Crypto Market Update: Collapse – Bitcoin, Bitcoin Cash & Litecoin Price Analysis

Cryptocurrency Price Watch

From yesterday when the evaluation of the cryptocurrency market capitalization was at around $210,136,000,000 the evaluation has decreased by around $29,564,000,000

  • Market Cap: $180,572,350,759
  • 24h Vol: $24,123,803,915
  • BTC Dominance: 52.9%

Cryptocurrency Price Watch

Looking at the global chart you can see that the evaluation fell through the previous support from the symmetrical triangle from which the evaluation broke out from the upside at first and that with a steady slope and not just a pop like it was used to confusing many to believe that the price is heading further up, but I have been saying that the picture was still looking bearish. Currently, the evaluation has exceeded all the prior low levels and is on its lowest since this bear market.

Last time when the cryptocurrency market cap was at around $180B was on October 31. last year when the evaluation broke out from the corrective structure and went on in an uptrend just passing through the $180B area, which leads me to believe that this area has no significance. As you can see from the global chart below from that period the significant area is from around $158-177B area which is why I would expect the evaluation further down before this downfall has ended.

Today, the market is in red with an average percentage of change among top 100 coins ranging from 14-20%. Biggest losers are Ark with a decrease of 24.81%  HyperCash with 20.4% and Ravencoin with 20.73%

The crash wasn’t been caused by some major news headline like the ETF approval postponed which yet again proves my point that this market is all price action based.

Bitcoin Price BTC/USD

From yesterday’s high at $6486 the price of Bitcoin has fallen by 13.71% and is currently being traded at $5600.

As you can see from the hourly chart the price has fallen below the horizontal significant level at $5767.8 and has formed a cluster around it indicating a temporary stop before more downside as the market participants consolidate for the next move. The price is also below the descending triangle’s support line and by the looks of the momentum we are going to see more downside movement and the next horizontal level I see strong enough that can serve as support is at around $5084. The price may take some time now to consolidate further but as the next sell-off started we are going to see new lows.

Market sentiment  

Hourly chart technical indicators are signaling a sell.

Pivot points 

S3 4413.1
S2 5220.9
S1 5571.7
P 6028.7
R1 6379.5
R2 6836.5
R3 7644.3

Bitcoin Cash Price BCH/USD

From yesterday’s open at $534 the price of Bitcoin Cash fell by 16.24% as its now trading at $442.

Hourly chart looks bearish as the price is back 100% from the start of the impulsive 12345 wave as the price spiked down to $416.3 area making the scenario of a further increase invalidated. The downfall in itself looks impulsive so an interaction with the horizontal support level to at around $390 is a posibility before this down move is up.

Market sentiment 

Bitcoin Cash is in a bearish sentiment.

Pivot points 

S3 229.3
S2 395.6
S1 477.1
P 561.9
R1 643.4
R2 728.3
R3 894.6

LItecoin Price LTC/USD

From yesterday’s high at $50.75 the price of Litecoin has fallen to $43.310 which is 14.68% decrease.

Looking at the hourly chart you can see that the price of Litecoin has fallen below the significant horizontal level at $44.621 which is the second support line from the support zone which is now broken out off. For this reason, I believe the price is heading down further to the descending channels support line and potentially further down below the next horizontal support level at $38.21.

Market sentiment

Litecoin is in the sell zone.

Pivot points 

S3 41.230
S2 47.335
S1 49.926
P 53.440
R1 56.031
R2 59.545
R3 65.650

The post Crypto Market Update: Collapse – Bitcoin, Bitcoin Cash & Litecoin Price Analysis appeared first on Blockonomi.

Crypto Market Update: More Downside Expected Bitcoin, Wanchain, Binance Coin Price Analysis

Cryptocurrency Price Watch

From yesterday’s high at $212,237,336,146 the evaluation of the cryptocurrency market capitalization has decreased by 6,6 billion dollars measured to the current levels.

  • Market Cap: $205,851,897,438
  • 24h Vol: $13,895,278,211
  • BTC Dominance: 53.0%

Cryptocurrency Price Watch

Submit a Bitcoin Press Release

Looking at the global chart you can see that the evaluation fell to the prior resistance level from the triangle from which the evaluation broke out off previously. We are now going to see if the evaluation stays there or continues the downfall as its currently showing signs of rejection.

Consequently, the market is in red with an average percentage of decrease among the top 100 coins ranging from 4-8%. Biggest Losers are Decentraland with a decrease of 11%, Wax with 12% decrease and Reddcoin with 12.22%. Biggest gainers are Sirin Labs token with an increase of 16.34% and Etheera with 11%.

Bitcoins dominance has increased about 0.8% from yesterday’s open and is near the territory of the descending triangles structure on its evaluation chart.

Bitcoin Price BTC/USD

From yesterday’s high at $6495 the price of Bitcoin has fallen by 2.12% measured to the current levels of $6358.2

Looking at the hourly chart you can see that my target has been met as the price increased to 0.618 Fibonacci level. As the price struggled to reach the 0.618 Fibonacci level it hasn’t interacted with it before it finally fell back to the end of wave 2 from the prior impulse wave which would be a pretty decent retracement amount if the ABC was only the second wave from a higher degree impulse wave. We are about to see which scenario gets to be validated, this current one in which the price has ended the downfall on an ABC correction and the price is now heading upwards beyond the prior impulse wave high at $6609.

Looking at the momentum behind the sell-off I don’t believe that this is likely but will still be in play until the price goes below the $6300 level.

If you can remember my analysis from Monday I have pointed out two scenarios a bearish one and a bullish one, and I believe that the bearish one is in play but I will not make it my primary projection until a proper confirmation

Market sentiment 

Bitcoin is in the sell zone.

Pivot points 

S3 5953.8
S2 6210.9
S1 6321.0
P 6468.0
R1 6578.1
R2 6725.1
R3 6982.2

Wanchain Price WAN/BTC

The price of Wanchain has been in bearish pennant from quite some time now, to be exact from the August 14th low when the price was 996 Satoshi which was the all-time low since the coin hit the market on Binance.

As you can see from 4-hour chart the price has broken out off of the minor symmetrical triangle and has found support on the descending triangle of a higher degree. As the Elliott Wave correction count suggests either this was a WXY correction inside a symmetrical triangle and a breakout already happened which is why this current down move is impulsive wave 1, or the correction is extended by two more waves. In both cases I would be expecting that the price reaches its all-time low again and potentially going even below it.

Market sentiment 

Wanchain’s 4-hour technical indicators are signaling a sell.

Pivot points 

S3 0.0001146
S2 0.0001354
S1 0.0001433
P 0.0001562
R1 0.0001641
R2 0.0001770
R3 0.0001978

Binance Coin Price BNB/BTC

From yesterday’s high the price of Binance BNB coin in relation to Bitcoin has fallen by 2% and is currently being traded at around 0.01445.

As you can see from the 4-hour chart, the price has interacted with one of the most significant levels which is the baseline support from this entire structure and as you can see since the price broke out from the last triangle above it went on to create the all-time high. Another horizontal support level is below at 0.001418 after which I would say that a breakout occurred but for now, it looks like the price is putting pressure on the current horizontal level so another downfall to the next in line is a high possibility.

