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Crypto Market Update: Hovering around $210B Bitcoin (BTC) Bitcoin Cash (BCH) & EOS Price Analysis

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Cryptocurrency Price Market Watch

From Friday’s low at $206,882,118,564 the evaluation of the cryptocurrency market capitalization has increased to $212B on yesterday’s high from which today the evaluation has fell to around $208B but is now back again around the $210B level.

  • Market Cap: $210,594,291,567
  • 24h Vol: $10,943,783,413
  • BTC Dominance: 53.7%

Cryptocurrency Price Market Watch

View Latest Cryptocurrency Prices & Market Caps

Looking at the global chart you can see that the evaluation is once again interacting with the resistance from the priorly triangle now a descending channel which was well respected in the past and was rejected by it. As the prior minor triangle has been broken I would consider this retest of resistance only a necessary and a logical step before the evaluation heads further down creating a lower low from the August 14th and September 12th which would be around $185 billion dollars in the evaluation.

Bitcoin’s market dominance is showing a similar pattern as the evaluation has formed a consolidative triangle much as we have seen on the global chart. But as this serves as an inverse indicator it is more likely that a breakout would happen from the upside and the trend continuation would occur.

Click to Enlarge Chart

Bitcoin Price BTC/USD

From yesterday’s high at $6652 the price of Bitcoin has decreased by 1.3% and is currently trading at $6559.7.

Click to Enlarge Chart

On the hourly chart, you can see that the symmetrical triangle ended breaking out from the downside just like I’ve projected last week and my target has been met which was on the prior larger symmetrical triangle’s support line with which the price is currently interacting the second time after a breakout.

For this reason among others, I believe that the price is heading further down in the upcoming period below the horizontal support level at $6516.

This current structure looks impulsive and if it turned out to be impulsive the recovery to yesterday’s high was the wave 2 so the third most powerful wave has already started so the breakout from the downside is close.

The structure could be another corrective Zigzag and not an impulse which wouldn’t change things in the short-term because if that is the case the third leg down has also already started and the downfall could get even more aggressive than in the first scenario.

Market sentiment 

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

Pivot points 

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

Bitcoin Cash Price BCH/USD

From yesterday’s high at $466 the price of Bitcoin Cash has fallen by 3.08% and is currently trading at $452.

Click to Enlarge Chart

As you can see by looking at the hourly chart above the price action has created a descending triangle fractal and looking at the structure I have projected a similar scenario in which the price of Bitcoin Cash falls to $411 which is the recent low level and the lowest the price has been in this bear market so far. I am expecting the price to go further down to around $390 so it first has to retest the recent low levels.

Market sentiment 

Bitcoin Cash is in the sell zone

Pivot points 

S3 288.0
S2 380.5
S1 418.0
P 473.0
R1 510.5
R2 565.5
R3 658.0

EOS Price EOS/USD

From yesterday’s high at $5.58 the price of EOS has decreased by 1.58% and is currently around $5.5.

Click to Enlarge Chart

Looking at the hourly chart you can see that the price action has formed an ascending channel which actually indicates that the price is likely heading down next, considering that a breakout occurred from the previous symmetrical triangle on the downside, so the upward move is only a recovery before more downside. Also by looking at the clusters on the EOS chart, you can see that those who are down-pointing end with an upside breakout and vice versa which is why I believe more downside is to be expected for the price of EOS. The first target would be the higher time frame symmetrical triangle’s support around $5.25 and the second would be on the horizontal support level at $5.14.

Market sentiment 

Much like in the case of Bitcoin and Bitcoin Cash, the hourly chart technical indicators are signaling a sell.

Click to Enlarge Chart

Pivot points 

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

The post Crypto Market Update: Hovering around $210B Bitcoin (BTC) Bitcoin Cash (BCH) & EOS Price Analysis appeared first on Blockonomi.