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%
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.
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.
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.