Market sentiment 

Binance coin is in a bearish sentiment.

Pivot points 

S3 0.0013946
S2 0.0014461
S1 0.0014681
P 0.0014976
R1 0.0015196
R2 0.0015491
R3 0.0016006

Conclusion

The market looks bearish in sentiment overall and with a straight downfall we have seen in the short period of time more downside is expected in the upcoming period for the cryptocurrency market.

The post Crypto Market Update: More Downside Expected Bitcoin, Wanchain, Binance Coin Price Analysis appeared first on Blockonomi.

Crypto Market Update: Sideways Bitcoin (BTC) Monero (XMR) & Neo Price Analysis

Cryptocurrency Price Watch

From yesterday’s high at $214,258,000,000 the evaluation of the cryptocurrency market capitalization has decreased by $2,33B to the current levels.

  • Market Cap: $211,980,306,688
  • 24h Vol: $13,531,449,026
  • BTC Dominance: 52.1%

Cryptocurrency Price Watch

As you can see from the global chart the evaluation has formed a descending triangle and currently, the evaluation is interacting with its resistance level again. If the evaluation gets rejected again we are likely going to see a breakout from the downside and a failure to keep up the momentum behind the upward movement.

The market is showing mixed colors but the red one is more dominant at the moment among top 100 coins. The average percentage of change is around 1.8% with the biggest gainers in double digits like Decentraland with an increased of 10% and Etheere with an increased of 11.3%.

Bitcoins market dominance has fallen from 52.55% to 52.17% where it is currently sitting indicating a bullish sentiment.

Bitcoin Price BTC/USD

From yesterday’s high at $6473 the price of Bitcoin hasn’t changed much. The lowest it’s been is to $6400 before it went back to around the same levels as the cryptocurrency is currently being traded at $6459.

Looking at the hourly chart you can see my primary projection is playing out accordingly. As the B wave hasn’t exceeded the 0.5 Fibonacci level and has struggled to do so (indicated from the wick on the upside) we are now likely going to see the start of another wave to the downside. We could see another increase to the 0.618 Fibonacci level before the third wave to the downside begins but as wicks indicate the price has started to experience heavy selling.

Market sentiment 

Hourly chart technical indicators are signaling a buy.

Pivot points 

S3 5953.8
S2 6210.9
S1 6321.0
P 6468.0
R1 6578.1
R2 6725.1
R3 6982.2

Monero Price XMR/USD

From yesterday’s high at $107.91 the price of Monero has decreased by 1.73% and is currently trading at $106.140.

As you can see from the hourly chart I have labeled this as a WXYXZ correction which is a correction after a WXY in the opposite direction occurred. As the price is above the minor descending triangle’s support line we are likely going to see some short-term increase after which breakout from the descending triangle on the downside happens.

Market sentiment 

Monero’s hourly chart technicals are bearish.

Pivot points 

S3 86.443
S2 97.283
S1 101.407
P 108.123
R1 112.247
R2 118.963
R3 129.803

NEO Price NEO/USD

From last week’s Tuesday when the price of Neo was $17.36, the price has fallen by 9.91% as the cryptocurrency is now being traded at $15.67.

Looking at the Neo’s hourly chart you can see that I have projected that the price goes further up from here to around the same levels as the prior minutte W wave which is around $17,36 but it could go further up before it continues its downtrend because as you can see a breakout from the prior triangle has lead to the price going back to around the prior intermediate Y wave and were the 0 Fibonacci retracement levels its. As the price is putting pressure on the horizontal support level I breakout is to be expected to the downside.

Market sentiment 

Pivot points 

S3 12.80
S2 14.63
S1 15.29
P 16.45
R1 17.12
R2 18.28
R3 20.10

Conclusion

As you can see every chart analyzed is showing more sideways movement in the upcoming period so without any decisive moves indicating the further direction of the market I would suggest taking any trades. Soon we are going to see if the prices flash-crash or is the momentum behind the recovery still there with potentially more buyers getting in at a better price.

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

Crypto Market Update: Confidence Diminishes – Bitcoin BTC Price Analysis

Cryptocurrency Price Watch

From Friday’s high at $215,328,000,000 the evaluation of the cryptocurrency market capitalization has been in a straight decline and has fallen by around $4.2B measured to the current levels.

  • Market Cap: $211,916,573,967
  • 24h Vol: $13,114,956,703
  • BTC Dominance: 52.4%

Cryptocurrency Price Watch

As you can see from the global chart the evaluation of the cryptocurrency market capitalization has at first broken out from the symmetrical triangle dating from 4th of September. As the breakout happened from the upside we are yet to see if the evaluation pulled back as a correction after the breakout momentum to the upside continues or did the breakout momentum die due to the sell-off. As the evaluation is back on a similar level from where it started breaking out the lookout for support has started and the evaluation has started forming a plateau.

Bitcoin’s dominance evaluation has increased conversely by 0.4% due to the lack of confidence at the moment. Looking at the chart below you can see that the evaluation has found support on the corrective triangle’s support line, and we are yet to see if the correction gets prolonged by more bounces inside the triangle or are we going to see the evaluation breaks out from this symmetrical triangle on the upside.

Bitcoin Price BTC/USD

From Friday’s high at $6500 the price of Bitcoin has fallen by 1% as the cryptocurrency is traded at around $6440. If you can remember my November 6. analysis I have stated that after this move up that we have seen recently a downside is to be expected either as a correction before the uptrend continues or this move up was a recovery and more corrective waves should develop, but in both cases, more downside was expected which is what happened.

If you can remember these were my two projected scenarios from 6. of November:

Bearish projection

In this scenario, the move up was the second wave X from a WXYXZ correction and the move to the downside after it will result in a lower low

Bullish projection

In this projection, the correction ended on the Y wave, and we are now seeing an impulsive 12345 of a higher degree starting to play out as the breakout momentum

As you can see in both cases I have projected that the 5 wave would go to around $6600 level before it falls down again which is what happened. I have stated that depending on the expected correction retracement depth one scenario will be validated and another invalidated.

From the current price data, we still can’t draw such a conclusion, but by the current looks of it, the price wants to get a bit lower.

 

Looking at the hourly chart you can see that I have drawn the Fibonacci retracement tool adjusted at the current level around 0.5 Fibo level which would be the retracement target for the B or X waves from a corrective count, which is why I would expect the price to go to the $6336 where the 0 Fibo level is and you can see that the level position matches that of a prior horizontal resistance line.

The price could go up to the 0.618 Fibonacci level and still fall back down and below my projected levels as the correction in the opposite direction is currently developing. If the price goes below the mentioned level at around $6336 than the bearish scenario is in play, but if the price manages to stay on it or above it than the bullish scenario would be my primary.

Market sentiment 

Bitcoin hourly chart technical indicators are bearish.

Pivot points

S3 5953.8
S2 6210.9
S1 6321.0
P 6468.0
R1 6578.1
R2 6725.1
R3 6982.2

Conclusion

As the pullback fully develops we are going to study its wave structure and the retracement depth from which the determination will be made as the price of Bitcoin and the market sentiment in general is bearish at the moment I believe that this sentiment will only grow in the upcoming period the market lost some confidence.

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Zilliqa (ZIL) Price Around $0.034 for 64 days: Has the Price Bottomed Out?

