from the chart below that level now serves as resistance and the market cap evaluation has started to decline again as it failed to push past through it.

Crypto Price Watch

Consequently, the market is dominantly in red with an average percentage of change among top 100 coins around 3%. The biggest loser is Aurora with a decreased of 28% while biggest gainer is Chainlink with an increase of 11% in the last 24 hours.

News

There aren’t any significant news that are impacting the market at the moment. One of the biggest story today comes from UK.

UK Treasury Committee Calls for End to ‘Wild West Situation’ in Crypto Market

The U.K. Treasury Committee is calling for cryptocurrency regulations in order to protect investors, the BBC reported September 18.

The committee of Members of Parliament (MPs) in the House of Commons has reportedly called for a resolution to certain issues surrounding digital currency such as listing price volatility, poor consumer protection, the risk of hacker attacks, and money laundering.

Source: cointelegraph

EOS Price: EOS/USD

From yesterday’s low at $4.77 the price of EOS has increased by 5.88% as its currently trading at slightly above $5.

Looking at the hourly chart you can see that the price action has been bouncing inside a descending triangle and currently it got rejected by the minor range resistance level at $5.18.

Zooming out at the 4-hour chart we can see that this is the key point for the price of EOS as this minor horizontal resistance level intersects the resistance from the descending triangle which rejected the price.

As the price breaks the horizontal support at $4.58 the next horizontal support level strong enough to hold the momentum is at $3.27.

Market sentiment 

EOS is in the neutral zone as the hourly chart indicators are signaling.

Pivot points 

S3 3.3819 
S2 4.2821 
S1 4.8096 
P 5.1823 
R1 5.7098
R2 6.0825 
R3 6.9827

Bitcoin Cash Price: BCH/USD

From yesterday’s open the price of Bitcoin Cash increased by 2.8% coming from $415 to $427.5 where its currently trading.

As you can see from the hourly chart the price action is inside the minor descending triangle and the price is again heading upwards to its resistance line. Judging by the steepness of the resistance line the sellers are more aggressive at this point which means that they will most likely push the price below the the support line. Looking at the 4-hour chart we can see that this triangle is a cluster formation around the support level which will most likely retest the support at $388.5 which is the lower line off of the support zone.

Market sentiment 

Bitcoin Cash is in the sell zone.

Pivot points 

S3 281.1 
S2 366.1 
S1 407.2 
P 451.1
R1 492.3 
R2 536.2 
R3 621.2

Monero Price: XMR/USD

From yesterday’s open at $106 the price of Monero has increased by 3.59% and is now trading at $109.79.

As you can see from the hourly chart the price has fallen below the horizontal support level at $119 but has found support on the triangle’s resistance line from which the price broke out on 13th of September. This resulted in a lower low as that triangle is a descending one.

Looking at the 4-hour chart we can see that the triangle resistance line was well respected in the past since December. I am expecting that the price action gets inside the triangle again and head towards its support which would be below the $84. 

Market sentiment 

Monero is in the sell zone.

Pivot points 

S3 60.217 
S2 86.427 
S1 102.673 
P 112.637 
R1 128.883 
R2 138.847 
R3 165.057

Conclusion

More red day’s are expected in the cryptocurrency market as the prices of the coins covered in this report have got rejected by their minor resistance levels, as well the evaluation on the global chart.


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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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