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We are Getting Close to the End of Stagnation (Bitcoin Price Analysis)

bitcoin social trading

Over the weekend the evaluation of the cryptocurrency market cap has increased at first and came up to $116B yesterday at its highest point which is slightly lower than the previous high a $116,5B. Since then the evaluation started a minor downtrend and has come down to $112,967,846,270 which and found support on the ascending channel’s support line from which it bounced and a minor consolidation started.

Bitcoin BTC Price

  • Market Cap: $113,676,252,544
  • 24h Vol: $15,855,841,682
  • BTC Dominance: 53.3%

Currently, the evaluation is in an ascending channel which was started from when the cryptocurrency market capitalization evaluation came down from around $119,2B to $111,37B. Since this ascending channel occurred after a downfall it is most likely a corrective structure that will result in a breakout from the downside.

Bitcoin’s market dominance has been decreasing steadily as it came down from 53.64% to 53.2% where it is currently sitting.

Consequently, the market is showing mixed color with an insignificant percentage of change among top 100 coins in the last 24 hours.

Bitcoin Price Analysis BTC/USD

From yesterday’s high at $3564 the price of Bitcoin has depreciated by 2.19% as its currently being traded at $3486.4.

Looking at the hourly chart we can see that the price of Bitcoin came up to the vicinity of the prior high but wasn’t able to continue its upward trajectory since the encountered resistance at those levels was stronger and the sellers took control once again. The price has broken out from the ascending channel on the downside and has found support on the 0.382 Fibonacci retracement level interacting with it two times.

You can see that I was expecting that the X wave continues developing lower before the interaction with the prior high level but the price found support around the 0.382 Fibonacci level when the second point was made for the lower outline off of the ascending channel. This means that this WXY hasn’t ended and as its look like another fractal we are likely going to see more sideways corrective movement but the target remains the same for now.

Market sentiment 

Bitcoin is in the sell zone as indicated by the hourly chart technicals.

Pivot point

S3 3096.6
S2 3320.3
S1 3442.2
P 3544.0
R1 3665.9
R2 3767.7
R3 3991.4

The post We are Getting Close to the End of Stagnation (Bitcoin Price Analysis) appeared first on Blockonomi.