Zilliqa Price

On August 14th the price of Zilliqa was at around $0.02517 which is the lowest price has been since it was listed on the cryptocurrency exchange Binance. Since the low price has recovered at first by 97% reaching $0.049 on August 28 but from there fell to $0.03 levels forming a higher low. After that higher low was made a set of lower highs and higher lows were made but for the most part, the price has been hovering around $0.034 from 5th of September until now.

Zilliqa Price

Zilliq ZIL Price Analysis

Looking at the 4-hour chart you can see that the price action has formed a symmetrical triangle in which it was consolidating from the August 14th low. As the price is currently interacting with the triangle’s resistance line and the apex looks close, the question is whether or not we are going to see a breakout soon and what is the likelihood of the director behind it.

Moving average convergence/divergence indicator is also showing a similar pattern which confirms that a breakout is on the horizon sooner than later. The price only went up to the 0.382 Fibonacci level measured from the prior high at $0.0836 to the lowest low at $0.0251, after which a consolidative triangle occurred. This is a bearish sign as the consolidation occurred before the price could make up for the losses prior made.

Zooming out on to the daily chart we can see why this current symmetrical triangle occurred. The price has experienced an exponential increase in April when the price came up from $0.0384 to $0.2 which is an increase of 422%. After the unsustainable FOMO move a steep correction which I have labeled as an intermediate WXYXZ pushed the price back to where it was prior to the minor bubble, and currently even lower than the price was.

From the all-time high, measured to the all-time low, the price has decreased by 87,48%. Following a steep and aggressive correction, a consolidation had to happen sooner or later. Considering the context this symmetrical triangle could be viewed as a bearish pennant which is as the name says bearish continuation pattern so a breakout from the downside is to be expected.

Zooming into the hourly chart I have inspected the wave structure behind the consolidation and have labeled at as and WXY in the opposite direction.

As you can see I have also projected two possible scenarios. As the third Y wave ends on the upper side after the correction ends more downside is to be expected. The current triangle is symmetrical indicating equal pressure from both sides which in combination with the theoretical possibility that the Y wave reaches W wave high before the trend continuation, makes it difficult to call out the breakout direction. In both cases, I would be expecting to see the price at least back to the prior wave Z level at $0.0251

There are two logics in play: either the buyers are going to interpret this price stability as an indication that the price won’t fall further; or sellers are going to interpret this as an indication that the price isn’t going higher. The question is who is in control at the moment, and judging by the 87% drop from the all time high, sellers are in a strong control. Those who have more to lose or more to gain will start to behave more aggressively which will determine future price course.

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Crypto Market Update: Correction after Upward Move (Bitcoin, EOS, Litecoin Price Analysis)

Cryptocurrency Price Analysis

From yesterday’s high at $220.58B the evaluation of the cryptocurrency market capitalization has decreased by around 4.3B as the market stabilizes after an upward move.

  • Market Cap: $215,871,826,999
  • 24h Vol: $13,780,913,214
  • BTC Dominance: 52.1%

Cryptocurrency Price Analysis

Looking at the global chart above we can clearly see that that a plateau has been made which served as a signal that the top has been made, which is why a lot of traders and investors have decided to sell their crypto for now.

Consequently, the market is predominantly in red, with an average percentage of change among top 100 coins ranging around 2.3%.

Bitcoin Price BTC/USD

From yesterday’s high at $6611 the price of Bitcoin has fallen by 1.1% as its currently trading at $6538.2.

 

On the hourly chart, you can see that the first minutte correction is over and has ended on the uptrends support line which is for now still well respected. The price has dipped below the 0.236 Fibonacci level but has found support and the buying was activated judging by the wick from the downside on the massive red candle which was the last Z wave.  Currently, we are seeing a recovery which I believe will go up to the half range of the last down move, before the price drops again and this time going below the mentioned Fibonacci level as well as the uptrends support.

Market sentiment 

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

Pivot points 

S3 5838.1
S2 6109.9
S1 6249.5
P 6381.7
R1 6521.3
R2 6653.5
R3 6925.3

EOS Price EOS/USD

From yesterday’s high at $5.8 the price of EOS has dropped by 3.7% as the cryptocurrency is currently being traded at $5.579.

As you can see from the hourly chart above the price went to interact with the horizontal resistance level at around $5.84 and came close to it but there was no interaction. Since the price has fallen below the next horizontal support level and is now retesting it from below for resistance. The chart pattern seen on the EOS chart resembles that of Bitcoin as the market is strongly correlated which is why I would be expecting to see an increase at first and another fall after to around $5.44.

Market sentiment 

EOS is in the sell zone as indicated by the hourly chart technicals.

Pivot points 

S3 4.4417
S2 4.8600
S1 5.0892
P 5.2782
R1 5.5074
R2 5.6964
R3 6.1146

Litecoin Price LTC/USD

From yesterday’s high at $57 the price of Litecoin has decreased by 5.23% as the price is this cryptocurrency today is $53.99.

On the 2-hour chart, you can see that I have labeled with the rectangle a similar chart pattern that occurred most recently and as you can see from there the price went on to create a lower low than the prior one. As the chart pattern looks the same and taking into account that the five wave impulse has ended we are now likely going to see the price head down to a lower low which would be around $44.6.

Market sentiment

Hourly chart technical indicators are signaling a buy.

Pivot points 

S3 41.413
S2 45.981
S1 48.530
P 50.549
R1 53.098
R2 55.117
R3 59.68

Conclusion

As the market is correcting after an upward move that we have seen in the last week, we are soon going to see if the move was corrective in nature or is it motive in nature. The impulsive 12345 has ended and the current minor correction could end with a further increase ahead, but it could also mean that another wave to the downside has started which will result in a lower low scenario. For now, I believe that the second scenario is more likely but the market data still isn’t there to fully confirm or disprove my assumption.

I have stated in some of my prior analysis that the call out will depend on the current correction structure so, in the upcoming days I will be fully examiming the structure in order to conclude the likelihood of the future price patway.

 

The post Crypto Market Update: Correction after Upward Move (Bitcoin, EOS, Litecoin Price Analysis) appeared first on Blockonomi.

Crypto Market Update: Bitcoin (BTC) Monero (XMR) Dash Price Analysis

Cryptocurrency Price Analysis

From yesterday’s open at $212,7B the evaluation of the cryptocurrency market capitalization has increased by $7.3B measured to the current levels, but as you can see from the global chart below the evaluation went a bit higher, but has now started to form a corrective descending structure.

  • Market Cap: $220,000,783,709
  • 24h Vol: $16,422,230,513
  • BTC Dominance: 51.6%

Cryptocurrency Price Analysis

Consequently, the market is predominantly in green with an average percentage of change ranging from 1.65-4%. Biggest gainer among top 100 coins is Aeternety with an increase of 13.81%.

Bitcoins dominance has decreased from yesterday’s open by 1% as its now sitting at 51.5%.

As you can see from the chart above the evaluation of the BTC market dominance is in a downtrend which is logical considering that the market capitalization is increasing, and now as the market cap evaluation is correcting the BTC dominance evaluation is starting to recover slightly.

