From yesterday things haven’t changed much, as the evaluation of the cryptocurrency market capitalization is hovering around the same levels.
- Market Cap: $203,138,251,087
- 24h Vol: $10,251,356,270
- BTC Dominance: 54.1%
As you can see from the global chart the evaluation is starting to form a consolidative leg after which I would expect that the market continues its downward trajectory. The market is showing mixed color with an average percentage of change among top 100 coins ranging from 0.4% to 3% in the last 24 hours.
Bitcoin Price BTC/USD
From yesterday’s high at $6500 the price of Bitcoin has fallen by 2.35% measured to the current levels at $6348. The price went even further down to $6320 but has started consolidating.
Looking at the 15 min time frame you can see that the price action has formed a bearish pennant from which the price has already started to break out from the downside. As the current candle is a red one after a green which interacted with the triangle’s support and closed with a wick on the upside, we have seen the retest and rejection from the prior support. We might see another increase to retest the triangle apex which would be around $6357 before the price continues its downward trajectory.
Bitcoin is in the sell zone.
Bitcoin Cash Price BCH/USD
From yesterday’s open which was yesterday’s high as well, at $442.6 measured to the current levels at $420.6 the price of Bitcoin Cash has depreciated by 5%.
Looking at the hourly chart we can see that the price action has formed an ascending structure after the drop of 6.18%. The ascending structure is only corrective in nature which is why I would be expecting the price to easily continues its downward move and the next horizontal support level I see strong enough that can withhold the momentum behind the sell of is at $390.
Bitcoin Cash technical indicators are signaling a sell.
Litecoin Price LTC/USD
From yesterday’s high at $52.17 the price of Litecoin has fallen by 5% as its currently trading at $49.58. The price spiked down by 7.4% by has made up for some of the loss.
On the hourly chart, you can see that my projected target was met, and my target was the lower support line from the support zone range in which the price action is since mid-August. Now as the price spiked below the level weakening it, we are likely to see a trend continuation to the downside. The next level I see fit for the lower low would be at $44.4.
Litecoin’s hourly chart technical indicators are bearish.
As the global chart and the chart of three major cryptocurrencies covered in today’s market update are implying we are yet to see more downside in the following period.
The post Crypto Market Update: Bitcoin (BTC) Bitcoin Cash (BCH) Litecoin (LTC) Price Analysis appeared first on Blockonomi.