Bitcoin Price Prediction: The Market Sees Green, Where is it Heading?

From yesterday low at around $125B the evaluation of the cryptocurrency market cap has been increasing and is currently still in the upward trajectory sitting at around $131,2B level.

Bitcoin Price

Looking at the global chart you can see that the evaluation is back to the vicinity of yesterday’s high and has managed to go a bit further up but has encountered resistance there which is why it has been stopped out.

Will this be a temporary stop before we see further market gains or was the increase correctional before further downside?

To answer this question we are going to further examine what are the charts of the major cryptos saying today.

The market is in green with an average percentage of change among top 100 coins in the last 24 hours ranging from 2-6%. The biggest gainers today are in double digits like EOS with an increase of 12%, Litecoin by 14 and Binance coin by 18%.

Bitcoin’s market dominance has been hovering around the same levels but has started decreasing today and is currently again below the 52% level.

Bitcoin BTC/USD

From yesterday’s high at $3908 the price of Bitcoin fell at first by 3.11% as it came down to $3786 at its lowest yesterday. Starting from today’s open the price has started increasing again and is currently sitting at around $3950 slightly above yesterday’s high.

Looking at the hourly chart you can see that the price of Bitcoin fell to the baseline support for one more interaction like expected which was the 5th wave of a Minuette 5-wave move to the downside. As it ended another third correction has started to the upside. If you remember my projection I was awaiting the third consecutive correction to the upside after which the trend continues to the downside should occur, and as the increase happened I have made some minor adjustments to my primary count which you can see are now incorporating the whole move as a 5-wave correction to the upside.

This is due to the fact that I have counted the sub-waves and they imply that the horizontal range in which the majority of the sideways movement was seen is the same structure as this increase we are seeing now. As the price has now gone above the 0.618 Fibonacci level we are most likely going to see immediate rejection and a retracement to the downside as the last wave to the upside developed also in a 5-wave manner.

The upswing could go up to the $3994.4 horizontal resistance level for a retest of resistance as the level wasn’t retested and is significant enough for the price to do so. This would be the end of the second wave out of the expected 5-wave move to the downside after the Intermediate WXY correction ended.

If this is not true and the first 5-wave move to the downside we have seen on last Monday should be incorporated into the correction count then that would mean that the Intermediate correction got prolonged by two more waves in which case this current movement would be the second wave X.

On the chart below you can see the incorporated first move to the downside into the correction count in which case this increase would be the start of the second correction to the upside or the X wave of a Minor WXY correction which would be the X wave of Intermediate count if the Intermediate correction got prolonged by two more waves, and by looking at the wave structure after the Intermediate W wave ended and the current structure I am starting to lean more toward that possibility.

Correction after the Intermediate wave W:

You can see that the three wave move was made after the impulsive increase which was the W wave from the Minor degree WXYXZ correction which was the Intermediate wave X, and now that the Y wave has ended we could be seeing the second wave X developing.

As the price is now most likely heading down for the depth of the retracement we are going to see which could get validated.

Market sentiment

Bitcoin’s hourly chart technicals are signaling a buy, with moving averages signaling a strong one.

Pivot points

3 2943.1
S2 3464.3
S1 3688.7
P 3985.5
R1 4209.9
R2 4506.7
R3 5027.9

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Bitcoin Price Prediction: After Recent Drop is a Larger One Coming?

From Friday when the evaluation of the cryptocurrency market cap was  $132,557,154,676 at its highest point measured to the lowest level, the evaluation has been today at around $125B we have seen a depreciation of around 7.6 billion dollars.

Bitcoin Price

Looking at the global chat you can see that the consolidative structure which turned out to be a symmetrical triangle was broken to the downside which could indicate that the next major move to the downside has started after some period of consolidation.

Bitcoin’s market dominance has increased consequently and it is currently sitting at 52.4% coming from 51.78% at its lowest point on Friday.

The Cryptocurrency Market

The market is in red today with an average percentage of change among top 100 coins in the last 24 hours ranging between 2-5%. The biggest losers are EOS with a decrease of 7.29% like most of the losers, while out of those who are in green are in double digits like Loom Network which increased by 10.78% in the last 24 hours and Ravencoin with an increase of 12.93%.

Bitcoin Price BTC/USD

From Friday high at $3942 which was the highest point the price has been over the weekend, measured to the lowest point the price has been today at $3782, we have seen a decrease of 4.08%.

Looking at the hourly chart you can see that my primary count got validated as I was expecting a WXY correction to the downside to the baseline support for a retest of support. As the price has found support there at the intersection between the baseline support and the horizontal support at $3783 like expected we are now most likely going to see another third correction to the upside.

Friday’s projection, primary count:

As you can see from the chart above a third Minute correction which would be to the upside is expected and could push the price significantly higher than the current levels, although not very likely. This is expected as my count implies that this correctional move from the last Monday’s downfall would be the 2nd wave of a higher degree impulse after which further depreciation would occur.

Now that the price of Bitcoin has broken it range in which the correction occurred we could be seeing the start of the expected 3rd impulsive move, which would be trend continuation from the last Monday’s drop. The current wave structure doesn’t look impulsive still which is why I don’t believe that the mentioned 3rd wave has started but we are instead to see another increase before it does.

If the move to the downside did start and this was its first minor wave then we are to see the second corrective wave, which means that in either way from here I would be looking at some temporary upside for the price of Bitcoin before further downside.

Market sentiment

Bitcoin’s hourly chart technical are signaling a sell with moving averages signaling a strong one.

Pivot points

S3 2943.1
S2 3464.3
S1 3688.7
P 3985.5
R1 4209.9
R2 4506.7
R3 5027.9

Conclusion

Now that the price of Bitcoin has started moving again to the downside and is retesting its significant support levels we are going to see if the interaction with that support sets of another recovery or would it be a minor upside correction before the next drop below the significant support which would mark the beginning of another downtrend for the price of Bitcoin and in the market in general.

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Bitcoin Price: Sideways This Weekend Then Bullish or Bearish Movement?

From yesterday’s open at around $127,868,505,824 the evaluation of the cryptocurrency market cap has been increasing and came to $131,211,150,765 at its highest point today.

Bitcoin Price

Looking at the global chart you can see that the evaluation has created by its movement a descending trendline which in conjunction with the lower support level consist of an ascending triangle and since the evaluation interacted with its resistance line today and is getting close to the apex, we are soon going to see a breakout and a strong decisive move after period of stagnation.

It is still unclear in which direction the breakout is most likely to occur which is what we are going to be mainly examining in today’s report by looking at the chart of the major cryptocurrencies.

BTC/USD

From yesterday’s open at $3870.9 the price of Bitcoin has increased at first by 3% as it came to $3986.9 at its highest point yesterday, but started immediately decreasing from there, leaving a wick on the 15-min chart and fell to $3893 at today’s open. The price is has started increasing again from today’s open but has encountered resistance from the still unconfirmed descending trendline.

The descending trendline looks like it has rejected the price so if the price continues decreasing from here which I believe it will the trendline will be confirmed. You can see from the 15-min chart below that the price action created various trendlines and is retesting them for a primary once so this descending one will most likely serve as the most significant resistance point from the current range in which the price action has found itself after Monday’s decrease ended.

I have counted the sub-waves inside the mentioned range and as you can see I am expecting another minor drop which would be the end of the 4 consecutive ABC correction and is one to the downside. This means that another correction to the upside would play out as the price of Bitcoin might get up to the upper ascending trendline or to around the horizontal resistance level at $3994.4 for a retest of resistance before we see a breakout to the downside.

This is expected as the correction inside the range would have to constitute either 3 wave correction or a 5 wave correction and considering that we are seeing the 4th structure it could only be either the start of the next impulsive move after the correction ended or the 4th correction before the last one, according to Elliott Wave theory.

Zooming into the 5-min chart you can see that I have extensively counted the sub-waves which is why I am very confident in the accuracy of my count. The problem with the uncertainty comes from how this count should be connected which I will try to explain in further paragraphs.

 

 

On the 5- min chart you can see that the Mondays decrease has 5 waves and was moving impulsively to the downside which is why I believe it is the start of the higher degree impulse after the Intermediate WXY correction ended on the Minor 5 wave at $4258. If this is true then the current range would be the second wave out of that higher degree impulse wave and is logical why we are seeing it in a corrective manner moving sideways.

If the correction ended now on the three ABC’s it would end as a double three correction which means that what we are seeing currently is the development of the 3rd impulsive move to the downside. By looking at the wave structure of the current move I am not seeing anything impulsive which is why I don’t believe that the correction inside the range ended which is why I think we are going to see more sideways movement over the weekend as this current move would end as another ABC to the downside.

Now comes the problem of connecting the counted sub-waves into a wave of a higher degree which if counted differently changes the expected direction of a breakout. I will elaborate on the differences between them and the reasons why I’ve selected my primary as a bearish one.

Primary count

My primary count is bearish as I believe that the price of Bitcoin is undergoing a triple three correction which is the second wave of a higher degree impulse. This is because I think that the Mondays decrease was the start of the 1st impulsive move as I have counted 5 waves to the downside.

According to this projection, the price of Bitcoin could increase to around $4100 area before the trend continuation starts as the 3rd impulsive move to the downside should start.

This is in line with what I have been projecting since we have seen the first impulsive increase on the 15th of December. Looking at the daily chart below you can see that this expected impulsive move is the trend continued after an Intermediate correction ended as a 3-wave correction.

Alternative count

My alternative count is semi-bullish as it would only be the further continuation of the Intermediate WXY correction seen on the daily chart so after it ends I would be still expecting further downside for the price of Bitcoin as I don’t think that we have reached the bottom.

On the 5-min chart, you can see that in this count I have accounted for the first 5-wave decrease we’ve seen on Monday as the W wave from the first three-wave correction unlike in my primary count. The following three-wave move would, in that case, be a connector which means that another three-wave correction would develop, most likely ending on the most significant support line (bold black line) where it will find enough support for a breakout to the upside.

That would mean that the WXY correction got prolonged by two more waves out of which the currently seen correction would be the second wave X and that another wave Z to the upside is to be expected.

Elaboration

My primary count is bearish as I have excluded the first wave which is Monday’s decrease. I have done because corrective counts can be either in a 5-3-5 formation (Zigzag), 3-3-5 (Flat), 3-3-3-3-3 (Triangle) so if I take into account the first 5 wave move as the A from a higher degree count the count is improper as the last wave ends as a 3 wave move.

This is why my primary count excludes the first 5-wave move to the downside as being the part of the corrective count, although I haven’t discarded the possibility as I could have made a mistake when counting the sub-wave and is why I made it my alternative count.

We are soon going to receive a confirmation but until then in either way we are going to see more sideways movement.

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Bitcoin Price Analysis: Sideways Expected in Upcoming Days, Market Still Bearish

Over the weekend things have been standing still with a minor sideways movement for the evaluation of the cryptocurrency market cap but with an overall increase from Friday when the evaluation was at around $120B at its lowest point.

  • Market Cap: $127,252,197,066
  • 24h Vol: $14,404,858,143
  • BTC Dominance: 51.9%

Bitcoin BTC Price

Looking at the global chart you can see that from Friday the market increased and was in an upward trajectory until a minor horizontal resistance was reached as the evaluation peaked to $134,464,000,000 at it’s highest point. Since the evaluation has been in a downward trajectory as the market has been decreasing in the evaluation.

The sentiment is still bearish as the market is predominantly in red with an average percentage of change among top 100 coins ranging around 3.72%.

Consequently, the Bitcoin market dominance has been steadily hovering around the same levels around 52%.

 

Bitcoin Price Analysis BTC/USD

From Friday when the price of Bitcoin was $3712 at the open, the cryptocurrency experienced an increase to $4073 at it’s highest point on Saturday but since the price reached those levels it has been in a downward trajectory.

Looking at the hourly chart you can see that the price has managed to stay above the horizontal resistance level throughout most of the day on Saturday before finally, a red candle appeared that pushed the price below it. When the price interacted with the minor support it then came back to the horizontal level retesting it from the downside and as you can see after two interactions a rejection occurred which is why the price is currently again on its lower levels from the current minor range.

RSI is indicating bearishness since it is forming a descending channel or a triangle of some kind and is currently sitting on 40% mark which means that the price is currently around the lower midrange level of its current range with more downside to be anticipated.

My Elliott Wave count also implies that more downside should be expected as the current structure looks like it is going to be a three wave correction likely an ABC Zigzag. If this is the case I would then expect interaction with the horizontal support at $3367 as the X wave should end after which another increase to the bold black line would be likely if the Z wave starts to develop.