Bitcoin Price BTC/USD

From yesterday’s low at $6450 the price of Bitcoin has increased by 1.9% as the current trading price is $6572.6. The price spiked to $6615 but has now started to decline.

Looking at the hourly chart you can see that the price of Bitcoin has gone beyond the 0.236 Fibonacci level. As the 5th wave ended we are currently seeing a correction just like I projected yesterday. The only difference is that I was expecting a much steeper correction so if the correction plays out like the recent one at wave 4 which was around 1% than the target level for this one would be around $6540.

As stated yesterday, depending on the correction we are going to conclude if the price is likely heading further up or was this impulsive 12345 only a part of a higher degree correction count.

Market sentiment

Bitcoin is in the buy zone.

Pivot points 

S3 5838.1
S2 6109.9
S1 6249.5
P 6381.7
R1 6521.3
R2 6653.5
R3 6925.3

Monero Price XMR/USD

From 29. October which was the most recent low at $101.2 the price of Monero has increased by 9.26% and is currently sitting at $110.66.

As you can see from the hourly chart the price has experienced an exponential increase, especially over the last week which is why the price has been now correcting inside a range which can clearly be seen. As the price is currently interacting with the range support line, we are going to see if the price bounces off or goes below it. I believe that the first scenario is more likely because the increase that the price experienced looks impulsive which is why I would be expecting to see a breakout from the upside and a trend continuation to the next horizontal significant level at $119.226.

That would be the end of second wave X meaning that from there I would be expecting another drop below the prior low level at $101.

Market sentiment  

Monero is in the sell zone.

Pivot points 

S3 91.447 9
S2 98.497
S1 102.903
P 105.547
R1 109.953
R2 112.597
R3 119.647

Dash Price DASH/USD

From 29. October low at $149.6 the price of Dash has increased by 11% measured to the current levels of $166.

Similarly to the chart pattern of Monero the price action has formed a corrective range structure after the recent increase that the price experienced but unlike in the case of Monero this structure looks ascending which usually ends with a breakout from below, but as the price is now interacting with the range support line, we are yet to see if the price breakout or bounces from it. Looking back at what happened prior and that is a breakout from the descending triangle I believe that the momentum behind the breakout is slowing down.

Market sentiment 

Dash is in the sell zone.

Pivot points 

S3 134.08656
S2 144.62358
S1 150.35788
P 155.1606
R1 160.8949
R2 165.69762
R3 176.23463

Conclusion

As the market recovery continues we have seen a correction starting to occur in the case of Bitcoin, and other two major cryptos have already been correcting so another move is soon to happen. Will the recovery continue or are we going down from here we are yet to see from these corrections but I believe that we are going to see more increase before another downtrend starts.

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Crypto Market Update: Up by $6.36B Bitcoin (BTC) Price Analysis

Cryptocurrency Price Analysis

From yesterday’s open at $210B the evaluation of the cryptocurrency market capitalization has increased by $6.36B.

  • Market Cap: $216,365,871,755
  • 24h Vol: $15,280,806,507
  • BTC Dominance: 51.6%

Cryptocurrency Price Analysis

As you can see from the global chart, the evaluation has started an uptrend which hasn’t been seen recently like this. Usually, we have seen a steep pop up and a steep downfall after, but now we can clearly see a trend forming.

Zooming out to the 3 month period I have labeled the period which is similar to the current chart pattern somewhere from mid-August.

As you can see in August (most recently) we have seen the last increases similar to the current one. Having in mind that the symmetrical triangle was broken yesterday I believe that we are going to see this uptrend develop further up potentially to the levels of the prior high at around $238B.

Bitcoin’s dominance has fallen to the levels projected yesterday to the corrective triangle’s support line. As you can see from the chart below I have labeled once again my more long-term projection for the market and inversely for the Bitcoin’s market dominance.

These labeling are mentioned in some of my analysis last month, but as the 4 wave is now developing I stress out the possibility of a big correction which will catch up everybody off guard thinking that the bear market is over. The 4 wave could go to around 45,12% before it continues its uptrend final wave 5 whos target I have projected to be around 68% at the end of the bear market.

Bitcoin Price BTC/USD

From yesterday things haven’t changed much for the price of Bitcoin but it did for my Elliot Wave Projection.

Yesterday’s low at $6438 was the end of the 4 wave and the final one occurred. As you can see the price failed to go beyond the horizontal significant level for now which makes it difficult to call out the end of the increase as the 5 wave can end on the same levels as wave 3 so I cannot say conclusively if we are going to see further increase before a correction to the downside. If we do that’s going to be up to $6552 at max which is slightly above the mentioned horizontal level.

Zooming out to the 4-hour chart you can see my other Elliott Wave labeling and in this scenario a bearish projection.

 

As you can see an intermediate WXY correction has been completed after which a 5 wave structure is currently developing. In this scenario, the 5 wave structure is only a recovery wave second X before another drop in price as the correction gets extended by two more waves. If this is true then I would be looking at the $6000 area for the target at first and then a lower low scenario to around $5200.

If the correction ended on the Y wave and the current 5 wave structure is impulsive than a correction will occur followed by a further increase in price as this was only the first wave of the impulse of a higher degree.

On the graph above you can see my bullish projection whose target I see fit around $6830 which is at the 0.5 Fibonacci retracement level measured from the hourly candle close of the October 15. spike.

In both cases in the short-term, I would be expecting a correction for the price of Bitcoin from which we are going to conclude the validity of the counts. If the price gets below the 0 Fibonacci retracement line on the way down than the bullish scenario will get invalidated.

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Crypto Market Update: Recovery (Bitcoin, Bitcoin Cash, Cardano Price Analysis)

Cryptocurrency Price Analysis

From yesterday’s open at $206,9B the evaluation of the cryptocurrency market capitalization has increased to $212,394,282,572 to it highest point today.

  • Market Cap: $211,595,475,887
  • 24h Vol: $13,886,778,404
  • BTC Dominance: 52.7%

Cryptocurrency Price Analysis

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Looking at the global chart you can see that the evaluation has broken out from the descending channel in which it was from the 5th of September and has now created a cluster around the level of the prior range support as it now serves as resistance.

Consequently, the market is predominantly in green but we can see both colors among top 100 coins with an average percentage of change ranging around 2%. The biggest loser is Etherenal Token with a decreased of 18%.

Bitcoin’s market dominance has been decreasing steadily and is down by 1% from its highest point at 53.75% on Friday.

The evaluation has been increasing and since it reached the triangle’s resistance line it has been in a downward trajectory and is likely now heading down towards the triangles support line which inversely correlates the increase in the market cap evaluation and the expected increase.

Bitcoin Price BTC/USD

From Friday’s open at $6450 the price of Bitcoin has increased by only 0.56% but measured from the Saturday’s low at $6351 the price of Bitcoin has increased by 2%.

Friday’s open was my projected target level from last Thursday’s analysis and as you can see my projection was spot on. After the initial spike, the price has pulled back which is the second corrective wave from my current Elliott Wave count. From there the price increased and interacted with the horizontal support level at $6516 which now serves as resistance which is why the price was rejected there, but as again caught up the momentum as the final fifth wave is about to end. According to the Elliott Wave Principle, the 5 wave should exceed the 3 wave or at least come up to its high which is why I have projected the final wave to just slightly above the horizontal level after which I am expecting a correction.

