From yesterday’s open at $135,349,561,000 the evaluation of the cryptocurrency market has depreciated in evaluation by approximately 5,4 billion dollars in the last 24 hours.
- Market Cap: $129,935,544,123
- 24h Vol: $14,838,070,638
- BTC Dominance: 53.9%
Looking at the global chart you can see that the evaluation has fallen from yesterday’s interaction with the resistance levels from the symmetrical triangle’s which is why the evaluation has retraced to its support line. Consequently, the market is showing mixed colors but with red being the dominant one. The average percentage of change among top 100 coins is around 2%.
Bitcoin’s market dominance has been sitting around the same levels and is currently up slightly from yesterday as it sitting at 53.9%.
Bitcoin Price Analysis BTC/USD
From yesterday’s open at $4172 the price of Bitcoin has fallen to $3830 which was 8.25% drop but since the low, the price has recovered and is currently at $4030.
Looking at the hourly chart you can see that the price action has formed a descending channel now since the price fell to the mentioned low levels forming a lower low. Since the price bounced it has now reached the horizontal level at $4045 which serves as resistance and judging by the candles and the price action since we can see many wicks from the upside the price is getting rejected which is why I would be expecting a pullback again or even a breakout from the downside off of the descending channel.
If that happens I would be looking at the $3783 level for the first stopping point but if the price increase from here than I wouldn’t expect it to go higher than the resistance from the descending channel.
Hourly chart technical indicators for Bitcoin are bullish.
Stellar Price Analysis XLM/USD
From yesterday’s open at $0.162177 the price of Stellar has decreased by 10.16% to today’s low at $0.14557 but since the low price has recovered and is currently at $0.15391.
Looking at the hourly chart you can see that the price has reached the strong resistance area from which it started declining again and is currently in a downward trajectory we are now likely going to see a trend continuation to the downside as the small increase to the resistance area was the 4 wave correction before new moves to the downside. The 5 wave could end on the support level on which the 3 wave is but it could also go below it in which case the next horizontal support level i see strong enough is at $0.1393.
Stellar hourly chart technical indicators are signaling a buy.
EOS Price Analysis EOS/USD
From yesterday’s open at $2.87 the price of EOS has fallen to $2.35 which was a decease of 18%. Since the price dropped by that much a recovery took place and the price is now on at $2.56.
Looking at the hourly chart you can see that the price action in the case of EOS failed to even try to create the ascending channel like it did in the case of Bitcoin and Stellar, instead the price started decreasing straight away since it broke the downtrends resistance and has gone below the prior low level at $2.86 which was the previous horizontal support.
The next horizontal level which is significant enough that the price is going to land on if it continues its downfall is at $2.115.
EOS is in the sell zone.
The market is still very unstable and the prices are look like they are awaiting more downfall. From these level I would expect another low mush like it already happened in the case of EOS but we might see another increase at first for the prices to retest their resistance levels before the drop happens.
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