Zooming out to the 4-hour chart you can see that I have labeled this whole move from 24th of November until 24th of December as a WXY correction. This means that new lows should be expected for the price of Bitcoin as after a correction ends a trend continuation should occur.

But my projected scenario implies that the correction will be prolonged by two more waves before we see another low to my long projected target at $2926.

The other possibility is that the correction ended on the Y wave and this current down move is the start of the impulsive decrease that would lead the price to my projected target without any more upside corrective movements.

Zooming out further on to the daily chart you can see my longer-term projection for the future Bitcoin’s price pathway. Looking at the chart below you can see that I am expecting an increase as the second wave X should recover the price and will most likely be the same length as the first X wave length which would bring the price of Bitcoin up to $5400-5500.

However, I don’t believe that the increase that we have seen recently is the start of that recovery. Most likely this was a retest of the broken significant support level (bold black line) before the price goes further down and establishes strong support needed for a proper recovery. This is why I have made my target to slightly below $3000 which is the most lower and most significant horizontal level so far.

Only after the price finds strong support or quickly dips before going further up will I count that the temporary bottom is in, and considering the period we are approaching I believe that more sideways movement which indicates indecision will be seen, after which in the second half of January we are going to see the start of an increase for the cryptocurrency market.

But depending on the length of the expected increase and the time it needs to go back to the expected levels I am going to conclude if the Z wave is in play or the correction ended as a WXY.

Happy new blocks and I wish you a decentralized new year.

Cheers!

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Bitcoin Price Analysis: Heading up but for How Long?

From yesterday’s high at $3940 the price of Bitcoin has fallen by 4.52% and is currently being traded at $3762.  Looking at the 15 min chart you can see that yesterday’s high was the lower high from that of when the price of Bitcoin interacted with the horizontal resistance level at $3994 on 26th. This indicated that more downside should be expected as the price action pointed out a downtrend.

Bitcoin BTC Price

The price went on to hover around $3865 for the most of yesterday before finally crashing down with a massive 3.64% red candle in 15 mins time, but since the price fell a bit more and reached $3699 at its lowest it started recovering and is currently in an upward trajectory. If the price continues to go upward I would expect it to go and retest the horizontal resistance level at $3994 again.

Zooming out to the 30 min chart you can see that since I have started writing this post I have witnessed the increase of 6.61% measured to the highest point slightly above the mentioned horizontal resistance level. Is this the retest I was expecting to see still I don’t know but I believe so as I expected to see a B wave to the upside as the second corrective wave in an ABC correction that I am expecting to see to the downside after the previous move to the upside was an impulsive 12345. 

So this upside move I would consider the B wave if the price manages to stay below the horizontal resistance at $3994. If the price continues its upward trajectory and manages to stay above the horizontal level for a few days I will reconsider my count.

Zooming out to the hourly chart you can see that the RSI indicator is signaling strong overbought conditions as its has risen from 42% to 78% in a matter of minutes.  You can also see that the price has gone even more beyond the horizontal level but has now starting to pull back and we are seeing a wick on the hourly chart which indicates exhaustion.

The price has gone above the 0.382 Fibonacci retracement level which will now most likely serve as a support line of a minor range and has gone above the 50-hour moving average. This all indicates extreme bullishness but I would consider this one current green candle as a potential trend reversal just yet. Even so, I believe that much like it came up it will come down and that we are going to see the retest of the lowest price has been since the start of the year but if not at least it will pull back to 0.786 Fibonacci level if this last impulsive move was a start of an uptrend.

On the 4-hour chart, you can see that I have added two more waves to my primary count X and Z. My primary count is that this increase that happened was a retest of the previously broken support which is the bold black line and was a major support level. The wave structure looks like it was a WXY correction in the upward direction so I am expecting now a trend continuation, so I am expecting a lower low that would bring the price of Bitcoin to $2926 which is the most significant horizontal support level so far.

As we are in a Holiday season and the new years eve is ahead I believe we are going to see this expected down move and more sideways action will occur before the final drop to $2926 after which we are going to see some notable recovery.

If this current increase goes up to the bold black line again I get rejected there and heads downwards again I would consider that the price is now heading down to the target level as another impulsive move to the downside started. In that case, the projection would look like this:

 

 

Conclusion

The price of Bitcoin is in a tough spot right now and I don’t believe that it’s getting out off it sooner than the second half of January. The Holiday season and the depression that comes after it usually impact the market which is why I believe that in itself may serve as a catalyst for the further declines that I am expecting but we are yet to see what happens.

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Bitcoin Price Analysis: Downside Expected over the Weekend

From yesterday’s open at $3807 the price of Bitcoin has increased by 8.93% as its currently being traded at $4141.8.

Bitcoin BTC Price

Looking at the hourly chart you can see that the price has encountered strong resistance at the horizontal level at $4299.1 which is the prior range support. The price has interacted with it two times before forming a cluster around the minor downtrend resistance line with a complex and multiple pattern structure forming. Judging by the cluster, the price is struggling hard to keep up the upward momentum but the resistance is proving to be stronger as the price is starting to put pressure on the minor support level again.

Since the price increased by 33.45% previously coming from $3227 and came to the horizontal resistance at $4299.1 we are now seeing that the price is likely heading downwards as it failed to exceed the prior minor high. The price could go a bit higher than the current levels but I wouldn’t expect to see it go past the bold black like which is the significant downtrend support line which was previously broken and whos retest from above if the price want’s to continue downwards we are likely to see.

Zooming into the 15 min chart I have counted the sub-waves and labeled the last upward structure accordingly. On the chart below you can see that according to my Elliott Wave count we are going to see the price drop from here at first to $3994 which is the prior high and the 3rd Minute wave ending point before increasing again. The current corrective structure is the 4th wave from the Minute 12345 impulse wave.

The correction appears to be a double three correction and as the last third ABC correction is about to end the C wave is to develop which is why in the short-term I would expect to see the retest of the previous resistance for support.

I have projected that the next expected increase could optimally be on the bold black line which is the significant downtrends support level, at around $4360.  This is also the area where the next minor horizontal resistance level is so the intersection serves as an area of significance and interest.

On the 4-hour chart, you can see that the price of Bitcoin is currently in a Minor WXY correction according to my Elliott Wave count which is why after the mentioned expected increase for the price to retest the broken support for resistance more downside is expected.

If the price is in a Minor WXY correction in than a trend continuation will occur or the correction might get prolonged by two more waves, which is why its hard to say how low could the price potentially go, but the first target would be around mid-range from last 12345 impulsive move to the upside from $3700-3460.

Even If my projected scenario isn’t true and the current increase is the start of a larger corrective move and not a correction before more downside and new lower lows, the price is heading for a pullback and if this bullish scenario is in play the pullback could get potentially deeper and retrace around 70% from the ending point of the impulse wave which would be around the $3460-3440 where the ending point of the black arrow in the above chart is.

I would expect this decrease to start on Sunday evening but we are yet to see what happens in the meantime as this current sideways action is sending mixed signals.

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Crypto Market Update: Recovery Continues (Bitcoin, Litecoin, EOS Price Analysis)

From yesterday’s open at $115B the evaluation of the cryptocurrency market cap has increased by around 16 billion dollars measured to the current level and has reached $133,367,000,000 at its highest point today.

  • Market Cap: $131,178,574,988
  • 24h Vol: $23,698,482,575
  • BTC Dominance: 54.1%

Crypto Price Update

Looking at the global chart you can see that the evaluation has gone slightly above yesterday’s high but since the market recovered significantly in the last couple of days the evaluation has encountered the sellers’ territory and has found strong resistance above the current levels which is why it is in a downward trajectory currently.

Consequently, the market is green with an average percentage of increase among top 100 coins ranging from 0.3% (like Cardano) to around 5%. The biggest gainers are in double digits with Bitcoin Cash being the biggest one with an increase of 36% in the last 24 hours.

Bitcoin’s market dominance has started to increase again and has come from 53.43% which was the lowest point yesterday to 54.12% where it is now.

BTC/USD

From yesterday’s low at $3793 the price of Bitcoin has increased by 9.4% as its currently being traded at $4152.

 

Looking at the hourly chart you can see that the price went a bit higher than projected in the previous analysis but my primary count stays the same. This won’t change until the price either goes further up past the upper bold black like which is the baseline support from the downtrend seen on a higher time frame. But since the price is looking like it encountered some resistance we might see another minor increase for proper interaction with the mentioned level before a trend continuation. This would be considered as a retest of resistance from which the price previously broke out off before further downside trajectory continues.

Market sentiment 

Bitcoin’s hourly chart technical are signaling a buy.

Pivot points 

S3 3295.7
S2 3582.7
S1 3696.3
P 3869.7
R1 3983.3
R2 4156
R3 4443.7

LTC/USD

From yesterday’s low at $29.6 the price of Litecoin has increased by 8.65% measured to the current level the crypto is being traded which is at around $32.368.

On the hourly chart, you can see a similar situation like on the Bitcoin’s – the price is has recovered to slightly below the ending point of the W wave which still makes this count valid and as the price has reached the horizontal resistance line at $33.29 today and is getting rejected judging by the current red candles we are now going to see a decrease. If the WXY correction ended the price is likely going to continue its downward move as in that case this was a correction before further downside.

Market sentiment 

Litecoin is in the buy zone.

Pivot points 

S3 24.057
S2 27.463
S1 28.704
P 30.869
R1 32.110
R2 34.275
R3 37.681

EOS/USD

From yesterday’s low at $2.51 the price of EOS has recovered by 8.49% measured to the current levels of $2.711.

On the hourly chart, you can see that I have labeled this upward move that the price of EOS was been experiencing from 7th of December as an impulsive 12345 wave to the upside which is why I believe that the price of EOS has a bit more to recover before any downward movement since the price is lagging behind. The target for the increase would be at around the 0.382 Fibonacci level or where the horizontal resistance line is around $3.28.

As the market is strongly correlated this projection may not be true but this is what the Elliott Wave count implies for now. Currently, the price is at the second attempt to break the horizontal resistance so if the price gets rejected we are going to see a pullback from here that would result in a completion of the impulsive move. In any way, after the increase is done I would be expecting new yearly lows for the price of EOS.

Market sentiment

EOS hourly chart technical indicators are signaling a strong buy.

Pivot points 

S3 1.8585
S2 2.2481
S1 2.3854
P 2.6377
R1 2.7750
R2 3.0273
R3 3.4169

Conclusion

Since I was expecting a recovery that could lead the price of Bitcoin back to around $6500 potentially before continuing the downward trajectory to $1300 I am starting to think that this may be it. But I was expecting one more low which would be in the case of Bitcoin around $2926, as to establish strong support before some serious gains could be made. My primary count stays the same for that reason but we are yet to see what happens and my projected scenario will soon be put to the test as the next retracement will give us some clues as to where the price is heading next.

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Bitcoin Price Analysis: One More Minor High Before Further Downside Expected

From yesterday’s low at $111,712,805,000 the cryptocurrency market has increased further and has came up to $123,536,396,000 to its higest point today.

  • Market Cap: $121,379,428,284
  • 24h Vol: $19,047,433,336
  • BTC Dominance: 53.8%

Bitcoin BTC Price

Looking at the global chart you can see that the evaluation is on an upward trajectory with the yesterday’s lows being a retest of the minor uptrend resistance line support before some further increase was made. Since today’s high exceeded the yesterday’s and the evaluation is currently starting to show signs of a top we are likely going to see a retracement back to the minor support line at first and then I would be expecting to see a breakout from the downside.

Consequently, the market is in green with an average percentage of change among top coins ranging from 7-12%. The biggest gainers are in double digits like Bitcoin Cash with an increase of 29.66% but the biggest of them all is MonaCoin with an increase of 57.1%.

Bitcoin’s market dominance has decreased by around 0.7% from yesterday’s open.

BTC/USD

From yesterday’s low at $3556 the price of Bitcoin has increased by 8.62% as its currently being traded at $3858.

Looking at the hourly chart you can see that the price action is in an upward trajectory still but judging by the Elliott Wave count it won’t be for much longer since the price has recovered by 19.78% in one go measured from the December 15th low at $3237. When the price started increasing from there it has broken some significant resistance lines like the bold black line which is the downtrend support line as well as the horizontal level at $3493, and if the price is to continue its upward trajectory a retest of support is needed for a sustainable move. The further the price goes without this support establishment the higher the likelihood that it is not going keep up its upward momentum.

Zooming into the 15 min chart you can see that I have counted the sub-waves of the last 12345 Minute impulse wave, and as you can see it implies that another minor increase is to be expected.