Market sentiment 

Bitcoin is in the buy zone.

Pivot points 

S3 5838.1
S2 6109.9
S1 6249.5
P 6381.7
R1 6521.3
R2 6653.5
R3 6925.3

Bitcoin Cash Price BCH/USD

From Friday when the price of Bitcoin Cash was at $425.5, the price has increased by 35.53% as its now trading at $578. This increase is due to the BCH hard fork as people are buying BCH in order to get the equivalent amount of the new yet to be created coin.

Looking at the hourly chart you can see that the price fell to the levels of the prior low and from there went on to spike to the levels of the prior impulse wave ending point where the bold black horizontal line is at $567 and has now exceeded it on another attempt to go beyond the horizontal support which now serves as resistance at $606. As the price pulled back slightly on the 4 wave another increase is to be expected and my projected target would be at the support zone resistance line at $653 after which I would be expecting a correction.

Market sentiment

Bitcoin Cash hourly chart technicals are bullish.

Pivot points 

S3 303.9
S2 381.8
S1 431.3
P 459.7
R1 509.2
R2 537.6
R3 615

Cardano Price ADA/USD

From Saturday’s low at $0.0708 the price of Cardano has increased by 7.56% as its now trading at $0.07632.

Like in the case of two prior cryptos the price of Cardano is showing a similar pattern but with a small lag behind. As I have counted the waves for the final 5 wave I have projected that the target level would be at the prior range support at $0.0794 after which I am expecting a retracement, but the price could go further up to the next horizontal level which is at $0.089 before we see a correction.

Market sentiment 

Cardano is in the buy zone.

Pivot points 

S3 0.05666667
S2 0.06366666
S1 0.06733333
P 0.07066666
R1 0.07433333
R2 0.07766667
R3 0.08466667

Conclusion

Buy looking at the chart of the three major cryptos as well as analyzing the global chart and the bitcoin dominance chart I believe that the market in general and with it, the prices of particular coins are going to increase further up in the upcoming days. The only problem is that it is still unclear whether or not this is a corrective move to the upside before more downside or vice versa so we are yet to see what happens in the market.

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

Crypto Market Update: Bitcoin (BTC) & ChainLink (LINK) Price Analysis

Cryptocurrency Price Analysis

From yesterday’s low at $202,123,000,000 the evaluation of the cryptocurrency market capitalization has increased to $209,571,454,908 at its highest point today. Since the spike the evaluation has pulled back and is now around $205,34B levels.

  • Market Cap: $205,334,993,317
  • 24h Vol: $11,575,094,698
  • BTC Dominance: 54.0%

Cryptocurrency Price Analysis

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Looking at the global chart we can see that the evaluation spiked up to the levels of prior range support which now serves as resistance and consequently was rejected fast. The rejection resulted in a steep pullback and we are yet to see if the momentum behind the runup is still present.

The market is in predominantly in green with an average percentage of change among top 100 coins ranging between 2.3-6.5%. The biggest gainers are Chainlink with an increase of 18% in the last 24 hours and Horizen with an increase of 13.4%.

Bitcoin’s market dominance has fallen by 0.15% which isn’t much but is correlated inversely with the increase on the global chart which yet again shows that in time of confidence Bitcoins dominance decreases while investors flock to Bitcoin for safety in times of uncertainty.

Bitcoin Price BTC/USD

From yesterday’s open at $6335, the price of Bitcoin has fallen to $6255 at first but the drop activated buying that pushed the price back up, spiking at $6420 at its highest point yesterday. Since the run up the price pulled back and is now consolidating inside a range.

The spike down was an interaction with the lower support level from which the price previously spiked all the way up beyond the horizontal resistance at $7372, which means that the breakout from the descending triangle resulted in a fakeout as the price retraced by 100%. From that retracement, the price has recovered by 1.76% and is now back on the levels from which the price previously broke out from the symmetrical triangle.

Zooming into the 15 min time frame I have counted the correction inside a range and as you can see I have labeled it as a WXYXZ correction ending on the support line which means that if the price is set to behave impulsively now, we are going to see a breakout from the upside of the range in which the price is currently.

The price might not set up to break out just yet, and we can see the next structure being another wxy correction in the opposite direction still within the current range.

Market sentiment 

Hourly chart technical indicators are bearish.

Pivot points

S3 6145.5
S2 6343.4
S1 6421.8
P 6541.3
R1 6619.7
R2 6739.2
R3 6937.1

Chainlink Price LINK/USD

From yesterday’s low at $0.44 the price of ChainLink has increased by over 29% and is currently trading at $0.565.

On the hourly chart, you can see that the momentum has caught after the price retested the prior resistance and found support there at the 0.61 Fibonacci retracement level. This is interesting because in my last LINK/USD analysis on August 22. I have projected that the Y wave would end up somewhere in that vicinity.

This was my projection.

As you can see I have projected that the price will fall from the levels of where the price was then around $0.3379 to the ascending channels support line or a bit lower, which would end the intermediated WXY, and another intermediate WXY in the opposite direction will occur.

Looking at the current chart which is 4 hours (opposed to the hourly above), we can see that my projection went on in accordance except, my projected recovery WXY was way modest than the current one, but I had expected the final wave Y to end on the ascending channels resistance line much like it happened.

The price still has a bit more room to go, so an increase to the Fibonacci level to where the prior high or Y wave is a possibility, but after this Y wave ends and in particular considering the unsustainable upward, exponential increase the price has experienced, we are going to see  a downfall in the upcoming period potentially all the way down to the 0 Fibonacci retracement level again, but definitely to the 0.5 Fibonacci retracement level at first.

Market sentiment

Technical indicators are bullish on the majority of time frames and especially on the hourly chart.

Pivot points 

S3 0.17387271
S2 0.30400404
S1 0.37580392
P 0.43413538
R1 0.50593525
R2 0.56426670
R3 0.69439805

Conclusion

After yesterday’s slump the market has recovered slightly in some cases, and by far in others but this movement is only market noise in a bigger picture which is still bearish overall.

The post Crypto Market Update: Bitcoin (BTC) & ChainLink (LINK) Price Analysis appeared first on Blockonomi.

Crypto Market Update: Bitcoin (BTC) Under Pressure, Monero (XMR) & MIOTA Price Analysis

Cryptocurrency Price Analysis

From today’s high at $203,657,788,396 the evaluation of the cryptocurrency market capitalization has decreased to $202,702,519,769 at its lowest point today.

  • Market Cap: $203,096,345,080
  • 24h Vol: $10,543,044,075
  • BTC Dominance: 54.15%

Cryptocurrency Price Analysis

As the market slumps further down to the levels of most recent low around a $202B mark and has now recovered slightly, the prices of the major cryptocurrencies are showing mixed colors today with a small average percentage of change in the last 24 hours. Only Dentacoin is up by 18% which shows the irrationality of these markets and the improper evaluation models.

Meanwhile, Bitcoin’s market dominance is slightly up by 0.15% from yesterday which is as I always say inversely correlated with the market cap evaluation because in the time of uncertainty investors sell off their altcoins for Bitcoin in order to quickly close their crypto positions if a threat of the market capitalization depreciation imposes itself.

