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Things have not changed much since yesterday, as the evaluation of the market capitalization of cryptocurrency is around the same levels.
- Market Cap: $ 203,138,251,087
- 24 hours a day: $ 10,251,356,270
- BTC Dominance: 54.1%
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As you can see from the global chart, the assessment is starting to form a consolidating leg, after which I would expect the market to continue its downward trajectory. The market shows mixed colors with an average percentage of variation among the top 100 coins ranging from 0.4% to 3% in the last 24 hours.
Bitcoin BTC / USD price
From yesterday's high to $ 6500 the price of Bitcoin fell 2.35% measured at current levels to $ 6348. The price went even lower at $ 6320, but began to consolidate.
Looking at the time period of 15 minutes, one can see that the price action has formed a bearish pennant from which the price has already begun to erupt from the negative side. Since the current candle is red after a green that interacted with the triangle support and closed with an upward wick, we saw the new test and the rejection of the previous support. We could see another increase to retest the triangle which would be around $ 6357 before the price continues in its downward trajectory.
Market sentiment
Bitcoin is in the sales area.
Rotation points
S3 6145.5
S2 6343.4
S1 6421.8
P 6541.3
R1 6619.7
R2 6739.2
R3 6937.1
Bitcoin BCH / USD cash price
From the start of yesterday, which was also yesterday's high, at $ 442.6 measured at current levels at $ 420.6, the price of Bitcoin Cash depreciated by 5%.
Looking at the hourly chart we can see that the price action has formed an upward structure after the 6.18% drop. The upward structure is only corrective and that's why I would expect the price to easily keep moving down and the next level of horizontal support that I see strong enough to hold the momentum behind the $ 390 sale.
Market sentiment
Bitcoin Cash technical indicators are reporting a sale.
Rotation points
S3 387
S2 417
S1 428.4
P 447.5
R1 458.6
R2 477
R3 507.9
Litecoin LTC / USD price
From yesterday's highs to $ 52.17, Litecoin's price fell 5% as it currently trades at $ 49.58. The price decreased by 7.4%, offset part of the loss.
On the hourly chart, you can see that my intended goal has been achieved, and my goal was the lower support line from the range of support zones where the price action is from mid-August. Now that the price has risen below the weakening level, we are likely to see a downward trend. The next level I consider suitable for the lowest minimum would be $ 44.4.
Market sentiment
The technical indicators of the Litecoin hourly chart are bearish.
Rotation points
S3 47.131
S2 50.113
S1 51.208
P 53.095
R1 54.190
R2 56.077
R3 59.059
Conclusion
Because the global chart and the chart of the three major cryptocurrencies covered by the current market update are implying that we still have to see a downside in the next period.