The target for the increase would be slightly below $4000 which is the minor range support which now serves as a horizontal resistance line. After the interaction, I would be expecting more downside for the price of Bitcoin as the current upward move is only the Y wave from a WXY correction, which means that after it ends a trend continuation will proceed.

Zooming out to the 4-hour chart you can see that I have readjusted my labels and I have accounted for the whole move from 28th of November when the price of Bitcoin was at $3755 as a WXY correction which happened after the price fell down in a 12345 impulsive manner.

The purple line is the W wavelength projected on the current Y wave in order to come up with the target, and as you can see the target matches my previous one which is at $3994.

For these reasons, I believe the price of Bitcoin is going for a one more high before continuing its downward trajectory.

Market sentiment 

Bitcoin is in the buy zone.

Pivot points 

S3 3203.2
S2 3456.2
S1 3618.5
P 3709.2
R1 3871.5
R2 3962.2
R3 4215.2

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Crypto Market Update: Downside Expected (Bitcoin Price Analysis)

On yesterday’s open the evaluation of the cryptocurrency market cap was at around $103,370,883,000. From there the evaluation has increased to $115,442,000,000 at its highest point. From there the evaluation has retreated slightly and has fallen today to around $111,720,805,000 which was the lowest point so far as the evaluation again started increasing from there and is now around the same levels as on yesterday’s high.

  • Market Cap: $114,600,199,391
  • 24h Vol: $17,774,031,570
  • BTC Dominance: 54.2%

Bitcoin BTC Price

Looking at the global chart you can see that the evaluation encountered some resistance yesterday at around $115B area and has tried to go past it three times before a minor retracement. Today another attempt has been made but the evaluation has yet again started falling back after the interaction which indicated that there is strong resistance at the mentioned level.

The market is in green with an average percentage of change among top 100 coins ranging from 3.4%-4.9%. The biggest gainers are in double digits like EOS with an increase of 14.35%,  Waves with 25.58% and MobileGo with an increase of 26.62%.

Bitcoin’s market dominance has consequently decreased by around 0.77% – from 54.92 on yesterday’s open to 54.15% where it is currently sitting.

Bitcoin Price Analysis BTC/USD

From yesterday’s open at $3318.6 the price of Bitcoin has increased by 9.72% measured to the current levels at $3640.9. The price did go slightly higher to $3691.6 today but since the price has retraced to the levels on which it is currently sitting.

Looking at the hourly chart you can see that the price hasn’t interacted with the bold black line nor the blue horizontal line before spiking up again. Instead, the price fell to the minor horizontal support level which is why it failed to exceed the prior high, as no strong support was established. Because the price failed to exceed the prior high and is currently struggling to keep up the upward momentum I believe it will go back down from here as the Y wave should end soon.

Maybe the price will continue its upward trajectory for and exceed the prior high level but I don’t believe that we are going to see another large increase as we did previously, but instead another minor one bearly creating new highs.

Zooming into the 15 min time frame you can see that the price has retraced in an ABC manner which is why another trend continuation occurred but now as the price is around the same levels as yesterday it is unclear whether or not this increase was the end but if now we might see a similar situation like on the higher time-frame.

Zooming out to the 4-hour chart you can see that I have encountered this whole move from as a WXY correction and if my count is correct more downside should be expected from here.

 

The target for that decrease would be at around $2926 horizontal support level which is the most significant horizontal support so far and if the price want to go further to recover a proper retest on a strong support is needed.

 

 

Market sentiment 

Hourly chart technicals are signaling a buy.

Pivot points 

S3 2620.3
S2 3085.1
S1 3355.1
P 3549.9
R1 3819.9
R2 4014.7
R3 4479.5

Conclusion

The cryptocurrency market has recovered slightly but I don’t believe that this is the start of the long-awaited recovery. Looking at my Elliott Wave projection below you can see that I am expecting another drop before the price starts to recover. The price has fallen to the levels of the mid-range of the support zone so I believe that it is going to go to its lower levels for a proper retest before the recovery starts.

The post Crypto Market Update: Downside Expected (Bitcoin Price Analysis) appeared first on Blockonomi.

The Market Recovers with More Upside Expected (Bitcoin Price Analysis)

From Friday when the cryptocurrency market cap was at around $104,950,000,000 at its open, the evaluation fell to $100,630,000,000 on the first half of Sunday. In the next 12 hours on Sunday, the evaluation started increasing again and has come up to $104,959,000,000 which was around the levels of Friday’s open, meaning that the price recovered.

  • Market Cap: $108,841,321,920
  • 24h Vol: $12,258,764,608
  • BTC Dominance: 54.9%

Bitcoin BTC Price

Looking at the global chart you can see that the evaluation reached a plateau the first half today and in the next 12 hours period, and exponential increase occurred which lead the price up to $109,511,111,000 at its highest point. The evaluation is currently forming a descending cluster which indicates that another major move is ahead and judging by the momentum behind the upward move we are likely going to see some further increase.

The market is in green with an average percentage of increase ranging from 5.3% up to 23.42% in the case of EOS, 39% for Revain.

Bitcoin’s market dominance has decreased from 55,32% which is the highest point over the weekend to 54.71% where it is currently.

Bitcoin Price Analysis BTC/USD

From Saturday’s low at $3229 the price of Bitcoin has increased by 9.56% as its currently sitting at $3534.

Looking at the hourly chart you can see that the price is again back above the baselike support 2 (bold black line) and the horizontal support level intersection. The price interacted with the horizontal support level at $3237 as expected where it found the needed support before a recovery to the upside. The price is currently experiencing selling pressure at it entered sellers territory above the downtrend baseline support 2 which now serves as resistance which is why in the short term I would be expecting some decrease to retest the broken levels for support before going in for another increase.

Zooming out to the 4-hour chart you can see that my Elliott Wave count implies that after this recovery ends another move to the downside is to be expected which would be the final move from the impulsive move that started when the price of Bitcoin was around $6500.

The target for this decrease would be at around $2926 horizontal level which the most significant horizontal level so far from which the price is likely going to bounce and start a bigger recovery than it did now.

Zooming out further into the daily chart you can see that the current down move is the Y wave from a higher degree correction WXYXZ count.

 

This means that the correction can altogether be over or another X wave corrective wave to the upside is going to start soon which can bring the price of Bitcoin significantly higher before going significantly lower as well.

Market sentiment 

Bitcoin is in the buy zone as indicated by the hourly chart technical indicators.

Pivot points 

S3 3106.6
S2 3213.4
S1 3257.5
P 3320.2
R1 3364.3
R2 3427.0
R3 3533.8

The post The Market Recovers with More Upside Expected (Bitcoin Price Analysis) appeared first on Blockonomi.

Crypto Market Update: Breakout from the Downside (Bitcoin, Bitcoin Cash, Neo Price Analysis)

From yesterday when the evaluation of the cryptocurrency market cap was $109,342,000,000 we have seen a depreciation in the market capitalization evaluation by approximately 5 billion dollars measured to the current levels of around $104,9B.

  • Market Cap: $104,916,231,976
  • 24h Vol: $11,880,699,310
  • BTC Dominance: 55%

Crypto Price Update

Looking at the global chart you can see that the uptrend support line has been broken and the evaluation is around the levels of the start of the minor uptrend. After the downfall, evaluation looks like it has been establishing support, and some temporary support has been made at the yearly low level but I believe that this is heading further lower before this breakout momentum has ended.

The market is in red with an average percentage of change among top 100 coin ranging around 3,4%. The biggest loser is Bitcoin Cash with a decrease of 11% in the last 24 hours, while the biggest gainer is Waves with an increase of 15%.

Bitcoin’s market dominance has increased slightly and is again at the 55% level.

Bitcoin Price BTC/USD

From yesterday’s open at $3528 the price of Bitcoin has fallen by 5% and is currently sitting at $3355.5 level.

On the hourly chart, you can see that the price has fallen to the prior low levels which is I remind you the yearly low. The price action and has created a cluster around the level indicating the struggle between the buyers and the sellers. As this is only a minor support point I wouldn’t expect it to hold for much longer and the next horizontal support level that the price is going to interact with if it continues down is at $3237.

You can see that a similar pattern occurred previously when the price fell to the current levels at first last Friday – a big red candle appeared followed by a cluster which led to one more low which is why I believe that the price is heading down further at least to the next horizontal level but potentially further down which we will see when the price gets there.

Market sentiment

Bitcoin is in the sell zone.

Pivot points

S3 2945.9
S2 3176.0
S1 3265.2
P 3406.1
R1 3495.3
R2 3636.2
R3 3866.3

Bitcoin Cash Price BCH/USD

From yesterday’s open at $86.6 the price of Bitcoin Cash has decreased by 14.8% as it currently being traded at $82.4.

Looking at the hourly chart you can see that the price action formed a descending triangle from which a breakout occurred from the downside. The price went on downwards making new all-time lows for the price of Bitcoin Cash in a three-wave manner and is currently on the horizontal support level where it is searching for support.

Judging by the wick from the downside the level will serve at least as a temporary support but I would expect further depreciation for the price of Bitcoin Cash in the upcoming period as the target for the descending triangle breakout is around $65.

Market sentiment 

Bitcoin Cash is a sell.

Pivot points 

S3 68.42
S2 79.08
S1 82.92
P 89.74
R1 93.58
R2 100.40
R3 111.06

NEO Price NEO/USD

From yesterday’s open at $6.12 the price of Neo has fallen by 6.94% as its currently trading at $5.71.

Looking at the hourly chart you can see that the price action created a descending triangle from which unlike in the case of Bitcoin Cash the price still hasn’t broken out off. We can see that the price is back on the levels of the prior low like in the case of Bitcoin but with a cluster formation slightly bearish. From here I would expect to see a breakout as the price is getting near the triangle’s apex and the most likely direction would be to the downside.

Market sentiment

NEO’s hourly chart technicals indicators are signaling a strong sell.

Pivot points 

S3 4.89
S2 5.39
S1 5.59
P 5.89
R1 6.09
R2 6.39
R3 6.88

Conclusion

As the market started to move to the downside we are likely going to see further decrease over the weekend. This might be the final decrease after which a recovery will start developing but there may be another low before that which we will see when the price reaches those levels.

The post Crypto Market Update: Breakout from the Downside (Bitcoin, Bitcoin Cash, Neo Price Analysis) appeared first on Blockonomi.

Crypto Market Update: Stagnation But for How Long (Bitcoin, Litecoin and EOS Price Analysis)

From yesterday things haven’t changed much for the crypto market, The evaluation is around the same levels as it was on yesterday’s open.

  • Market Cap: $108,993,826,973
  • 24h Vol: $11,000,972,340
  • BTC Dominance: 54.9%

Crypto Price Update

Looking at the global chart you can see that the evaluation went higher than on yesterday’s open and reached $111.734,000,000 at its highest point, but has fallen to the levels of yesterday’s low again and is now in the mid-range.

Consequently, the market is in red with an average percentage of change among top 100 coins being around 1.7%.

Bitcoin’s market dominance has also stayed around the same levels from yesterday as it’s currently on 54.9% level.

Bitcoin Price BTC/USD

From yesterday’s open at $3420 the price of Bitcoin has increased by 1.9% measured to the current level on which the crypto is being traded which is at $3491. The price went further up and reached $3557 yesterday but from there fell again to $3459 before getting to the current levels.

The hourly chart looks undecisive as both sellers and buyers are putting equal pressure on the price at the moment which is why a symmetrical triangle formed. This can also be indicated from the MACD indicator who’s moving averages have come together in a point. The price is currently retesting the horizontal level at $3493 for support and if the support isn’t there it will go to the triangle’s support line for a retest next. If the support is there we might see a breakout from the upside which what I am expecting to see.

Market sentiment

Bitcoin’s hourly chart technical are signaling a sell.

Pivot points

S3 3117.9
S2 3320.3
S1 3427.9
P 3522.7
R1 3630.3
R2 3725.1
R3 3927.5

Litecoin Price LTC/USD

From yesterday’s open when the price of Litecoin was $23.598 to the current levels at $24.57, the cryptocurrency has increased by 4.46%. The price went higher at first to $25.45 on yesterday’s high from where another decrease occurred.

Looking at the hourly chart you can see that the price action has formed a symmetrical triangle, which looks like a bearish pennant considering the price action context. Its resistance line is the support from the previous structure and it was well respected in the past both on the previous structure as support and now as resistance.