Bitcoin Price BTC/USD

The price of Bitcoin has fallen by 0.87% from yesterday’s high at $6380 to the current levels at $6326.

Looking at the hourly chart we can see that the yesterday’s high was an interaction with the bearish pennant’s resistance line and from there the price went on to break out from the triangle on the downside and made a lower low to $6315 and spiked further to $6303 but has now recovered slightly and is at the levels of the prior range support which now serves as resistance from which currently by the looks of it the price is getting rejected. I believe that now as the price gets rejected we are likely going to see price create a lower low again, heading down to the descending triangle’s resistance line.

Market sentiment 

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

Pivot points

S3 6145.5
S2 6343.4
S1 6421.8
P 6541.3
R1 6619.7
R2 6739.2
R3 6937.1

Monero Price XMR/USD

From yesterday’s open at $102 the price of Monero has increased by 2.44%. Currently, the price is trading at $104.58 which is 3.31% recovery from the recent low on October 29. when the price was $101.336.

On the hourly chart, you can see my optimistic projection with an Elliott Wave correction count being WXYXZ. If this is the scenario the price is expected to create one more low from there it will continue the prior uptrend and potentially create higher highs from the one of the prior minor WXY correction at $128.

If this current correction however ended on the Y wave, we are then seeing another WXY in the opposite direction reaching the levels of where the second X wave is at $111. This scenario is pessimistic because in that case, the correction ended on the upside which means that the following trend diction is down.

In both cases, the short-term picture stays the same and is represented by the red brush layout. I am expecting more upside to approximately mid range from the second wave X after which the price to go below the minor horizontal support level which was also the support from the descending triangle previously broken.

Market sentiment  

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

Pivot points 

S3 90.857
S2 98.977
S1 101.843
P 107.097
R1 109.963
R2 115.217
R3 123.337

IOTA Price IOTA/USD

In the last couple of day’s the price of IOTA hasn’t changed much as it has been hovering around the levels of around $0.454

Looking at the hourly chart we can see that the price has interacted with the descending structure’s support level and has formed a cluster in a down leg. It is highly likely that the price will breakout from this descending structure from the downside but we might see an interaction with the resistance levels again around $0.4741-0471before the selling momentum pushes the price further below.

Market sentiment

MIOTA is in the sell zone.

Pivot points

S3 0.4136
S2 0.4511
S1 0.4653
P 0.4886
R1 0.5028
R2 0.5261
R3 0.5636

Conclusion

Now as the market is overruled with uncertainty the prices are likely going to experience sideways movement in the upcoming period before another drop will occur.

The post Crypto Market Update: Bitcoin (BTC) Under Pressure, Monero (XMR) & MIOTA Price Analysis appeared first on Blockonomi.

Crypto Market Update: Bitcoin (BTC) Bitcoin Cash (BCH) Litecoin (LTC) Price Analysis

Cryptocurrency Price Analysis

From yesterday things haven’t changed much, as the evaluation of the cryptocurrency market capitalization is hovering around the same levels.

  • Market Cap: $203,138,251,087
  • 24h Vol: $10,251,356,270
  • BTC Dominance: 54.1%

Cryptocurrency Price Analysis

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As you can see from the global chart the evaluation is starting to form a consolidative leg after which I would expect that the market continues its downward trajectory. The market is showing mixed color with an average percentage of change among top 100 coins ranging from 0.4% to 3% in the last 24 hours.

Bitcoin Price BTC/USD

From yesterday’s high at $6500 the price of Bitcoin has fallen by 2.35% measured to the current levels at $6348. The price went even further down to $6320 but has started consolidating.

Looking at the 15 min time frame you can see that the price action has formed a bearish pennant from which the price has already started to break out from the downside. As the current candle is a red one after a green which interacted with the triangle’s support and closed with a wick on the upside, we have seen the retest and rejection from the prior support. We might see another increase to retest the triangle apex which would be around $6357 before the price continues its downward trajectory.

Market sentiment

Bitcoin is in the sell zone.

Pivot points 

S3 6145.5
S2 6343.4
S1 6421.8
P 6541.3
R1 6619.7
R2 6739.2
R3 6937.1

Bitcoin Cash Price BCH/USD

From yesterday’s open which was yesterday’s high as well, at $442.6 measured to the current levels at $420.6 the price of Bitcoin Cash has depreciated by 5%.

Looking at the hourly chart we can see that the price action has formed an ascending structure after the drop of 6.18%. The ascending structure is only corrective in nature which is why I would be expecting the price to easily continues its downward move and the next horizontal support level I see strong enough that can withhold the momentum behind the sell of is at $390.

Market sentiment

Bitcoin Cash technical indicators are signaling a sell.

Pivot points 

S3 387
S2 417
S1 428.4
P 447.5
R1 458.6
R2 477
R3 507.9

Litecoin Price LTC/USD

From yesterday’s high at $52.17 the price of Litecoin has fallen by 5% as its currently trading at $49.58. The price spiked down by 7.4% by has made up for some of the loss.

On the hourly chart, you can see that my projected target was met, and my target was the lower support line from the support zone range in which the price action is since mid-August. Now as the price spiked below the level weakening it, we are likely to see a trend continuation to the downside. The next level I see fit for the lower low would be at $44.4.

Market sentiment

Litecoin’s hourly chart technical indicators are bearish.

Pivot points 

S3 47.131
S2 50.113
S1 51.208
P 53.095
R1 54.190
R2 56.077
R3 59.059

Conclusion

As the global chart and the chart of three major cryptocurrencies covered in today’s market update are implying we are yet to see more downside in the following period.

The post Crypto Market Update: Bitcoin (BTC) Bitcoin Cash (BCH) Litecoin (LTC) Price Analysis appeared first on Blockonomi.

Crypto Market Update: The Anticipated Drop – Bitcoin (BTC) EOS & Cardano (ADA) Price Analysis

Cryptocurrency Price Analysis

From today’s open at around $210,23B the evaluation of the cryptocurrency market capitalization has fallen by 7.1 billion dollars at its lowest point.

  • Market Cap: $203,767,163,274
  • 24h Vol: $11,666,039,430
  • BTC Dominance: 54.1%

Cryptocurrency Price Analysis

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Looking at the global chart you can see that the evalution has found support on the descending channel but on the same levels of the prior range resistance that was broken with a spike up on October 15th. As the evaluation is still interacting with the level we are yet to see if it serves as support or not, but at the time being it looks like the price has found some temporary support.

As the market cap evaluation drops, the evaluation of the Bitcoin’s market dominance increased from 53.58% to 54.15% at its highes point today.

The spike starting to pop out on the chart means that the downtrend’s resistance line was broken and the further increase could be expected. If you recall some of my prior analysis, my target is around 68% which inversely correlates with the further drop in the market cap evaluation to around $177B levels.

Bitcoin Price BTC/USD

From today’s open at $6500 the price of Bitcoin dropped steeply by 2.28% at $6353. The price spiked further down to $6321 level but the hourly candle closed with a 0.47% wick.

Looking at the hourly chart you can see that my October 24th analysis went spot on to the projected levels at the prior range resistance from which the spike upward happened. This makes a good case for a breakout invalidation as all the gains made by the price of Bitcoin were lost. Having in mind that the price spiked due to the Tether FUD this was expected but now we are yet to see when the price comes to the descending triangle’s resistance line which will surely happen as the momentum behind the down move looks stronger than the current horizontal level.

