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.
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.
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.
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.
EOS is in the neutral zone as the hourly chart indicators are signaling.
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.
Bitcoin Cash is in the sell zone.
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.
Monero is in the sell zone.
S3 60.217 S2 86.427 S1 102.673 P 112.637 R1 128.883 R2 138.847 R3 165.057
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.