Yesterday’s open was on the triangle’s support line and the high was at the resistance so the price is currently in the mid-range from the yesterday’s move. As this is a symmetrical triangle a breakout is likely from both sides but since the bears are in control of the market even if the price goes up I would be expecting a lower low to around the levels of the horizontal support at $21.9

Market sentiment

Litecoin’s hourly chart technical indicators are signaling a buy.

Pivot points 

S3 20.104
S2 22.425
S1 23.596
P 24.746
R1 25.917
R2 27.067
R3 29.388

EOS Price EOS/USD

From yesterday’s open at $1.845 the price of EOS has increased by 9.12% measured to the current levels of $2.0145.

Looking at the hourly chart you can see that the price went higher yesterday as well, and reached just slightly below the horizontal resistance level before it came down to retest the previous one and is now above the $1.986 horizontal level. Since the price found support there and is currently in an upward trajectory, above the 50-hour SMMA we can see another attempt to break the mentioned resistance.

Market sentiment

EOS is in the buy zone.

Pivot points

S3 1.4519
S2 1.7152
S1 1.8609
P 1.9785
R1 2.1242
R2 2.2418
R3 2.5051

Conclusion

After some period of consolidation the prices are ready for the next move, so a breakout from the current symmetrical triangle seen on the chart of analyzed coins and as well as the charts of many major cryptocurrencies. The direction of a breakout is still not clear. My yesterday’s Bitcoin Elliott Wave analysis points out that a breakout from the upside should be expected followed by another lower low, but this might not happen as the prices could just go further down in a straight line from here.

The post Crypto Market Update: Stagnation But for How Long (Bitcoin, Litecoin and EOS Price Analysis) appeared first on Blockonomi.

Crypto Market Update: Market has Stabilized & Moving Sideways (Bitcoin Price Analysis)

From yesterday’s high when the evaluation of the cryptocurrency market capitalization was at around $111,551,466,100 the evaluation has decreased and fell to $107,201,491,152 at its lowest point today, but has started increasing again since the low and is currently around $110,780,000,000.

  • Market Cap: $110,838,147,181
  • 24h Vol: $12,719,223,058
  • BTC Dominance: 54.9%

Crypto Price Update

Looking at the global chart you can see that the evaluation has started increasing in a curved line which is a bullish sign since if it was increasing in a straight line as it did from 7th of December when the evaluation was on the rise.

Today as the evaluation is a bit higher than in this time yesterday we are seeing that the market is in green with an average percentage of change among top 100 coins ranging around 1.4-2.6%. The biggest gainer today is DEX with an increase of over 40% but this is due to the low liquidity of the new crypto that came out to be freely traded on the market from the start of November.

Other gainers are in double digits as well but the concentration is around 11-13% on average. The biggest loser is WAX with a decrease of 18%.

Bitcoin’s market dominance has fallen slightly by 0.01% from yesterdays high at 55.5%.

Bitcoin Price Analysis BTC/USD

From yesterday’s lowest point at $3383, the price of Bitcoin has increased by 4% as its currently being traded at around $3512.

On the hourly chart, you can see that the price of Bitcoin has broken out from the descending channel on the upside but the upward momentum may be over since the price can up to the bold black line which is the most significant downtrend support which now serves as resistance where it got rejected again with a large wick from the upside that indicates that the price has entered sellers territory.

Not all hope is lost as the price is still above the horizontal support level at $3493 so this current retracement might be only for an interaction with the mentioned level for the establishment of support.

This is a very difficult situation to be calling out a trend direction since the price is moving sideways. The price has reached its lowest since the start of the year on last Friday but that level isn’t significant enough nor the price action implies that we have seen the end of the last down move which dates from 14th of November when the price of Bitcoin was at $6500.

The price could very well go up from here and reach or exceed by a little the previous high at $3688 before falling one more time to the downside which would be the end of the mentioned down move.

Looking at the 4-hour chart you can see that the current upward move could be the recovery wave Y from a correction that can lead the price back inside the range between two major support lines but it would still fall to around $3200-2926 range which would be the end of the Y wave from a higher degree count.

On the other hand, this could be the end of the down move and this current upward wave which I have labeled with an orange Y could be the start of the third impulsive move to the upside as the impulsive wave started.

Looking at the daily chart you can see that the price is currently around the second steeper support line and since the price went below it we have likely seen an overreaction to the falling prices and a recovery is soon to start as the second wave X should start developing. Will this current increase lead the price upwards to the downtrend resistance line at around $5453 we are yet to see but I don’t believe it will.

I believe by looking at the charts that the price is heading for one more low below the $3000 which would activate buying again and the chasing of the price would lead up to a recovery.

Market sentiment 

Bitcoin is in the buy zone as indicated by hourly chart technicals

Pivot points

S3 3116.8
S2 3286
S1 3360.9
P 3456.2
R1 3530.6
R2 3625.9
R3 3795.6

Conclusion

Today we are starting to see an increase in the market as a result of a big fallback that the market experienced especially in the last week. This increase may lead to a recovery that would push the price of Bitcoin back to around $5500 area but it may be only a minor correction before another downfall.

In either way the prices are going to recover soon but in order for this to happen a temporary boost in confidence is needed and I don’t believe that this small increase may serve as a catalyst.

The post Crypto Market Update: Market has Stabilized & Moving Sideways (Bitcoin Price Analysis) appeared first on Blockonomi.

Crypto Market Update: Further Decrease Expected (Bitcoin Price Analysis)

From last Friday when the evaluation of the cryptocurrency market capitalization was at around $104,041,000,000 which is the lowest it has been since the start of the year, we have seen an increase fo about 9 billion dollars measured to the current levels.

  • Market Cap: $112,561,894,029
  • 24h Vol: $14,029,628,251
  • BTC Dominance: 55.0%

Bitcoin BTC Price

Looking at the global chart you can see that the evaluation has started forming an ascending channel from Friday’s low and since it is currently on its support levels we are likely going to see an increase to its resistance levels again. This ascending channel is an indication that sellers are starting to wait, and since they have been waiting, buyers are slowly buying.

Consequently, the market is showing mixed colors as the evaluation has been bouncing back an forth. The average percentage of change in the last 24 hours among top 100 coins is relatively small and is ranging from 1.4-2.8%.

Bitcoin’s dominance is up to 55% and its evaluation has started another uptrend after some period of being stuck around 52-3% area.

As you can see the evaluation of the Bitcoin’s dominance has broken out from the major triangle in which it was and has continued its uptrend trajectory.

Bitcoin Price Analysis BTC/USD

From Friday’s low at $3301 the price of Bitcoin has increased by 7.71% measured to the current level on which the crypto is being traded which is at $3561.

Looking at the hourly chart, you can see that the price has created an ascending channel from Friday’s low until now as the price of Bitcoin has interacted with the support line from the channel for the third time and found support there where the horizontal support level at $3493.9 is, as you can see by the current green candle. This makes this channel a confirmed one and judging by the pattern we are now going to see an interaction with the resistance line again.

This may be difficult as the price looks like it encountered resistance at the baseline support 2 from which the breakout previously occurred and now serves as strong resistance. The price went above it but quickly came down to establish support and is now likely heading upward.

When the ascending channel ends I would be expecting a breakout to the downside and a further decrease in price since this structure looks corrective after a downfall so we might see a similar situation like we did last time – an ascending channel followed by a descending one and a breakout from the downside occurs.

Zooming out on to the 4- hour chart you can see my the previous structure which I am referencing for similarity.

Looking at my Elliott Wave count you can see that it matches what has previously been said a minor increase to around the levels of $3874 would be expected after which more downside for the price of Bitcoin. If this scenario is in play than the price would land on the $2926 which is the most significant support level so far.

Zooming out to the daily chart you can see the significance behind it.

This horizontal level is the major resistance in the past and when it was broken the price caught a strong momentum to the upside. When the price reached $54995 a retracement occurred back to the horizontal level for the retest of support, and since the support was found the price continued in an exponential increase. This is why I believe that another low is coming before we might see some recovery as the momentum behind the sell-off is strong which is why strong support is needed.

If the price does go to slightly below $3000 and finds support there, that would be a decrease of 54% in one go measured from the breakout of the descending triangle when the price was at around $6500.

Market sentiment

Bitcoin’s technical indicators are signaling a sell on every time frame.

Pivot points 

S3 2985.0
S2 3308.6
S1 3475.5
P 3632.2
R1 3799.1
R2 3955.8
R3 4279.4

Conclusion

The overall sentiment for the price of Bitcoin and the whole market, in general, is still very bearish with an indication that new lows should be expected, but since the market decreased a lot and the minor downtrend is lasting for 27 day’s low, we are soon going to see a recovery, so it is highly likely that after the next low a recovery will begin. This recovery could even spark the end of the bear market as the cryptocurrency market has been drained in the evaluation.

The other scenario is that from here we just see another large decrease that will cause further capitulation, but this we are yet to see.

The post Crypto Market Update: Further Decrease Expected (Bitcoin Price Analysis) appeared first on Blockonomi.

Crypto Market Update: Breakout from the Downside it is (Bitcoin Price Analysis)

From yesterday’s high at $123,396,000,000 the evaluation of the cryptocurrency market cap has decreased by 16 billion dollars as its currently sitting at around $107,55B.

  • Market Cap: $107,653,615,952
  • 24h Vol: $18,013,572,324
  • BTC Dominance: 55.3%

Bitcoin BTC Price

Looking at the global chart you can see that the evaluation has broken out from the triangle in which it was consolidating for quite some time now. The evaluation is looking like it found some support but we are yet to see if it holds.

Consequently, the market is in red with an average percentage of change among top 100 coins being around 14%. Only Bitcoin SV is in green and that with an increase of 14.22%.

Bitcoin’s dominance has increased from 54.7% to 55.5% at its highest point today.

You can see the evaluation broke out from the triangle finally and is now in an upward trajectory, and looking at the altcoin evaluation you can see that its declining which indicates that market participants are selling their alts for Bitcoin potentially preparing for another sell-off.

Bitcoin Price Analysis BTC/USD

From yesterday’s high at $3907 the price of Bitcoin has fallen by 11.86% measured to the current levels of $3435.

Looking at the hourly chart you can see that the price broke out from the prior support at the horizontal level and the downtrends baseline support 2 which significance can be seen clearly on the 4-hour chart, but since the price broke down the next horizontal level that could serve as strong support is at $2926.

Zooming out to the 4-hour chart you can see the significance of the level and that it was also pierced one time before at the $6256 horizontal level but quickly came back above it and continue upward which lead up to a recovery which is what I believe will happen this time as well.

Zooming out further and going back to the period in which the price was at around these levels you can see that there isn’t any significant support between the current price levels and the $2926 horizontal resistance which now will most likely serve as strong support so if the price goes further down from here the next target is the mentioned level.

Going back to the hourly chart and reexamining my Elliott Wave count since my projection didn’t go in accordance I have spotted my mistake.

This was my projection and the expected scenario.

As you can see the price came to my target but I was expecting an increase at first as the WXY should happen and the Y wave should have developed one higher high before the drop.

This, in fact, did happen but I haven’t counted the waves properly, the count should look like this.

What this means is that since the 5th wave occurred we are going to see a larger correction soon so a recovery is on the way, but it is still unclear where the 5th wave could end.

Zooming into the 15 min time frame and further inspecting the sub-waves I have counted the waves and projected that the price can go up to retest the previous support for resistance at around either the horizontal level or at the baseline support 2 which would be more likely since it was the most significant one.

The current leg down might be the end of the minor consolidation with one more wave down before the 3rd wave ends or it could be the start of the 4th wave, this we are yet to see.

 

But when this soon ends we are going to see some recovery for the price of Bitcoin as the price fell from $6500 meaning it halved in price till now.

The post Crypto Market Update: Breakout from the Downside it is (Bitcoin Price Analysis) appeared first on Blockonomi.

Crypto Market Update: Equal Pressure from Both Sides (BTC Price Analysis)

From yesterday’s high at slightly above $128B the evaluation of the cryptocurrency market capitalization has decreased by around 8 billion dollars in evaluation as its 119,246,000,000 at its lowest point today.

  • Market Cap: $120,248,294,835
  • 24h Vol: $14,792,684,770
  • BTC Dominance: 54.7%

Cryptocurrency Price Analysis

Looking at the global chart you can see that the evaluation has started putting downward pressure on the support line from the triangle in which it is but we cannot still say that a breakout occurred even though the evaluation is looking like it is retesting the prior support for resistance and it looks like the resistance was found.  Not until we see a movie with a higher volume and volatility.

Consequently, the market is in red with an average percentage of decrease among the top 100 coins ranging between 3-10%. Biggest losers are in double digits and the biggest are around 15-16% like Binance Coin and Bitcoin Cash.