Market sentiment 

Bitcoin is in a sell zone.

Pivot points 

S3 6145.5
S2 6343.4
S1 6421.8
P 6541.3
R1 6619.7
R2 6739.2
R3 6937.1

EOS Price EOS/USD

From today’s high at $5.447 the price of EOS has spiked down by 7% at its lowest point today which was at $5 area, but the hourly candle closed at $5.14 above the significant horizontal level.

As you can see from the hourly chart both minor and intermediate triangle’s supports were broken and the price dipped below the horizontal significant level but managed to close above it.  Unlike the last time, this happened the current green candles are struggling to make up quickly for the loss indicating that the buyers aren’t present. If something, the current green candles all have wick from the upside indicating that sellers are. I believe that from here the price will collapse further below the horizontal support level.

Market sentiment 

EOS is in the sell zone as indicated by hourly chart technicals. 

Pivot points 

S3 4.9190
S2 5.1992
S1 5.3089
P 5.4794
R1 5.5891
R2 5.7596
R3 6.0398

Cardano Price ADA/USD

From today’s high at $0.73665 the price of Cardano has dropped by 6.82% to its lowest point at $0.6883.

Looking at the hourly chart above you can see that the price broke out from the descending channel in which it was from 17th of October and went lower than the two prior lows. Currently, we are seeing green candles trying to make up the loss but like in the case of EOS, there is wick from the upside indicating that sellers are pushing the price and slowing the momentum down. I would expect that the price increases a bit further up to the prior range support and gets rejected there which would result in a further drop.

Market sentiment 

Hourly chart indicators are bearish.

Conclusion

A further decline will most likely happen steeply and quickly after some period of consolidation. The momentum behind the drop looks serious as the market lost 7.1 billion dollars in evaluation in a matter of hours. As some significant levels have been broken investors and traders maybe start to get anxiousas as they figure that the prices may go lower.

The post Crypto Market Update: The Anticipated Drop – Bitcoin (BTC) EOS & Cardano (ADA) Price Analysis appeared first on Blockonomi.

Crypto Market Update: Bitcoin BTC Price Technical Analysis

Cryptocurrency Price Analysis

From yesterday things haven’t changed much, as the evaluation of the cryptocurrency market capitalization is on the same levels it was yesterday at this time.

  • Market Cap: $209,289,041,686
  • 24h Vol: $9,369,147,055
  • BTC Dominance: 53.7%

Cryptocurrency Price Analysis

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Looking at the global chart below you can see that the evaluation has increased to the downtrends resistance line in order to retest it for resistance and as the evaluation is still above the line we are soon going to see if the level breaks or the evaluation gets rejected by it and continues its downward trajectory.

Bitcoin’s dominance is around the same levels as well but what is interesting is that a similar situation with the global chart can be seen- an interaction with the downtrends resistance.

As you can see the evaluation is still below the level so a scenario in which we are going to see a breakout inversely correlated with the global chart evaluation would be possible.

News

As the price of Bitcoin, as well as the prices of other cryptos, are stuck in a range for quite some time now, many headlines are analytical in nature trying to figure out the direction of the next move. There is one headline that sticks out and that ties up with the yesterday’s headline and that is 100m Tether again being withdrawn from circulation.

As reported by cryptovest:

Another 100 million Tether (USDT) were removed from Bitfinex and placed in the Tether treasury wallet, the removal of liquidity thus exceeding 1 billion coins. The balance of Bitfinex went as low as 3 million USDT but is rising once again as deposits are flowing in, taking the number back to around 7 million USDT.

This causes a lot of suspicions as traders and investors are getting more and more skeptical regarding the supposed dollar pegged crypto.

Bitcoin Price BTC/USD

From yesterday’s low at $6505 the price of Bitcoin has increased to $6580 at the highest point today but has fallen quickly and is currently trading at $6538.

Click to Enlarge Chart

Looking at the hourly chart we can see that the spike up was up to the 0.786 Fibonacci retracement level but the candle closed below the 0.616. If you take into account the following red candle than you could say that the price closed below the 0.5 Fibonacci level as this move would only be a wick on the higher timeframe.

The price retested the triangle from which it previously broke and was rejected by its support which now serves as strong resistance and judging by the momentum followed by a quick rejection the move was a fakeout leading the price to fall back significantly lower with more downside to go now as it’s clearly not exceeding the prior high.

Zooming out to the 4-hour chart you can see that the wick is there as well as the wick made on the drow below the horizontal support significant level at $6516 which dipped into the area it wants to go. Looking at my Elliott Wave count you can see that I have removed previously expected two more waves X and Z as the price broke out from the triangle on the downside, marking the end of the correction as a WXY.

Click to Enlarge Chart

I haven’t labeled this current move just yet but I believe that its impulsive and that the spike we have seen today is the 2 corrective wave in an impulsive 12345 to the downside potentially all the way down to back inside the territory of the descending triangle from which the price action escaped due to the Tether “crash”.

This move might be another third zigzag correction in which case I would be looking at a retest of the descending’s triangle resistance line before the price continues upward exceeding the spike at $6937. That is highly unlikely as nothing on this chart looks bullish but there is a possibility still.

Zooming out further onto the daily chart we can see the descending triangle clearly. Currently, the price action is above its resistance line but that doesn’t still mean that we have seen a breakout as the price action has formed a cluster around the level a struggle between the buyers and the sellers is still in play.

Click to Enlarge Chart

Ultimately I am expecting the price of Bitcoin to come down and create a lower low around $5000 area which is the next horizontal level significant enough to hold the momentum behind the sell-off. As the price of Bitcoin struggled to keep up its upward momentum and knowing the fundamental reason behind it the chart looks bearish so another increase wouldn’t change much for the overall picture until the price reaches around $10000, and even then I would be waiting for a confirmation on the higher low.

Technical indicators are signaling a sell on all time frames except monthly and if looked at the indicators separately the picture looks more line neutral.

Conclusion

As a lot of uncertainty overrules the market I wouldn’t recommend any trading particularly considering low volatility we have seen over the week. But sooner than later the price is going to start moving more aggressively and my educated guess is that will happen on the downside but we might see a further increase at first catching those who are now aware off guard.

The post Crypto Market Update: Bitcoin BTC Price Technical Analysis appeared first on Blockonomi.

Crypto Market Update: Bitcoin BTC Price Technical Analysis

Cryptocurrency Price Analysis

From yesterday things haven’t changed much, as the evaluation of the cryptocurrency market capitalization is on the same levels it was yesterday at this time.

  • Market Cap: $209,289,041,686
  • 24h Vol: $9,369,147,055
  • BTC Dominance: 53.7%

Cryptocurrency Price Analysis

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Looking at the global chart below you can see that the evaluation has increased to the downtrends resistance line in order to retest it for resistance and as the evaluation is still above the line we are soon going to see if the level breaks or the evaluation gets rejected by it and continues its downward trajectory.

Bitcoin’s dominance is around the same levels as well but what is interesting is that a similar situation with the global chart can be seen- an interaction with the downtrends resistance.

