Loading

wait a moment

Crypto Market Update: Stagnation But for How Long (Bitcoin, Litecoin and EOS Price Analysis)

bitcoin social trading

From yesterday things haven’t changed much for the crypto market, The evaluation is around the same levels as it was on yesterday’s open.

  • Market Cap: $108,993,826,973
  • 24h Vol: $11,000,972,340
  • BTC Dominance: 54.9%

Crypto Price Update

Looking at the global chart you can see that the evaluation went higher than on yesterday’s open and reached $111.734,000,000 at its highest point, but has fallen to the levels of yesterday’s low again and is now in the mid-range.

Consequently, the market is in red with an average percentage of change among top 100 coins being around 1.7%.

Bitcoin’s market dominance has also stayed around the same levels from yesterday as it’s currently on 54.9% level.

Bitcoin Price BTC/USD

From yesterday’s open at $3420 the price of Bitcoin has increased by 1.9% measured to the current level on which the crypto is being traded which is at $3491. The price went further up and reached $3557 yesterday but from there fell again to $3459 before getting to the current levels.

The hourly chart looks undecisive as both sellers and buyers are putting equal pressure on the price at the moment which is why a symmetrical triangle formed. This can also be indicated from the MACD indicator who’s moving averages have come together in a point. The price is currently retesting the horizontal level at $3493 for support and if the support isn’t there it will go to the triangle’s support line for a retest next. If the support is there we might see a breakout from the upside which what I am expecting to see.

Market sentiment

Bitcoin’s hourly chart technical are signaling a sell.

Pivot points

S3 3117.9
S2 3320.3
S1 3427.9
P 3522.7
R1 3630.3
R2 3725.1
R3 3927.5

Litecoin Price LTC/USD

From yesterday’s open when the price of Litecoin was $23.598 to the current levels at $24.57, the cryptocurrency has increased by 4.46%. The price went higher at first to $25.45 on yesterday’s high from where another decrease occurred.

Looking at the hourly chart you can see that the price action has formed a symmetrical triangle, which looks like a bearish pennant considering the price action context. Its resistance line is the support from the previous structure and it was well respected in the past both on the previous structure as support and now as resistance.

Yesterday’s open was on the triangle’s support line and the high was at the resistance so the price is currently in the mid-range from the yesterday’s move. As this is a symmetrical triangle a breakout is likely from both sides but since the bears are in control of the market even if the price goes up I would be expecting a lower low to around the levels of the horizontal support at $21.9

Market sentiment

Litecoin’s hourly chart technical indicators are signaling a buy.

Pivot points 

S3 20.104
S2 22.425
S1 23.596
P 24.746
R1 25.917
R2 27.067
R3 29.388

EOS Price EOS/USD

From yesterday’s open at $1.845 the price of EOS has increased by 9.12% measured to the current levels of $2.0145.

Looking at the hourly chart you can see that the price went higher yesterday as well, and reached just slightly below the horizontal resistance level before it came down to retest the previous one and is now above the $1.986 horizontal level. Since the price found support there and is currently in an upward trajectory, above the 50-hour SMMA we can see another attempt to break the mentioned resistance.

Market sentiment

EOS is in the buy zone.

Pivot points

S3 1.4519
S2 1.7152
S1 1.8609
P 1.9785
R1 2.1242
R2 2.2418
R3 2.5051

Conclusion

After some period of consolidation the prices are ready for the next move, so a breakout from the current symmetrical triangle seen on the chart of analyzed coins and as well as the charts of many major cryptocurrencies. The direction of a breakout is still not clear. My yesterday’s Bitcoin Elliott Wave analysis points out that a breakout from the upside should be expected followed by another lower low, but this might not happen as the prices could just go further down in a straight line from here.

The post Crypto Market Update: Stagnation But for How Long (Bitcoin, Litecoin and EOS Price Analysis) appeared first on Blockonomi.