Bitcoin’s market dominance has increased by 0.84% from yesterday’s open as the market confidence diminishes.

Bitcoin Price Analysis BTC/USD

From yesterday’s open at $4003.9 the price of Bitcoin has fallen by 6.22% and is currently sitting at $3768.

Looking at the hourly chart you can see that the price is back on the levels of the prior low like it was expected. Judging by the current candles you can see that both buyers and sellers are aggressive and it is still unclear whether the level will serve as support. As you can remember from my analysis I am expecting an increase after this descending channel ends so this might happen now if the prior low level serves as a support.

If the level gets broken I would expect it to go to the baseline support which is the black bold line below. If the price goes falls to $3500 that won’t come as a surprise either but the target for the expected increase would be lower then the prior once which was at 0.236 Fibonacci level.

The most optimal scenario would be that the price falls a bit further down to the baseline support around $3622 before the upward move begins.

Zooming out to the 4-hour chart you can see my Elliott Wave projection and according to it this descending channel is the second wave X which means that soon another Y wave should start developing to the upside, but as the corrective Y wave ends on the upside it would be expected that the price continues its downward trajectory.

This is why I don’t believe that the price will go significantly lower from here, but instead, it will go up at first before falling down again most likely to the most significant support level so far and that is slightly below $3000.

Zooming out further onto the daily chart you can see the significance behind the level.

It was the resistance from the range in which Bitcoin’s price was in July last year and when the price broke its resistance it continued its massive momentum to the upside. This was the key resistance level at the time and as the $3000 level is a psychological level as well it will serve as strong support

Market sentiment

Bitcoin’s hourly chart technical are signaling a strong sell.

 

 

 

Pivot points

S3 2468.2
S2 3298.6
S1 3769.9
P 4129.0
R1 4600.3
R2 4959.4
R3 5789

Conclusion

The price of Bitcoin is in decline at the moment but as my analysis points out we aren’t going to see a straight downfall from here like we did last time. With the current daily candle being a doji indicating equal pressure from both sides we are yet to see how it will close.

But I believe that it will close a bit lower than the current levels and end up much like it did on 27th of November.

The post Crypto Market Update: Equal Pressure from Both Sides (BTC Price Analysis) appeared first on Blockonomi.

Crypto Market Update: Sideways Movement (BTC, XMR & Neo Price Analysis)

From yesterday’s low at $124,819,000,000 the evaluation of the cryptocurrency market cap has been increased at first and came up to $131,321,000,000 at its highest points yesterday but since the high evaluation has started falling again and is now around the same levels as on the yesterday’s open.

  • Market Cap: $124,891,739,855
  • 24h Vol: $13,638,258,600
  • BTC Dominance: 54.1%

Cryptocurrency Price Analysis

As you can see from the global chart the evaluation has clearly been in a downtrend for quite a while now, from 14th of November to be exact and the downtrend’s resistance line still hasn’t been broken. If the price finds some support around the levels of the prior low, we might see a breakout from the upside soon. If the support doesn’t hold then another drop in price would follow.

Today the market is in red with an average percentage of change among top 100 coins ranging around 3-7%. The biggest losers are in double digits like for example Nexo with a decrease of 30%.

Bitcoin’s market dominance has increased from yesterday’s open at 53.68% and is currently slightly above 54% level.

BTC/USD

From yesterday’s open at $3830 the price of Bitcoin has increased at first coming to $4090 but has fallen since and is currently sitting at $3891.6 which is an overall increase of only 1.65%.

As you can see from the hourly chart nothing has changed much for the price action of Bitcoin since yesterday except we have seen a minor interaction with the $3779 level on the yesterday’s low spike. The price, however quickly came up closing the hourly candle still a bit higher. The price is still in a descending channel which target I have projected to be at the mentioned level but I don’t believe that this interaction was it. I believe that the price is heading down again for a proper interaction and even spiking below it like it did last time potentially all the way down to the downtrends baseline support.

Market sentiment 

Bitcoin is in the sell zone.

Pivot points 

S3 2468.2
S2 3298.6
S1 3769.9
P 4129.0
R1 4600.3
R2 4959.4
R3 5789.8

XMR/USD

From yesterday’s open at 53.76 the price on Monero has increased at first and came up to $59 which was an increase of 9% but since the price encountered resistance we are now seeing the price decreased from there as its currently sitting at $54.66 which is an overall increase of 1.62%.

Looking at the hourly chart you can see a similar chart pattern like in the case of Bitcoin and many other major cryptos at the moment so the same implies – a retracement back to the prior low levels is expected after which another wave to the upside will occur most likely as the current structure is corrective in nature.

Market sentiment 

Monero is in the bearish sentiment with technical indicators signaling a strong sell.

Pivot points 

S3 33.213
S2 46.592
S1 53.4
P 59.971
R1 66.841
R2 73.350
R3 86.729

NEO/USD

From yesterday’s low at $7.14 the price of Neo has increased to $8 at first before falling down again to the same levels following the price of other major cryptos as the market is strongly correlated. The price is currently at $7.3 which makes an overall increase of 1.51%.

As you can see from the hourly chart the price action has created a descending channel and is currently reaching the levels of the prior low. The horizontal support level at $6.96 served as support in the past so another interaction with the level for a confirmation would be expected before further increase.

Market sentiment 

Neo’s hourly chart technical are signaling a strong sell.

Pivot points 

S3 3.52
S2 5.76
S1 7.01
P 8.00
R1 9.25
R2 10.24
R3 12.48

Conclusion

The cryptocurrency market is currently experiencing some sideways action as a result of a consolidation after a big drop in evaluation. Before some major moves the support and resistance levels from the current descending range. I believe that the next major move would be to the upside as the price is currently in a correction but before that happens we might see another retest of the prior low levels.

The post Crypto Market Update: Sideways Movement (BTC, XMR & Neo Price Analysis) appeared first on Blockonomi.

Crypto Market Update: Prices Struggling (BTC, XLM & EOS Price Analysis)

From yesterday’s open at $135,349,561,000 the evaluation of the cryptocurrency market has depreciated in evaluation by approximately 5,4 billion dollars in the last 24 hours.

  • Market Cap: $129,935,544,123
  • 24h Vol: $14,838,070,638
  • BTC Dominance: 53.9%

Cryptocurrency Price Analysis

Looking at the global chart you can see that the evaluation has fallen from yesterday’s interaction with the resistance levels from the symmetrical triangle’s which is why the evaluation has retraced to its support line.  Consequently, the market is showing mixed colors but with red being the dominant one. The average percentage of change among top 100 coins is around 2%.

Bitcoin’s market dominance has been sitting around the same levels and is currently up slightly from yesterday as it sitting at 53.9%.

Bitcoin Price Analysis BTC/USD

From yesterday’s open at $4172 the price of Bitcoin has fallen to $3830 which was 8.25% drop but since the low, the price has recovered and is currently at $4030.

Looking at the hourly chart you can see that the price action has formed a descending channel now since the price fell to the mentioned low levels forming a lower low. Since the price bounced it has now reached the horizontal level at $4045 which serves as resistance and judging by the candles and the price action since we can see many wicks from the upside the price is getting rejected which is why I would be expecting a pullback again or even a breakout from the downside off of the descending channel.

If that happens I would be looking at the $3783 level for the first stopping point but if the price increase from here than I wouldn’t expect it to go higher than the resistance from the descending channel.

Market sentiment 

Hourly chart technical indicators for Bitcoin are bullish.

Pivot points 

S3 2468.2
S2 3298.6
S1 3769.9
P 4129.0
R1 4600.3
R2 4959
R3 5789.8

Stellar Price Analysis XLM/USD

From yesterday’s open at $0.162177 the price of Stellar has decreased by 10.16% to today’s low at $0.14557 but since the low price has recovered and is currently at $0.15391.

Looking at the hourly chart you can see that the price has reached the strong resistance area from which it started declining again and is currently in a downward trajectory we are now likely going to see a trend continuation to the downside as the small increase to the resistance area was the 4 wave correction before new moves to the downside. The 5 wave could end on the support level on which the 3 wave is but it could also go below it in which case the next horizontal support level i see strong enough is at $0.1393.

Market sentiment 

Stellar hourly chart technical indicators are signaling a buy.

Pivot points 

S3 0.08181667
S2 0.12036667
S1 0.14318334
P 0.15891667
R1 0.18173334
R2 0.19746667
R3 0.23601666

EOS Price Analysis EOS/USD

From yesterday’s open at $2.87 the price of EOS has fallen to $2.35 which was a decease of 18%. Since the price dropped by that much a recovery took place and the price is now on at $2.56.

Looking at the hourly chart you can see that the price action in the case of EOS failed to even try to create the ascending channel like it did in the case of Bitcoin and Stellar, instead the price started decreasing straight away since it broke the downtrends resistance and has gone below the prior low level at $2.86 which was the previous horizontal support.

The next horizontal level which is significant enough that the price is going to land on if it continues its downfall is at $2.115.

Market sentiment  

EOS is in the sell zone.

Pivot points 

S3 1.6679
S2 2.3853
S1 2.6812
P 3.1027
R1 3.3986
R2 3.8201
R3 4.5375

Conclusion

The market is still very unstable and the prices are look like they are awaiting more downfall. From these level I would expect another low mush like it already happened in the case of EOS but we might see another increase at first for the prices to retest their resistance levels before the drop happens.

The post Crypto Market Update: Prices Struggling (BTC, XLM & EOS Price Analysis) appeared first on Blockonomi.

Crypto Market Update: Breakout Soon (Bitcoin BTC Price Analysis)

From Friday’s high at $139,383,605,000 the evaluation of the cryptocurrency market has fallen on Saturday to its lowest point at $128,341,000,000 but has recovered slightly on Sunday and came back to $138,764,000,000. Since the evaluation has been declining and is currently about 8,3 billion dollars than on Friday’s high.

  • Market Cap: $131,191,243,553
  • 24h Vol: $13,911,330,109
  • BTC Dominance: 53.6%

Bitcoin BTC Price

Looking at the global chart you can see that the evaluation has formed a symmetrical triangle and it looks like a breakout is going to happen soon, but as aggressiveness has been indicated from both sides it is still unclear who will win in this struggle between buyers and sellers. Consequently the market is showing mixed colors today with an average percentage of change among top 100 coins ranging around 3.4-5.7%

Bitcoin’s dominance has been changing much but has still been steadily declining from Friday when it was 53.98% at the open till today’s low at 53.5%.

Bitcoin Price BTC/USD

From Friday’s open at $4325.3 the price of Bitcoin has fallen to $3898.6 at its lowest point on Saturday after which the price recovered to around the same levels coming back to $4343 but has fallen again today to $4007 slightly higher they the low on Saturday from where the price is consolidating and is currently sitting at $4033 which is an overall decrease of 6.79%.

Looking at the hourly chart you can see that the price action has started to break out from the ascending channel in which it was previously consolidating and as the current minor structure resembles the major one I believe that the price will continue further to the downside from here. The price is currently above the horizontal support level at $4045 still even though the price went quickly below it, it would only be a wick on the higher time- frame so a proper move to the downside with a big red candle would be considered as a breakout, but since the price is getting close to the downtrends resistance we are probably going to see a breakout soon.

Zooming out to the 4-hour chart you can see that the current candles are all doji candles indicating equal pressure from both sides around the mentioned horizontal level.

As the price action created a lower high it would be presumable that it is going to create a lower high. Another possibility is that we are going to see the current horizontal support level hold for now and the price bounces up again but creating another lower high and in that way form a descending triangle in which case a breakout from the downside would be clearly indicated.

Zooming out further on to the daily chart you can see that if the price breaks down there are two potential targets for the down move.

The first target would be at the $3500 are where the next horizontal support level is, but considering the momentum that was exerted behind the sell-off the next horizontal support level in line which is slightly below $3000 would look more likely for the target as is would serve as stronger support and considering how much of a percentage decrease that would be from the breakout level at around $6500 it would be the final target before some major recovery can be made.

If the price goes higher from here I wouldn’t expect it to go past the downtrends baseline support which was previously broken and now serves as strong resistance in combination with the horizontal resistance level at $4247.

Market sentiment 

Lower time frames up to 15 min chart are bullish while higher time frames up to the monthly chart are all indicating a sell.  Hourly chart technical indicators are signaling a strong sell even.

Pivot points

S3 2468.2
S2 3298.6
S1 3769.9
P 4129.0
R1 4600.3
R2 4959.4
R3 5789.8

Conclusion

The market is soon about to move again with a higher volatility and judging by the global chart and the BTC/USD chart a breakout is going to happen from the downside. If new capital suddenly enters the market we might see this current minor recovery push the price a bit higher but I would still be expecting it to decrease from there.