As you can see the evaluation is still below the level so a scenario in which we are going to see a breakout inversely correlated with the global chart evaluation would be possible.

News

As the price of Bitcoin, as well as the prices of other cryptos, are stuck in a range for quite some time now, many headlines are analytical in nature trying to figure out the direction of the next move. There is one headline that sticks out and that ties up with the yesterday’s headline and that is 100m Tether again being withdrawn from circulation.

As reported by cryptovest:

Another 100 million Tether (USDT) were removed from Bitfinex and placed in the Tether treasury wallet, the removal of liquidity thus exceeding 1 billion coins. The balance of Bitfinex went as low as 3 million USDT but is rising once again as deposits are flowing in, taking the number back to around 7 million USDT.

This causes a lot of suspicions as traders and investors are getting more and more skeptical regarding the supposed dollar pegged crypto.

Bitcoin Price BTC/USD

From yesterday’s low at $6505 the price of Bitcoin has increased to $6580 at the highest point today but has fallen quickly and is currently trading at $6538.

Click to Enlarge Chart

Looking at the hourly chart we can see that the spike up was up to the 0.786 Fibonacci retracement level but the candle closed below the 0.616. If you take into account the following red candle than you could say that the price closed below the 0.5 Fibonacci level as this move would only be a wick on the higher timeframe.

The price retested the triangle from which it previously broke and was rejected by its support which now serves as strong resistance and judging by the momentum followed by a quick rejection the move was a fakeout leading the price to fall back significantly lower with more downside to go now as it’s clearly not exceeding the prior high.

Zooming out to the 4-hour chart you can see that the wick is there as well as the wick made on the drow below the horizontal support significant level at $6516 which dipped into the area it wants to go. Looking at my Elliott Wave count you can see that I have removed previously expected two more waves X and Z as the price broke out from the triangle on the downside, marking the end of the correction as a WXY.

Click to Enlarge Chart

I haven’t labeled this current move just yet but I believe that its impulsive and that the spike we have seen today is the 2 corrective wave in an impulsive 12345 to the downside potentially all the way down to back inside the territory of the descending triangle from which the price action escaped due to the Tether “crash”.

This move might be another third zigzag correction in which case I would be looking at a retest of the descending’s triangle resistance line before the price continues upward exceeding the spike at $6937. That is highly unlikely as nothing on this chart looks bullish but there is a possibility still.

Zooming out further onto the daily chart we can see the descending triangle clearly. Currently, the price action is above its resistance line but that doesn’t still mean that we have seen a breakout as the price action has formed a cluster around the level a struggle between the buyers and the sellers is still in play.

Click to Enlarge Chart

Ultimately I am expecting the price of Bitcoin to come down and create a lower low around $5000 area which is the next horizontal level significant enough to hold the momentum behind the sell-off. As the price of Bitcoin struggled to keep up its upward momentum and knowing the fundamental reason behind it the chart looks bearish so another increase wouldn’t change much for the overall picture until the price reaches around $10000, and even then I would be waiting for a confirmation on the higher low.

Technical indicators are signaling a sell on all time frames except monthly and if looked at the indicators separately the picture looks more line neutral.

Conclusion

As a lot of uncertainty overrules the market I wouldn’t recommend any trading particularly considering low volatility we have seen over the week. But sooner than later the price is going to start moving more aggressively and my educated guess is that will happen on the downside but we might see a further increase at first catching those who are now aware off guard.

The post Crypto Market Update: Bitcoin BTC Price Technical Analysis appeared first on Blockonomi.

Crypto Market Update: Move to the Downside is Close (Bitcoin, EOS, Dash Price Analysis)

Cryptocurrency Price Analysis

From yesterday’s high at around $211,289,000,000 the cryptocurrency market has decreased in evaluation by approximately 2 billion dollars.

  • Market Cap: $209,197,291,168
  • 24h Vol: $9,540,790,731
  • BTC Dominance: 53.7%

Cryptocurrency Price Analysis

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Looking at the global chart above you can see that the action is still in a consolidative range with low volatility. Currently, the evaluation is looking like its heading upward again but the structure looks week which is why I would be expecting another interaction with the downtrends resistance after which a breakout on the downside will occur.

News

There aren’t any significant news that is impacting the market at the moment, however, there’s an interesting headline regarding Tether again. According to an official statement made by the company on Twitter, 500m USDT have been burned due to the redemption period.

 

Skeptics believe that this is the proof of Tether not being back with dollars in a 1:1 ratio as this happened directly following the period of high volatility in the price of USDT and a failure to maintain the dollar peg.

Many speculate that there was no redemption equivalent to that amount as the company doesn’t have to accept your redemption request.

Bitcoin Price BTC/USD

From yesterday’s open at $6564 the price of Bitcoin has fallen to $6500 and even spiked further down but the candle closed leaving a wick. Since today’s low the price has recovered slightly and is currently showing signs of weakness around $6549 is indicated by the wick from the upside.

Click to Enlarge Chart

On the hourly chart, we can see that the correction ended on the Y wave and a breakout from the symmetrical triangle on the downside occurred. The price has been rejected by the 0.5 Fibonacci retracement level and the symmetrical triangle’s support line which was now retested for resistance. As this current structure can only be another three wave correction or an impulsive wave to the downside I would be expecting the price to go below the horizontal support level at $6516 which was punctured at the last low and was weakened.

The price might head up one more time to the 0.5 Fibo level for a proper interaction but the wick on the red candle indicates the top.

Market sentiment 

Hourly chart technical indicators are signaling a sell.

Pivot points 

S3 3901.2
S2 5394.6
S1 5988.1
P 6888.0
R1 7481.5
R2 8381.4
R3 9874.8

EOS Price EOS/USD

From yesterday’s open at $5.5 the price of EOS has fallen to $5,36 at the lowest point today but is now trading at $5.43.

Click to Enlarge Chart

On the hourly chart, you can see that the price action has formed a cluster on the minor triangle support line and judging by the pressure a breakout from the downside looks like it’s about to happen any second now. This correction is inside a larger symmetrical triangle pattern so if the price goes down I would expect it to retest that triangle’s support line. If that triangle breaks as well the next significant level I see fit for the completion of the first impulse is the horizontal support at around $5.13.

Market sentiment

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

Pivot points 

S3 3.6603
S2 4.6138
S1 5.0347
P 5.5673
R1 5.9882
R2 6.5208
R3 7.4743

Dash Price DASH/USD

From today’s open the price of Dash has been steadily hovering around $157.5 but that might be over soon as the time for a breakout is near.

Click to Enlarge Chart

As you can see from the hourly chart the price action is near the breakout zone which is the apex from the descending channel structure and the horizontal support which was already interacted with and punctured at the first go. Currently, the price action is also forming a cluster like in the case of EOS as the volatile move is expected to occur in the upcoming period. As the probability likelihood implies the direction of a breakout is down, but we might see a bounce from the horizontal support one again before anything happens.

Market sentiment 

Dash is in the sell zone.

Pivot points

S3 88.34
S2 128.37
S1 142.77
P 168.408
R1 182.80
R2 208.44
R3 248.47

The post Crypto Market Update: Move to the Downside is Close (Bitcoin, EOS, Dash Price Analysis) appeared first on Blockonomi.