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The Market Recovers with More Upside Expected (Bitcoin Price Analysis)

bitcoin social trading

From Friday when the cryptocurrency market cap was at around $104,950,000,000 at its open, the evaluation fell to $100,630,000,000 on the first half of Sunday. In the next 12 hours on Sunday, the evaluation started increasing again and has come up to $104,959,000,000 which was around the levels of Friday’s open, meaning that the price recovered.

  • Market Cap: $108,841,321,920
  • 24h Vol: $12,258,764,608
  • BTC Dominance: 54.9%

Bitcoin BTC Price

Looking at the global chart you can see that the evaluation reached a plateau the first half today and in the next 12 hours period, and exponential increase occurred which lead the price up to $109,511,111,000 at its highest point. The evaluation is currently forming a descending cluster which indicates that another major move is ahead and judging by the momentum behind the upward move we are likely going to see some further increase.

The market is in green with an average percentage of increase ranging from 5.3% up to 23.42% in the case of EOS, 39% for Revain.

Bitcoin’s market dominance has decreased from 55,32% which is the highest point over the weekend to 54.71% where it is currently.

Bitcoin Price Analysis BTC/USD

From Saturday’s low at $3229 the price of Bitcoin has increased by 9.56% as its currently sitting at $3534.

Looking at the hourly chart you can see that the price is again back above the baselike support 2 (bold black line) and the horizontal support level intersection. The price interacted with the horizontal support level at $3237 as expected where it found the needed support before a recovery to the upside. The price is currently experiencing selling pressure at it entered sellers territory above the downtrend baseline support 2 which now serves as resistance which is why in the short term I would be expecting some decrease to retest the broken levels for support before going in for another increase.

Zooming out to the 4-hour chart you can see that my Elliott Wave count implies that after this recovery ends another move to the downside is to be expected which would be the final move from the impulsive move that started when the price of Bitcoin was around $6500.

The target for this decrease would be at around $2926 horizontal level which the most significant horizontal level so far from which the price is likely going to bounce and start a bigger recovery than it did now.

Zooming out further into the daily chart you can see that the current down move is the Y wave from a higher degree correction WXYXZ count.

 

This means that the correction can altogether be over or another X wave corrective wave to the upside is going to start soon which can bring the price of Bitcoin significantly higher before going significantly lower as well.

Market sentiment 

Bitcoin is in the buy zone as indicated by the hourly chart technical indicators.

Pivot points 

S3 3106.6
S2 3213.4
S1 3257.5
P 3320.2
R1 3364.3
R2 3427.0
R3 3533.8

The post The Market Recovers with More Upside Expected (Bitcoin Price Analysis) appeared first on Blockonomi.