The post Crypto Market Update: Breakout Soon (Bitcoin BTC Price Analysis) appeared first on Blockonomi.

Crypto Market Update: Consolidation After Run Up (BTC, BCH, XLM Price Analysis)

From yesterday’s high at $142,548,000,000 the evaluation of the cryptocurrency market capitalization has decreased by around $8 billion dollars to its lowest point today.

  • Market Cap: $136,647,779,870
  • 24h Vol: $17,020,210,767
  • BTC Dominance: 53.9%

Cryptocurrency Price Analysis

Looking at the global chart you can see that the evaluation is on the same levels from which the previous drop was made which means that prior support now serves as resistance. Since the evaluation is putting pressure on the resistance level I would be expecting a breakout soon, but a pullback that will draw in more buyers so the momentum could push the price higher is another possibility.

The market is mixed in color today with an average percentage of change among top 100 coins ranging around 2-3%. The biggest gainer today is Theta Token with a staggering increased of 131.15%., while SIRIN LABS Token is the biggest loser with a decrease of 26.75%.

Bitcoin’s market dominance has stayed around the same levels around 54% at first increasing from 53.4% on yesterday’s open until reaching 54.06% at its highest point and from there till now was steadily dropping to the current levels of 53.8%.

Bitcoin Price Analysis BTC/USD

From yesterday’s open at $4306 the price of Bitcoin has been going up and down in about 2% as the market consolidates after some increase has been made in the last couple of days. The cryptocurrency is currently being traded at $4231.6 which is 1.91% lower measured from yesterday’s opening.

Looking at the hourly chart you can see that the price action has formed a symmetrical triangle after the 12345 moves to the upside which indicates that consolidation is taking place as buyers and sellers are getting closer. The price interacted with the most significant horizontal resistance level which was the prior support at around $4500 and some strong resistance was indicated by the wick that was left behind the interaction.

The price is still above the horizontal support at $4247 which is a bullish sign but the level may be broken soon as a result of a breakout from the triangle. As this is a symmetrical triangle the possibility of a breakout is equal from both sides buy currently sellers are looking like in control.

Market sentiment

Hourly chart technicals are signaling a sell.

Pivot points

S3 2572.1
S2 3307.9
S1 3762.5
P 4498.3
R1 5177.2
R2 5688.7
R3 6424.5

Bitcoin Cash Price Analysis BCH/USD

From yesterday’s open at $309 the price of Bitcoin Cash has been hovering around the level like a median value from the range of about 2.87%. Currently, the price is at $302.6 which is 1.96% decrease overall.

On the hourly chart, you can see that the price action is stuck in a range which has the form of a symmetrical triangle much like in the case of Bitcoin. As you can see the range was created around the horizontal resistance level at $306 from which the price is currently lower as its sitting on the triangle’s support line.

We are going to see what happens now but the structure looks bearish since the price is putting pressure on the support levels. If the price breaks from the downside I would expect it to stop at between $289 or the next horizontal support at $281.7.

Market sentiment 

Bitcoin Cash is in the sell zone.

Pivot points

S3 108.08
S2 130.30
S1 152.51
P 250.48
R1 297.27
R2 400.22
R3 492.79

Stellar Price Analysis XLM/USD

From yesterday’s open at $0.16261429 the price of Stellar has decreased at first but has been increasing since and is currently 2.56% higher then it was on yesterday’s open as the crypto is being traded at $0.166371.

Looking at the hourly chart you can see that the price has broken the downtrend resistance line with a strong momentum and since it encountered the first strong resistance at $0.1679 the price action has started forming an ascending wedge. The mentioned resistance level was the S2 from the support zone range which was previously broken so it serves as strong resistance and as the ascending wedge is known to be a reversal pattern I believe that the price is heading down from here.

If we see a breakout from the downside than the price is likely heading down to the same levels from which the increase was made or slightly higher at around $0.147.

Market sentiment

Stellar Lumen is in the buy zone as indicated by the hourly chart technicals.

Pivot points

S3 0.13313699
S2 0.12582277
S1 0.15081082
P 0.19125761
R1 0.23170438
R2 0.25669244
R3 0.29713923

Conclusion

After the market has recovered slightly over the week we are now seeing the interaction with the first significant resistance levels as the market consolidates. The consolidation will soon be over and we are going to see the direction of the future trend but, since bears are still in control over the market and considering that some gains have been made I believe that over the weekend we are going to see a pullback.

The post Crypto Market Update: Consolidation After Run Up (BTC, BCH, XLM Price Analysis) appeared first on Blockonomi.

Crypto Market Update: The Recovery Continues (Bitcoin, Tron, IOTA Price Analysis)

From yesterday’s low at $124,992,000,000 the evaluation of the cryptocurrency market capitalization has increased by over 18 billion dollars measured to the current levels. Consequently the market is in green with an average percentage of change among top 100 coins ranging around 8%. The biggest gainers are in double digits.

  • Market Cap: $142,348,553,463
  • 24h Vol: $20,390,322,692
  • BTC Dominance: 53.8%

Cryptocurrency Price Analysis

The evaluation on the global chart has made an ascending channel and you can see that currently the evaluation is looking for another attempts to go past the minor resistance found on the prior range support. If the evaluation fails to exceed to levels it will start declining from here to the ascending channels support line, but even if it does succeed in going further up the resistance from the channel would be to much and it will start falling from there down to the support levels.

Bitcoin’s dominance has increased by 0.83% from yesterday’s open at around 53%, which is in indication that the market participants aren’t feeling as confidante in this current rise and are likely started selling their alts to be able to quickly sell BTC for cash if the prices start falling again.

Bitcoin Price Analysis BTC/USD

From yesterday’s open which is also the lowest price has been at $3877 the price of Bitcoin has increased by 11% measured to the current levels of $4305.

Looking at the hourly chart you can see that the price has increased significantly since the low on Sunday but judnging by the Elliott Wave count the upward move has ended.  Now we are likely seeing the start of the correction which would the price back down to aprixamately half of the range of the minuette 12345 impulse. What had been stated is with taking into the consideration that the price enoutered some strong resistance at the current level and if the price continues upward it would be to unstable so it would have to first establish a support.

Market sentiment 

Bitcoin is the sell zone as indicated by the hourly chart technicals.

Pivot points

S3 2572.1
S2 3307.9
S1 3251.0
P 4498.3
R1 5177.2
R2 6424.5
R3 8350.7

Tron Price Analysis TRX/BTC

From yesterday’s open at 310 Satoshi the price of Tron increased to 382 Satoshi at first but since the interaction with the resistance found on those levels the price has pulled back slightly and is now sitting on the 364 Satoshi which in an overall increase of 17.12%.

 Looking at the hourly chart you can see that the price has interacted with the upper support zone’s line which serves as resistance but the result of an increase was the support found around its support levels. Since the price spike by over 20% initially indicating a strong momentum we might see an increase above the mentioned level as the price is once again in an upward trajectory.

Market sentiment

Tron is in the buy zone.

Pivot points

S3 0.00000200
S2 0.00000258
S1 0.00000290
P 0.00000316
R1 0.00000348
R2 0.00000374
R3 0.00000432

IOTA Price Analysis IOTA/USD

From yesterday’s open at $0.2718 the price of IOTA has increased by 11% as its now being traded at $0.301.

Looking at the 4-hour chart you can see that the price has been at its lowest since the start of the year and is now approximately on the same and even on lower levels than last years November. The Y wave ended from the primary WXY so some significant increase is to be expected from here, to around the half of the range from he 0.236 Fibonacci level to the lowest level at $0.2583, and then potentially all the way up to the 0.5 Fibonacci level.

Market sentiment

IOTA is in the buy zone.

Pivot points

S3 0.0169
S2 0.1699
S1 0.2257
P 0.3229
R1 0.378
R2 0.4759
R3 0.6289

Conclusion

As the market recovery continues we are yet to see how far can it take the market in one go but in the upcoming period I would be expecting an overall increase.

The post Crypto Market Update: The Recovery Continues (Bitcoin, Tron, IOTA Price Analysis) appeared first on Blockonomi.

Crypto Market Update: The Market Recovers (Bitcoin, Bitcoin Cash, Monero Price Analysis)

From yesterday’s low at around $121B the evaluation of the cryptocurrency market cap has increased today by 11 billion dollars measured to the current levels.

  • Market Cap: $132,063,048,841
  • 24h Vol: $17,508,463,051
  • BTC Dominance: 53.4%

Cryptocurrency Price Analysis

As you can see from the global chart the evaluation has broken out from the major resistance and is currently in an upward trajectory. Consequently, the market is in green with an average percentage of increase ranging around 9%. The biggest gainers are in double digits and the most notable increase among top 100 coins is Bitcoin Private with an increase of 40.59% in the last 24 hours.

Meanwhile, Bitcoin’s market dominance has stayed around the same levels which indicates that the new capital has spread into the market widely as to include the altcoins who previously saw a decrease.

Bitcoin Price Analysis BTC/USD

From yesterday’s low at $3785.5 the price of Bitcoin has increased by 12.38% measured to the current levels of $4226.

Looking at the hourly chart you can see that the price has indeed found its bottom yesterday on the third interaction with the horizontal support level at $3783.7. Since the final corrective Z wave has ended an impulsive 12345 in the upward direction begun and judging by the sub-waves it has a bit more to go potentially for another interaction with the horizontal resistance level at $4247 before undergoing a small correction.

In the upcoming period, I would be expecting that the price pulls back a bit at first and then continue going upward to retest the descending channels support levels for resistance.

Market sentiment

Hourly chart technicals are signaling a buy.

Pivot points

S3 2572.1
S2 3307.9
S1  3762.5
P 4498.3
R1 5234.1
R2 5688.7
R3 6424.5

Bitcoin Cash Price Analysis BCH/USD

From yesterday’s low at $267.49 the price of Bitcoin Cash has increased by 12.97% as the cryptocurrency is currently being traded at $303.

Looking at the hourly chart you can see a similar upward structure like in the case of Bitcoin. At the moment we can see that the price has reached the horizontal resistance line at $ 306.3 and the interaction with it resulted with a small decrease for now. As you can see the price action has formed a U shape which indicates a bottom and considering the horizontal level will serve as resistance we are now likely going to see a retracement which would be in combination with the U shape bottom a cup and handle pattern.

After a pullback, I would be expecting that the price continues in an upward trajectory but we are yet to see how high will this recovery go.

Market sentiment 

Bitcoin Cash hourly chart technical indicators are bullish, with moving averages signaling a strong buy.

Pivot points

S3 133.78
S2 300.46
S1 361.27
P 467.14
R1 527.95
R2 633.82
R3 800.50

Monero Price Analysis XMR/USD

From yesterday’s low at $53.64 the price of Monero has increased by 17.15% measured to the current levels of $62.67.

On the hourly chart, you can see that the price has broken the major resistance line much like it did on the charts of two major cryptos previously analyzed. Currently, the price is in an upward trajectory since a small pullback which is what I am expecting to see now for the price of Bitcoin Cash. The next horizontal resistance level in line is at the prior range support which is at $64.645. The price could stop increasing here because as you can see by the wick from the upside the selling pressure has already being experienced.

Market sentiment

Monero is in the buy zone.

Pivot points

S3 36.382
S2 49.409
S1 57.457
P 70.484 7
R1 81.967
R2 104.586
R3 138.688

Conclusion

The cryptocurrency market has started to recover since the evaluation has been continually decreasing from 14th of November when it was at $209,9B at its open until Sunday when it reached $115,113,000,000 at its lowest.

Looking at the global chart you can see the similarities in the structure with all the major cryptos as well as the minor once. It looks like the down move has ended and that the recovery has started. First major resistance the evaluation has encountered and is currently struggling to pass is the prior lower high level. I believe that the evaluation will pullback to retest downtrend’s resistance line for support from which an increase is to be made to the next horizontal resistance level which is at around $142,571B and is the support from the consolidation range.

After the interaction with the mentioned level we will see and evaluate the potential behind the upward move.

The post Crypto Market Update: The Market Recovers (Bitcoin, Bitcoin Cash, Monero Price Analysis) appeared first on Blockonomi.

Crypto Market Update: The (Short-Term) Bottom is Likely In (Bitcoin BTC Price Analysis)

From yesterday’s high at $131,937,967,321 the evaluation of the cryptocurrency market capitalization has decreased by around 9,6 billion dollars measured to the current levels. The evaluation has been a bit lower but it still around those levels.

