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Crypto Market Update: Bitcoin (BTC) 0x (ZRX) & Neo Price Analysis

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Cryptocurrency Price Market Watch

From yesterday the evaluation of the cryptocurrency market capitalization has been hovering around $210B but what is interesting is that we have seen a breakout from the symmetrical triangle seen on the global chart as well as on the major cryptos.

  • Market Cap: $210,226,539,528
  • 24h Vol: $12,254,678,424
  • BTC Dominance: 53.9%

Cryptocurrency Price Market Watch

View Latest Market Caps

As you can see from the global chart, the breakout was from the downside which is why today the market is showing mixed colors with a small average percentage of change. Biggest gainers among the top 100 coins are 0x with an increase of 24% and Nano with an increase of 13.7%.

Today’s News

The only significant news that is impacting the market at the moment is the headline of 0x (ZRX) getting listed on Coinbase. The token was listed at professional investor platform Coinbase Pro at first and within days its available for retail traders on the standard Coinbase exchange.

Dan Romero, Coinbase consumer president, and the general manager wrote on Tuesday.

One of the most common requests we hear from customers is to be able to trade more assets on Coinbase. Last month, we announced a new process for listing assets, designed in part to accelerate asset addition. We are also investing in new tools to help people understand and explore cryptocurrencies.

Bitcoin Price BTC / USD

From yesterday’s hight at $6777 the price of Bitcoin has fallen by 64$ as its currently trading around $6713.

Click to Enlarge Chart

As you can see from the hourly chart the price at first broke from the triangle on the upside but has found resistance quickly which lead to the price rejection and a pullback to the levels from which the breakout happened at $6689. Currently, the price is on the minor support level and judging by the wick on the last green candle, the buyers are present. We are yet to see where how this breakout plays out but I believe that more sideways movement will occur as indecision overrules the market.

Market sentiment 

Hourly chart technicals are signaling a sell.

Pivot points 

S3 5406.2
S2 5915.9
S1 6121.2
P 6425.6
R1 6630.9
R2 6935.3
R3 7445.0

0x Price ZRX / USD

From yesterday’s open at $0.7388 the price of 0x has increased by over 27% as its currently trading at $0.9381.

Click to Enlarge Chart

Looking at the hourly chart you can see my Elliott Wave labelings, and If you remember my last 0x analysis a couple of days ago you will see that my projection was very close – I have projected that the Y wave would end on the 0.382 level or a bit lover which would be a correction after an impulse inside the ascending channel. According to the Elliott Wave principle after an impulse, a correction occurs and after that a trend continuation which is what happened now as well. Current corrective structure from just below 0.786 Fibonacci level to the 0.618 Fibonacci level is a 4 corrective wave from a 12345 impulse which means another increase in price is to be expected soon. My projected target would be to around 0.786 Fibonacci level again for a proper interaction which would be in price wise $1.

Market sentiment

Hourly chart technical indicators are signaling a buy.

Pivot points 

S3 0.2584
S2 0.5105
S1 0.6266
P 0.7625
R1 0.8787
R2 1.0146
R3 1.2667

Neo Price NEO / USD

From yesterday the price of Neo has increased by 2.3% and is currently trading at $16.87.

Click to Enlarge Chart

Looking at the hourly chart above you can see my projected scenario. The price corrected inside of the descending triangle and as the E wave ended on the triangle’s resistance we are going to see a breakout from the downside. As you can also see the yesterday’s wick ended as a fakeout which is why I believe sellers are were waiting for a better price and now that the price has come up to the level of yesterday’s increase the selling will start soon.

Market sentiment 

Hourly chart technicals are signaling a buy.

Pivot points

S3 9.43
S2 13.07
S1 14.53
P 16.71
R1 18.16
R2 20.35
R3 23.99

The post Crypto Market Update: Bitcoin (BTC) 0x (ZRX) & Neo Price Analysis appeared first on Blockonomi.