From yesterday when the evaluation of the cryptocurrency market cap was sitting at around $138B at the open we have seen an increase to $143,428,703,488 at its highest point today just slightly after the today’s open. Since then the evaluation has started moving to the downside and is currently sitting around $142,8B level.
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Looking at the global chart you can see that the evaluation came up in an ascending channel which looks corrective in nature, and as the price came again to its resistance levels a retracement would now be expected and ultimately a breakout to the downside. The evaluation still hasn’t exceeded the prior high at $143,569,769,556.
The market is mostly mixed in color with an insignificant percentage of change among top 100 coins. The biggest mover is Decentraland with an increase of 38$% and Raven Coin with an increase of over 30% in the last 24 hours.
Bitcoin’s market dominance has been decreasing and came down to 50.18% at today’s open.
From last Thursday when the price of Litecoin around $61.58 we have seen sideways movement in a range between $62.5 which was the resistance level and $58.2 which was the support level. With the price currently sitting around $61.613 and has retested the horizontal resistance level of the mentioned sideways range on today’s open.
On the hourly chart, we can see that the price of Litecoin ended its five-wave to the upside and has formed a descending structure after. The price has today broken its resistance line but has been stopped out at the minor horizontal resistance level with the price currently being in a downward trajectory. As the price is still above the resistance zone I was expecting a retest of its significant level at $57.558 which hasn’t occurred but the price fell close to it on Tuesday coming to $58.
This could indicate that the retested support was there as the price started increasing after and came up by 7.23% on the last increase. Considering that we have most likely seen the end of the five-wave impulse wave to the upside in an ending diagonal, we are most likely seeing the development of the now expected downside movement which could be either corrective if the Intermediate correction is to get prolonged or an impulsive move if the correction ended.
In either way, the increase we have seen ending on today’s open was most likely corrective and would be viewed as such until the price exceeds the prior high at around $68.
Litecoin is in the sell zone.
Bitcoin Cash BCH/USD
From Tuesday’s low at $153.3 which was the lowest price has been from the start of the week measured to the levels of today’s open of around $172.8 at its highest spike, we have seen an increase of 12.67%. The price has started moving to the downside after today’s opening and is currently in a downward trajectory sitting at $166.
On the hourly chart, you can see that the price of Bitcoin Cash came up to the resistance level of the newly formed ascending channel in which it is consolidating after an increase of around 26.25% on the 3rd impulse wave.
We are most likely seeing the development of the 5th wave in an ending diagonal and considering that the price today came to the resistance levels of the current range and has started showing signs of weakness the price is now likely heading for a retracement back to its support levels which would start to intersect the horizontal resistance level at $155.9
The interaction with the mentioned horizontal resistance level is now expected as a retest of support if the price is to complete another upswing which would be the 5th wave. This upswing could very well end around the upper resistance zone at around $180 but after it ends I would be expecting another movement to the downside with strong momentum.
The prices have started showing their first signs of weakness as the upswing ended and we are most likely to see now the start of the expected downtrend or a minor correction before another higher high which would be the final one before the expected downtrend starts.
Cryptocurrency market has been mostly moving sideways from 25th of February and slightly to the upside which looks corrective so after this last increase ends I would be expecting a decisive move the to the downside stronger than the one seen on 24th of February.
The cryptocurrency market has experienced an increase that lasted until today’s open as another minor downtrend has started afterward. This minor downtrend could be the start of a bigger move to the downside which if occurs could push the prices significantly lower or could be a minor retracement before one more higher high after which a downtrend development is expected.
Both LTC and BCH charts are showing that the uptrend is near completion with the price action forming ending diagonals so either today we are seeing the start of a trend reversal or further final wave development.
If the price of Litecoin starts moving to the downside from here I would be expecting an interaction with the $57.5 level but a breakout to the downside afterward as in the case of Bitcoin Cash which shows a similar pattern as the price is set to go below the current support level at $155.9.
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