  • Market Cap: $121,498,191,774
  • 24h Vol: $18,399,882,926
  • BTC Dominance: 53.3%

Bitcoin BTC Price

Looking at the global chart you can clearly see a downtrend line dating from last Monday, but since the price has been steadily dropping for quite some time now, we are now likely going to see a recovery, and as the evaluation is looking like it has stabilized around the $120B market cap we are soon going to see if the market starts to recover or is this only a shortstop before more downside.

Consequently, the market is in red with an average percentage of change among top 100 coins ranging around 3-5%

Bitcoin’s market dominance has decreased since yesterday at about 0.6% breaking the minor uptrend line.

BTC/USD

From yesterday’s high at $4171 the price of Bitcoin has fallen by 8.39% as the crypto is currently being traded at $3830.

The price has found the support on the significant horizontal support level at around $3783 so we might see a bounce soon but as the current structure looks like the sellers are putting pressure on the mentioned level, we might also see a breakout to the downside. As you can see from my Elliott Wave count the 4th wave has ended which is why another has started to develop and it should be the last one, but the problem is that the 5th wave could have ended on the current horizontal level today.

Zooming further into the 15 min chart I have counted the sub-waves and I believe that what was previously stated is true.

As you can see the current upward trajectory could be interpreted as the beginning of the recovery wave to the upside since the EW count points out the end of the impulsive move to the downside. However, I still wouldn’t count that the upward move has begun until the price exceeds the minor resistance level at $3894.6.

Zooming out on to the 4-hour chart you can see that the corrective wave Z is actually the wave of a higher degree which is constituted by the mentioned 5 waves, and considering that the price dropped by around 42% in one go, we are now going to see a recovery.

The target for the recovery would be around the levels from which the breakout from the prior descending structure occurred which is around $4500. If the price gets rejected there we are likely going to see a lower low but we are yet to see what happens at those levels.

Market sentiment 

Hourly chart technicals are bearish with oscillators indicating a buy.

Pivot points 

S3 2572.1
S2 3307.9
S1 3762.5
P 4498.3
R1 5234.1
R2 5688.7
R3 6424.5

Conclusion

Since the price of Bitcoin stabilized around the current levels we are now going to see a recovery. The awaited recovery might but only short-term before another low or could result in a stagnation around the $4500 range. One thing is certain the price can’t get anywhere until we have seen a retest of the significant levels.

The post Crypto Market Update: The (Short-Term) Bottom is Likely In (Bitcoin BTC Price Analysis) appeared first on Blockonomi.

Crypto Market Update: Still Bearish But Recovery Soon Expected (Bitcoin BTC Price Analysis)

From yesterday’s low at $115,502,000,000 the evaluation of the cryptocurrency market capitalization has increased today to $131,659,670,000 at its highest point. Since, the evaluation has fallen to around $128,7B at first and then continued lower and is currently sitting at around $122,7B.

  • Market Cap: $122,593,341,098
  • 24h Vol: $18,839,912,803
  • BTC Dominance: 54.0%

Bitcoin BTC Price

Consequently, the market is showing mixed colors but with some cryptos recovering in double digits. The average percentage of change among top 100 coins in the last 24 hours is ranging around 4-7%. Biggest gainers are: Factom with an increase of 12.36%, SIRIN LABS Token 25.69% and Metaverse ETP with 33.12%

Bitcoin’s dominance has decreased since yesterday but now since the market cap evaluation dropped, it started rising again.

Bitcoin BTC/USD Price Analysis

From yesterday’s open at $3928.3 the price of Bitcoin has decreased by only 3% measured to the current levels of $3812.6. The price increased at first coming to $4172.4 but since the price failed to increase further on the second attempt the cryptocurrency depreciated in price quickly and is back around the same levels whipping out all of the gains made from the recovery quicker than the recovery was made.

Looking at the hourly chart you can see that the price action has created a double bottom for now indicating more selling pressure. As you can see from my Elliott Wave count this current down move is the final wave 5 which is why I would be expecting a reversal any time soon. The 5th wave could end on these levels if the current horizontal level serves as a support.

If the current level breaks I would be expecting a continuation to the downside but only to the next horizontal support level which is at $3493.

As you can see the 4th wave has come up to the previous support which now serves as a resistance line and was rejected at those levels which caused the minor uptrend line from the ending of wave 3 to break.

Zooming on to the 4-hour chart you can see that the price hovered around the same levels previously from which a breakout was made to the downside which is the current down move that we have seen in the market.

From the mentioned plateau levels around $6512, the price has fallen by over 42% measured to the current levels of $3715 which is a bit lower since the start of this article so the price has already broken the horizontal support level and is currently below it. As you can see from the 4-hour chart the down move has been labeled as a five wave correction – wxyxz. The current wave to the downside is the 5 wave from the last corrective wave Z so I wouldn’t expect the price to go lower than the next horizontal level at around $3500.

Market sentiment

Bitcoin is in the sell zone.

Pivot points

S3 2572.1
S2 3307.9
S1 3762.5
P 44498.3
R1 5234.1
R2 5688.7
R3 6424.5

Conclusion

The price of Bitcoin as well as the market in general, since Bitcoin’s market dominance, is higher than 54% currently, are going to experience a recovery very soon since the current market conditions are screaming oversold. We are yet to see where that recovery takes the price but I believe that after this much downfall the price is either going to spike up quickly to around $5000 and stay there for a while, or it will consolidate at first around these oversold levels.

The post Crypto Market Update: Still Bearish But Recovery Soon Expected (Bitcoin BTC Price Analysis) appeared first on Blockonomi.

Crypto Market Update: More Downside (Bitcoin & Stellar Price Analysis)

From yesterday’s open at around $151B the evaluation of the cryptocurrency market has decreased by approximately 12 billion dollars as its currently sitting at around $139B area.

  • Market Cap: $139,579,638,702
  • 24h Vol: $15,140,421,805
  • BTC Dominance: 53.8%

Cryptocurrency Price Analysis

As you can see from the global chart the evaluation has broken out of the minor consolidative triangle in which it was since Tuesday’s low at $140,82B.

Consequently, the market is in red with an average percentage of change among top 100 coins ranging around 7%. The biggest losers are in double digits buy mostly around 10%. Augur is the only crypto with a significant gain as the price increased by 11%.

Bitcoin’s market dominance is up by 1.4% from yesterday low at 52.41% as the market confidence diminishes.

Bitcoin Price BTC/USD

From yesterday’s high at $4722 the price of Bitcoin has fallen by 7.73% as its currently hovering around $4366 area. The price went further down to around $4293 but has managed to stay above the $4300 since the spike down.

 

 

Looking at the hourly chart you can see that the price has interacted with the next horizontal support level in line which is at $4247 with the spike down, but as the support was there the price bounced quickly leaving wicks on the hourly chart that indicate that buyers are present. The price has recovered slightly but not enough and not as quickly as it came down so that we can say that the move is done. I believe that over the weekend we are going to see another move down to the next horizontal support level at around $4000-4100 level.

As the price is currently in a downward trajectory and was rejected (as indicated by the wick from the upside on the red candle) we are likely going to see some lookout for support but overall I believe that the price is going to be stuck in a minor range until Sunday when another sell-off will occur.

After this move down is done and it’s looking like it has just (with a small decrease potential), I would be expecting a short-term recovery as the price fell by over 36% on the last run down.

Market sentiment 

Bitcoin is in the sell zone, as indicated by the hourly chart technical indicators.

Pivot points 

S3 3715.6
S2 4784.7
S1 5206.5
P 5853.8
R1 6275.6
R2 6922.9
R3 7992.0

Stellar Lumens Price XML/USD

From yesterday’s high at $0.2 the price of Stellar has decreased by 13% as its currently being traded at $0.181825.

Looking at the hourly chart we can see that similarly to the case of Bitcoin the price is moving down in a five-way structure inside a steep descending channel and it looks like the last corrective wave Z is about to end. For the target of wave Z completion, I see at the next horizontal support level on $0.1678.

This level is the S2 of what I call a support zone which can be clearly seen on the daily chart.

Looking at the daily chart you can see that the price has a bit more to go to retest that level for support which would be expected considering that previously the price broke out from the minor symmetrical triangle and the descending triangle pattern overruled. This is why another retest of its support is needed and we are yet to see if the support gets found. That would be the third time price has interacted with it and we might see a breakout from the downside on the next attempt as the descending triangle pattern which proved to be the dominant one ends usually with a breakout from the downside.

Market sentiment 

Stellar is in the sell zone.

Pivot points 

S3 0.10575000
S2 0.17801000
S1 0.21276000
P 0.25027000
R1 0.28502000
R2 0.32253000
R3 0.39479000

Conclusion

By looking and analyzing the charts today I conclude that the down move is almost up but we are likely going to see some small further decrease before it ends. Considering that the weekend is coming it may serve as a catalyst for that move which is what we are yet to see, but as soon as the down move is up I would be expecting to see a recovery to the upside.

The post Crypto Market Update: More Downside (Bitcoin & Stellar Price Analysis) appeared first on Blockonomi.

Crypto Market Update: One More Low Expected Before a Recovery (Bitcoin, EOS, Litecoin Price)

From yesterday’s open at $142,758,002,000 the evaluation of the crypto market cap has increased slightly as its currently sitting at around $147B. The evaluation went slightly higher yesterday hitting $152B at the highest point but is now by around 5 billion lower.

  • Market Cap: $146,826,498,468
  • 24h Vol: $15,025,066,673
  • BTC Dominance: 53.2%

Cryptocurrency Price Analysis

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Consequently, the market is mixed in color with an average percentage of decrease ranging from 1.58-3.6%. The biggest losers among the top 100 by market capitalization are: Metaverse ETP with a decrease of 10.56%, Holo with 10.34%. Aurora is the cryptocurrency with the biggest increase today of 12.27% followed by Basic Attention Token with an increase of 9.28%.

Bitcoin’s dominance has been steadily hovering around the same levels but has increased over the last 24 hours by 0.2%.

Bitcoin Price BTC/USD

From yesterday’s open the price of Bitcoin has increased by 1.12% measured to the current levels of $4554.7.

Looking at the hourly chart you can see that the price action has formed a symmetrical triangle. The triangle is a cluster formation which indicates consolidation before a trend continuation move. The cluster was formed around the two significant level intersections – the horizontal support at around  $4700 and the baseline support from the descending channel (bold black line). Another low is expected as the current structure only has 4 waves and another one is likely as the final Minute Z wave is to develop. The breakout might be already started by the looks of the position of the current red candle, but as you can see the price escaped the triangle before and closed above its support levels leaving a wick so even though the last 4 candles closed below the triangle’s support line we cannot say conclusively that a breakout, in fact, started until we see a candle reaching below the Y ending points which would be below $4431.

Market sentiment

Bitcoin is the sell zone.

Pivot points

S3 3715.6
S2 4784.7
S1 5206.5
P 5853.8
R1 6275.6
R2 6922.9
R3 7992.0

Litecoin Price LTC/USD

From yesterday the price of Litecoin hasn’t changed much buy has experienced an increase of 5.12% overall coming from $32.6 to $34.3 where it is trading currently.

Today I had more historical data to fully conclude the direction of the breakout from the current triangle the price of Litecoin’s it and that direction is down. As you can see after the Minute WXY ended another Minute WXYXZ correction in the opposite direction occurred and as the last wave Z ended on the triangle’s resistance line we are today likely going to see a breakout from the downside. The target level from that breakout would be at the next horizontal support level significant enough which is at around $27.

Market sentiment 

Litecoin is in the sell zone.

Pivot points 

S3 22.206
S2 33.778
S1 38.128
P 45.350
R1 49.700
R2 56.922
R3 68.494

EOS Price EOS/USD

From yesterday’s open the price of EOS has only increased by 1.6% overall and is currently hovering around $3.76 levels. The price went higher to $3.91 but has failed to exceed that levels which is why on the second attempt the price fell further down to the yesterday’s support level on which it is hovering currently.

On the EOS hourly chart, you can see the combination of the Elliott Wave count from the Bitcoin’s chart as well as counting the sub-waves from the current symmetrical triangle pattern seen on the majority of the cryptos at the moment. As you can see I have labeled this downfall as a Minute WXYXZ correction, so considering that the W wave was the extended one, we are yet to see if this price target at $3.278 gets interacted with.

Market sentiment

Hourly chart technical indicators are signaling a sell.

Pivot points

S3 3.2530
S2 4.3516
S1 4.8004
P 5.4502
R1 5.8990
R2 6.5488
R3 7.6474

Conclusion

By looking at the evaluation on the global chart and by analyzing the charts of the three major cryptos I conclude that we are going to see another low before this last downfall ends and a short-term recovery begins.

