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Bitcoin correction, EOS, Litecoin price analysis

From yesterday's highs to $ 220.58 billion, the valuation of the cryptocurrency market capitalization decreased by about 4.3 billion, as the market stabilized after an upward move.

  • Market Cap: $ 215,871,826,999
  • 24 hours a day: $ 13.780.913.214
  • BTC Dominance: 52.1%

Price analysis of cryptocurrency

Looking at the global graph above, we can clearly see that a plateau was created that served as a signal that the top was made, which is why many traders and investors have decided to sell their cryptography for now.

As a result, the market is predominantly in red, with an average percentage of variation among the top 100 coins going around 2.3%.

Bitcoin BTC / USD price

From yesterday's high to $ 6611, the price of Bitcoin fell 1.1% as it currently trades at $ 6538.2.

On the hourly chart, we can see that the first correction of minutte is over and ended on the upward support line which is still well respected for now. The price fell below the Fibonacci level to 0.236 but found support and the purchase was activated judging from the wick on the negative side of the big red candle that was the last wave Z. At the moment, we are seeing a recovery that, I think, will rise to half of the downside, before the price falls again and this time falls below the Fibonacci level mentioned in addition to the upside support.

Market sentiment

Bitcoin is located in the purchase area, as indicated by the technical indicators of the hourly chart.

Rotation points

S3 5838.1
S2 6109.9
S1 6249.5
P 6381.7
R1 6521.3
R2 6653.5
R3 6925.3

EOS EOS / USD price

From yesterday's high to $ 5.8, the EOS price fell 3.7% as the cryptocurrency is currently trading at $ 5.579.

As you can see from the hourly chart above the price went to interact with the horizontal resistance level around $ 5.84 and we got closer but there was no interaction. Because the price has fallen below the next level of horizontal support and now it is repeating it from below for resistance. The graphical scheme shown in the EOS chart resembles that of Bitcoin because the market is strongly correlated, which is why I would expect to see an increase at the start and a further decline after about $ 5.44.

Market sentiment

EOS is located in the sales area, as indicated by hourly hourly charts.

Rotation points

S4 4.4417
S2 4.8600
S1 5.0892
P 5.2782
R1 5,574
R2 5.6964
R3 6.1146

Litecoin LTC / USD price

From yesterday's highs to $ 57 the price of Litecoin has decreased by 5.23% as the price is this cryptocurrency today is $ 53.99.

In the 2-hour chart, you can see that I've labeled a similar graphic pattern with the rectangle that occurred most recently and as you can see from there the price went on to create a lower minimum than the previous one. Since the graphic model looks the same and taking into account the fact that the five-wave pulse is over, we will now probably see the price drop to a lower minimum, which would be around $ 44.6.

Market sentiment

The technical indicators of the hourly chart signal a purchase.

Rotation points

S3 41.413
S2 45.981
S1 48.530
P 50.549
R1 53.098
R2 55.117
R3 59.68

Conclusion

While the market is correcting after an upward move that we have seen in the last week, we will soon see if the move is corrective or is of a moving nature. The impulsive 12345 is terminated and the current minor correction could end with a further increase forward, but it could also mean that another downward wave has begun, which will result in a lower scenario more bass. For now, I think the second scenario is more likely but the market data is not there yet to confirm or completely refute my hypothesis.

In some of my previous analyzes I said that the call will depend on the current correction structure, so in the next few days I will examine the structure completely in order to conclude the probability of future price realignment.

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