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.
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.
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.
Bitcoin’s hourly chart technicals are signaling a buy, with moving averages signaling a strong one.
The post Bitcoin Price Prediction: The Market Sees Green, Where is it Heading? appeared first on Blockonomi.