The post Crypto Market Update: One More Low Expected Before a Recovery (Bitcoin, EOS, Litecoin Price) appeared first on Blockonomi.

Crypto Market Update: Stabilizes After Losses – Bitcoin BTC, EOS & Litecoin LTC Price Analysis

From yesterday when the market capitalization hit $140,876,000,00 which is the years low so far, the evaluation stabilized and has recovered since.

  • Market Cap: $149,526,895,826
  • 24h Vol: $21,273,834,946
  • BTC Dominance: 53.3%

Cryptocurrency Price Analysis

Looking at the global chart you can see that the evaluation has formed a ranging channel in which it has been bouncing and currently the evaluation has interacted with its resistance line and pulled back a bit, and if the resistance rejects the evaluation we might see a breakout from the range on the downside tomorrow and a trend continuation.

As the market capitalization increased by around 9.52 billion dollars from its recent low the top 100 coins are mostly in green with an average percentage of change being around 3.6%. The biggest gainers are Factom with an increase of 26%, Nexo with 31.7% and Ark with an increase of 34.6%.

Bitcoin’s market dominance evaluation is again on the rise and is up from yesterday by 0.4%.

Bitcoin Price BTC/USD

From yesterday’s high at $4959 the price of Bitcoin has fallen by 6% measured to the current levels on which the cryptocurrency is trading which is at $4655.8.

Looking at the hourly chart you can see that the price went even lower, interacting with the next horizontal support level in line at around $4400 but has managed to go again above the intersection of the two significant levels – horizontal support and the descending channels baseline support. As you can see yesterday’s high is currently higher than today’s which is why it is reasonable to say that we are still in a downtrend. The minor push above may be only short-lived and we might see another straightforward downfall as the price struggles to recover. On the other hand, this current interaction with the descending channels baseline support might be another retest for support as the price wants to get higher so what happens now will indicate what will be happening in the upcoming period.

Market sentiment 

Bitcoin is in the neutral zone as indicated by the hourly chart technicals. Even though you can clearly see it says a buy overall, looking at the indicators separately you can see the neutrality.

Pivot points 

S3 3715.6
S2 4784.7
S1 5206.5
P 5853.8
R1 6275.6
R2 6922.9
R3 7992.0

EOS Price EOS/USD

From yesterday’s high at $4.07 the price of EOS has fallen by 4.9% measured to the current levels of $3.8754.

On the hourly chart, we can see a similar situation like in the case of Bitcoin but a symmetrical triangle formation which indicates consolidation can be seen clearly. The price broke the support at $4.16 after which it spiked to $3.47 which is its year’s low as well. As the price action is currently inside a symmetrical triangle the likelihood of a breakout is even from both sides so its hard to say where the price is going. We might see an increase at first followed by more downside or continue down in a straight line.

Market sentiment 

Hourly chart technical indicators are painting the same picture as in the case of Bitcoin.

Pivot points 

S3 2.3443
S2 3.5788
S1 4.1020
P 4.8133
R1 5.336
R2 6.0478
R3 7.282

Litecoin Price LTC/USD

From yesterday’s high at $36.7 the price of Litecoin has fallen by 5.5% and is currently being traded at $34.697, the price went further down today to around $32.7 area but has recovered since slightly.

If you remember my recent LTC analysis I have projected the ghost bar chart from the last time the price action created a similar pattern and I have projected it that the price is will break below the down channel’s support line (interrupted line), to around $36. As you can see my projection was correct but the price went even further down. As a similar chart pattern is seen in the case of Litecoin as in the case of the other two analyzed coins the same implies – the direction is down overall but there isn’t still a clear indication on whether the price is heading a bit up at first to recover for the made loss.

Market sentiment 

Litecoin’s hourly chart technical indicators are like in the case of Bitcoin and EOS indicating aneutrall zone.

Pivot points

S3 22.206
S2 33.778
S1 38.128
P 45.350
R1 49.700
R2 56.922
R3 68.494

Conclusion

As the market experienced a major move down a period of stillness is occurring as the market participants consolidate. This consolidation may be interrupted by new participants coming to the market either to buy or sell which would determine the next outcome of the current minor symmetrical triangle which we have seen on the charts of three major cryptocurrencies covered in this update. As the crpytos are strongly correlated we might see an increase in bitcoin’s dominance at first as altcoin positions get liquidated which would be the first sign that another sell-off is about to start so pay close atttention on the evaluation of the Bitcoin’s market dominance.

The post Crypto Market Update: Stabilizes After Losses – Bitcoin BTC, EOS & Litecoin LTC Price Analysis appeared first on Blockonomi.

Crypto Market Update: Collapses Further – Bitcoin BTC Price Analysis

Bitcoin BTC Price

From yesterday’s high at $167B the evaluation of the cryptocurrency market cap has decreased by around 21.5 billion dollars in less than 12 hours.

  • Market Cap: $145,458,273,463
  • 24h Vol: $23,372,872,463
  • BTC Dominance: 53.2%

Bitcoin BTC Price

This aggressive dump has been seen as a result of panic selling caused by the yesterday’s breakout from the $5600 which many interpreted as “the bottom”. Since the price went below what many thought to be the bottom as it was the lowest the price has been in this bear market, a panic selling was triggered.

Bitcoin’s market dominance has managed to stay around the same levels as the prices of all cryptocurrencies are falling down equally.

Bitcoin Price BTC/USD

From yesterday’s open at $5660 which is also yesterday’s high, the price of Bitcoin has fallen by 19.16% measured to the current levels of $4587.

As you can see the price has indeed interacted with the intersection of the horizontal significant level and the descending structure’s support baseline, but currently we are seeing that the price has managed to go below it. We’ll see if this area serves as the support but considering that the price has fallen by around 30% in the last week I believe that we are going to see a recovery very soon and that these current candles are going to be a wick on the daily chart.

On the below 4-hour chart you can see the historical data from which I have seen the significance behind the $4700 area.

The $4700 level is the upper resistance line which is why I have projected the interaction with it but it isn’t necessarily the resistance now serving as support. Considering the momentum behind the sell-off we might see the price of Bitcoin quickly dip to $4000 leaving a V shape bottom indicating some short-term trend reversal, but who knows, the price might just go through this area like a hot knife through a butter as there isn’t any strong support below $4000. So if the price manages to break the $4000, then the next horizontal support level I see strong enough to hold the momentum is at $3000 area.

Zooming out to the daily chart you can see that today’s candle is already looking like I believe it will on the close – there is a wick to around $4300 but the candle is above the intersection area.

As you can see the RSI is at its all-time low as its currently around 10.66% indicating extreme oversold conditions. Last time the RSI was at its lowest at around 17% was on August 18th of 2015 when the price of Bitcoin fell to $169 after the long correction of 2014 ended.

Relative Straight Index indicates that the price is very weak as it fell quickly and aggressively over the course of the last week and it points out that the price has been drained out for far too long. Taking into account my Elliot Wave projection with the fact that the RSI is at its lowest and the fact that the price is currently looking for support I believe that we are going to see a recovery, potentially all the way up to $6000 before another sell-off as I don’t believe that this is the bottom of the bear market.

Market sentiment

Bitcoin’s hourly chart technicals are signaling a strong sell.

Pivot points 

S3 3715.6
S2 4784.7
S1 5206.5
P 5853.8
R1 6275.6
R2 6922.9
R3 7992.0

The post Crypto Market Update: Collapses Further – Bitcoin BTC Price Analysis appeared first on Blockonomi.

Crypto Market Update: Market Cap Down to $172B – Bitcoin BTC Price Analysis

Bitcoin BTC Price

From Friday’s open when the evaluation of the cryptocurrency market capitalization has at around $187B the market has depreciated in evaluation by around $15B measured to the current levels. This marked the end of my projection from June 6th when I projected that the evaluation is heading toward the $250B area from around $345B and then create a lower high from which the evaluation will fall to the $177B area which is exactly what happened.

  • Market Cap: $172,275,650,787
  • 24h Vol: $16,546,325,315
  • BTC Dominance: 53.4%

Bitcoin BTC Price

This is the referred projection which was also posted on this website in a separate Bitcoin analysis.

As you can see from the current global chart I have missed my targets but a small percentage but the overall context was spot on.

As you can see the evaluation has fallen from those levels to around $250B were some support has been found but the evaluation recovered lower than I have projected from where a breakout occurred to the downside on to the $177B area and has currently broken that horizontal support level as well and is below it.

Bitcoin’s market dominance it has been increasing in the previous period as the confidence in the market diminishes coming from 51.29% on November 6th to 53.5% today.

The evaluation is reaching its upper resistance line so we are now potentially seeing a breakout starting to happen from the upside as the evaluation is putting pressure on the range resistance.

Back when I made those projections I figured that in order for the entire market cap to be around $177B the price of Bitcoin would be around $4700 which was my long awaited target.

Bitcoin Price Analysis BTC / USD

Looking at the BTC/USD daily chart you can see why I have projected that the price goes to $4700 – its the next horizontal support level strong enough to hold the momentum behind the sell of and the first awaited target since.

$4700 area is also the intersection between the horizontal support level and the descending structure’s support line and I believe that the price will interact with the mentioned area before we can see some short-term recovery. From last Monday, November 13th the price of Bitcoin has fallen by 19.53% from its high at $6499 to the current levels $5233.

Zooming into the hourly chart you can see that the price has created a bearish pennant from which the price continued its movement to the downside like it was supposed to.

The current move looks three wave-ish so again by projecting the length of the prior move on to the apex from the bearish pennant we get $4700 target.

If you remember from last weeks BTC analysis this was my bearish scenario for this correction and it looks like the Z wave is going to end soon as the move to the $6600 area was only a second corrective wave X.

This means that after the correction end I would be expecting some short-term recovery but to how much we are just going to have to see. I doubt that we are going to see Bitcoin beyond $7500 any time soon, but a wave up to $8400 and then more downside below the $4700 wouldn’t surprise me.

I believe that $4700 will serve as a must buy price and as soon as people see Bitcoin below 5K they’ll start buying just because ‘it’s so cheap that I have to buy it’. This will cause another unsustainable pump leading some to believe that the market has bottomed out and another bull run is coming but that will not be the case as those that rushed in due to fomo will find strong resistance above and as soon as they realize once again that a bull run isn’t coming another collapse will occur just like this one.

The post Crypto Market Update: Market Cap Down to $172B – Bitcoin BTC Price Analysis appeared first on Blockonomi.

Basic Attention Token (BAT) Increases by 21% as Market Recovers Slightly

Basic Attention Token Price

The cryptocurrency market has recovered slightly since yesterday, increasing in market cap from $177 at its lowest point to around $184B where its currently hovering on.

Meanwhile, from yesterday’s low at $0.18495859, the price of Basic Attention Token has increased by 21.1% to the current levels of 0.223367.

Basic Attention Token Price

The price went even further up to around $0.23 creating a higher high than the previous one on which levels the price is hovering currently. As the price went down from the last high but is up again around the same levels of the yesterday high we are about to see whether or not the price will continue its upward trajectory as a higher low has made. I believe that we are going to see a further increase in the price of BAT as the price fell previously by 51% from its last peak at $0.382 to the recent low so a recovery of 21% is just the beginning.

I believe that the price is heading further up to a recovery of 50% or even 61.8% of the Fibonacci retracement measured from the last Y wave at 0.382 to the low at $0.185.

Zooming out to the daily chart you can see my Elliott Wave labelings which point out that after the WXY correction in the opposite direction ended more downside was to be expected which is what happened.

The current down move looks impulsive similar to what we have seen after the W wave of the second minor correction so we are likely going to see an impressive 12345 move to the downside. That is why I believe that the price is currently heading further up because that would be the second, corrective wave before the third and the most powerful comes.

Looking at the 4-hour chart I have projected the ghost bars from the last W wave on to that of the current Y wave ending and as you can see the horizontal significant levels match perfectly with the projection which points out that before this down move is up the price is heading further up potentially to again retest the descending triangle’s resistance line and getting rejected there.

 

The target for this projected down move is on the last horizontal support level at $0.699 but we might see a further decrease if this move gets extended in the form of another correction which we will adjust when the price starts interacting with the mentioned levels.

Market sentiment 

BAT technical indicators are signaling a buy up to the hourly time-frame, anything above is bearish which support my short-term bullish, and long-term bearish stance.

Pivot points

S3 0.07016
S2 0.19064
S1 0.23454
P 0.31112
R1 0.35502
R2 0.43160
R3 0.55208

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